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Wednesday, May 25, 2022

Global Flat Steel Market To Be Driven By The Rising Demand For The Product From The Construction Industry In The Forecast Period Of 2022-2027

The new report by Expert Market Research titled, ‘Global Flat Steel Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global flat steel market, assessing the market based on its segments like products, materials, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 3.7%

The thriving building and construction industry is driving the flat steel market, owing the rising demand for flat steel bars in garage doors, latches and heaters, and various components in the residential construction. Over the forecast period, the rapid urbanisation and steady development of commercial structures owing to the increasing standards of living are anticipated to propel the demand for flat steel in the forecast period. Moreover, the increasing demand for flat steel in the automotive industry in order to enhance safety and strength of the automobiles is likely to spearhead the market growth in the forecast period. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the increasing investments in multihousing projects due to the rising population in India and China.

Industry Definition and Major Segments

Flat steel a type of metal which has a flat surface and is treated with zinc to help prevent the corrosion of a substrate. It is a processed metal which is generated through the melting and stretching under an applied force. Flat steel products consist of both sheets and steel plates and are used across wide range of applications in various industries including automotive, domestic appliances, and construction, among others.

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On the basis of product, the market can be segmented into:

• Sheets and Strips
• Plates

Based on material, the market can be classified into:

• Carbon Steel
• Alloy Steel
• Stainless Steel
• Tool Steel

The significant applications of the product are as follows:

• Building and Infrastructure
• Automotive and Other Transport
• Mechanical Equipment
• Others

The regional markets for flat steel include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Market Trends

The key trends in the flat steel market include the technological advancements in the mechanical equipment in order to accelerate the mechanical operations in various end-use industries including construction, and automotive, among others. Meanwhile, the increasing sales of electric vehicles and technical upgradations in the existing traditional fuel-based vehicles are anticipated to accelerate the demand for flat steel in the forecast period. The dramatic increase in the production of steel in the emerging economies owing to the significant growth attained by the commercial construction industry is likely to augment the market growth in the forecast period.

Key Market Players

The major players in the market are ArcelorMittal, PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS), Baosteel Group Corporation, Tata Steel Limited, and JFE Steel Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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