Flat Steel Market Analysis and Forecast 2024
The rapid increase in infrastructural development in Asia Pacific due to rapid urbanization and industrialization is working in favor of the global flat steel market. The construction industry in countries such as India, China, and South Korea have registered phenomenal growth over the past few years. Since flat-rolled products are extensively used in the construction of cladding, internal walls, and purlins, the expansion of the construction sector is translating into the greater uptake of flat steel. Moreover, the growing investments in the infrastructure sector and increasing stringency on iron-ore mining several countries are expected to augment the market over the coming years.
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Flat steel finds applications across various end-use verticals, including automobile and transportation, building and infrastructure, packaging, consumer goods, and defense. There will be a strong demand for flat steel in building and infrastructure worldwide. It is used in the construction of railway tracks, bridges, roads, factories, buildings, and other engineering structures. The rising awareness regarding the merits of flat steel such as high durability, strength, and design flexibility and low construction and maintenance cost is driving its adoption across various verticals.
The global flat steel market is dominated by a handful of international players. However, the emergence of new suppliers is resulting in the decline in their shares as well as the intensification of competition. Rapid technological advancements and changing consumer preferences are prompting market players to look for new applications of flat steel.
Flat steel is steel manufactured in a sheet form by melting and rolling. It can be produced in different formats such as plates and strips. The basic method of producing flat steel is passing rectangular-shaped steel through flat rollers. Rollers are rotated in opposite directions and steel is fed through them. The produced steel does not have grooved or cut faces but has flat faces coated with zinc to inhibit corrosion. Heavy plates, hot-rolled coils, slabs, and coated steel are some of the flat steel products. However, heavy plates are produced using a press and the process is known as forming, rather than rolling. Rollers are often heated and lubricated to facilitate the passage of metal from the work piece.
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Based on the type, the market for flat steel can be segmented into sheets, strips, and plates. Based on the end-use, the market for flat steel can be segregated into mechanical equipment, building & construction, automotive, and packaging
The market for flat steel is anticipated to expand at a rapid pace during the forecast period, owing to growth of automotive and construction sectors. Increasing demand for flat steel from automotive and building & construction sectors is likely to fuel the market in the next few years. Building & construction held a significant share of the market in 2015. Flat steel offers design flexibility, durability, and strength to the building. It also lowers the maintenance cost of a building in the long term. Usage of flat steel in building and construction activities lowers the cost of construction. Flat steel not only reduces the overall weight but also offers fuel efficiency and strength to the vehicle. Increase in the production of automobiles is estimated to augment the market for flat steel during the forecast period.
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