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Flat Steel Market Strategies 2024-2033 - Size, Growth Analysis, Outlook, Overview
Flat Steel Market Strategies
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According to The Business Research Company's, The flat steel market size has grown steadily in recent years. It will grow from $584.26 billion in 2023 to $611.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to construction and infrastructure growth, automotive industry expansion, manufacturing and machinery sector demand, shipbuilding activities, consumer goods manufacturing..
The flat steel market size is expected to see strong growth in the next few years. It will grow to $743.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global urbanization trends, renewed infrastructure investments, automotive industry innovations, rise in renewable energy projects.. Major trends in the forecast period include growing emphasis on sustainable and recyclable flat steel, customization and tailoring of flat steel products, increasing role of digitalization in supply chain management, influence of industry 4.0 in flat steel production..
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Market Drivers and Trends:
Expansion of the construction industry is expected to propel the growth of the flat steel market in the coming future. The construction industry refers to the economic sector that is involved in the planning, designing, building, and maintenance of structures and infrastructure that includes a wide range of operations, such as residential, commercial, industrial, and civil engineering construction projects. Flat steel is widely utilized in the construction of structural components such as beams, columns, and girders, which offers strength and load-bearing characteristics that make it perfect for carrying the weight of buildings, bridges, and other structures. For instance, in 2022, according to the Bureau of Economic Analysis (BEA), a US-based government organization for industry statistics, the size of the United States construction industry increased from $1.916 trillion in the 2021 to $2.016 trillion in the 2022. Therefore, the expansion of the construction industry is driving the steel flat market.
Product innovation is a key trend gaining popularity in the flat steel market. Major companies operating in the flat steel market are working on new product innovations to sustain their position in the market. For instance, ArcelorMittal S.A. a Luxembourg-based steel manufacturing company, introduced Granite HDXtreme, a new pre-painted flat steel for roofs and façades with UV and corrosion protection designed for extremely harsh situations. Granite HDXtreme is a highly sustainable steel that is devoid of chromates and heavy metals and is 100% recyclable, resulting in a smaller CO2 footprint when compared to alternative solutions such as aluminum. Its strength stems from its 75m three-layer coating technique. Each layer has a distinct yet essential role, in which the primer layer is critical in corrosion protection, and on top of it is a basecoat, which protects the durability of the steel and provides the final color. A varnish layer is applied to the coating to enhance texture, increase lifespan, surface robustness, and improve UV weathering potential.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
ArcelorMittal S.A., POSCO Holdings Inc, Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group Company Limited, Nucor Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Angang Steel Company Limited, Shougang Group Co. Ltd., JSW Steel, United States Steel Corporation, Novolipetsk Steel, Voestalpine AG, Hyundai Steel Company, Evraz Group S.A., Gerdau S.A., Steel Authority of India Limited, SSAB AB, Severstal, Outokumpu, Allegheny Technologies, Ezz Steel, Metals USA Holdings, Acerinox, Essar Steel, Yieh Corp.
Flat Steel Market 2024 Key Insights:
• The flat steel market size is expected to see strong growth in the next few years. It will grow to $743.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Construction Industry Expansion Fuels Growth In The Flat Steel Market
• Revolutionary Pre-Painted Flat Steel For Harsh Environments
• Asia-Pacific was the largest region in the flat steel market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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