Press release
Flat Steel Market 2021-2026: Industry Trends & Growth Forecast | Key players are POSCO, ArcelorMittal, Thyssenkrupp, and China Steel Corporation.
Flat Steel Market
Flat steel market is gaining commendable gains from extensive product utilization in numerous end-user sectors, including construction, transportation, mechanical equipment, and electrical appliances. Flat steel possesses several advantageous properties, such as versatility, 100% recyclable nature, and high efficiency, which classifies it as an ideal substitute for other metals & alloys.
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Also, surging toxic emissions have evoked concerns pertaining to environmental degradation among regulators. Intensifying concerns will result in colossal demand for energy-efficient and lightweight materials for sustainable development, which will spur flat steel industry growth.
Production of vehicles with reduced weight has induced demand for lightweight materials in the automotive industry. Automakers are focusing on manufacturing fuel-efficient vehicles, resulting in massive flat steel demand. Introduction of various government initiatives for the development of sustainable & efficient transportation solutions has also encouraged auto component manufacturers to use flat steel in the production of auto parts.
Increased manufacturing of gas containers and agriculture equipment has amplified the adoption of hot rolled steel coils. The product has found wide applications in the manufacturing of these equipment due to its economic feasibility and superlative consistency in quality. Flat steel-based hot rolled coils provide remarkable slip resistance towards oily & greasy surfaces. Hot rolled steel coils are apt to be utilized in a multitude of manufacturing activities due to their availability in various thickness grades.
Regional Growth drivers are
1. North America:
• Construction industry growth
• Growth in automotive industry
2. Europe:
• Rising demand for residential & non-residential construction
3. Asia Pacific:
• Rapid industrialization & rise in infrastructure investment
• Growing demand from automobile manufacturing industry
Speaking along the same lines, metallic coated steel sheets & strips are gaining high traction in recent days, which, in turn, will offer considerable impetus to the growth of flat steel market size. The growth is stemming from a myriad range of benefits provided by the product, such as high aesthetic value, eco-friendly nature, and durability. Such significantly expedient properties of metallic coated steel sheets & strips will push flat steel industry demand.
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Taking into consideration the geographical landscape, Europe is expected to emerge as a pivotal growth ground for flat steel market. The regional growth can be credited to the improving government standards toward environmental health and growing demand for new commercial & residential infrastructure in the region.
The European Construction Industry Federation estimates that in 2018, construction activities & productivity in Europe accounted for more than $1.4 billion. The government in the region is inclining towards the construction of green buildings due to the expedient energy performance provided by the structure.
Also, the construction industry in several countries across Asia Pacific, such as South Korea and India, is leaning toward the deployment of high-performance materials. These materials are gaining traction on account of minimal ecological impact and superior building efficiency, which is likely to enhance flat steel industry trends.
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Flat steel market players are experiencing a high degree of competition due to the adoption of business strategies, such as mergers & acquisitions, partnerships, and product development. This can be evidenced by the agreement signed by Allegheny Technologies, Inc., and NLMK USA in October 2018.
Both the companies entered into the agreement to offer carbon steel hot-rolling conversion services to NLMK. The agreement was aimed at expanding Allegheny’s ability to satisfy demand from the U.S. manufacturers for superior steel materials.
A few more notable flat steel market players include ArcelorMittal, POSCO, Hyundai Steel, Nippon Steel & Sumitomo Corporation, and Essar Steel.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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