Flat Steel Market Trends Estimates High Demand by 2025

Flat steel is rolled from a semi-furnished material such as ingots or billets, and slabs. It is commonly used in consumer durable, white goods, construction as well as automotive industry. Flat steel is used by various manufacturers such as light bar industries, cable trays, truck trailers, automobile industry, railways, tippers, grating manufacturers, and other engineering industries. Flat steel enhances the quality, ductility, toughness, reliability, consistency of end product along with reduces the waste as well as a rework of production process. Moreover, it helps in maximized yield, trouble-free processing, improves product shelf life, and enhance the overall performance of the end product. According to World Steel Association, the overall steel products consumption in Asia & Oceania market was estimated around 990 Mn metric tons in 2015.

Innovative steel production techniques, expansion in the manufacturing capacity, and steel companies are inclining towards electric arc furnace manufacturing process which will provide them an operating flexibility are a primary factor driving the growth of global flat steel market. Moreover, extensive use of flat steel in the construction of factories, roads, and engineering structure, and growing automobile and construction industry globally which account about two third of steel consumption are some of the prominent factors fueling the growth of flat steel market over the forecast period. However, the high fixed cost of blast furnace production process have a severely adverse impact on the profitability of steel manufacturers, and fluctuation in product price may limiting the growth of the flat steel market during the forecast period. For Instance, In February 2017, the average price of flat steel in Asian market was increased by around US$25 per ton compared to previous month.

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Flat steel market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well in the near future owing to the low cost of cold rolled steel sheets compared to hot rolled sheets and expanding industrialization. Moreover, increasing public sector expenditure and the rise in infrastructure investments are some of the factors that can propel the market revenue growth of flat steel soon. Based on product type, sheets segment is projected to lead the global flat steel market over the forecast period attributed to the extensive use of hot rolled steel sheets for the development of the major sized structures such as heavy equipment, construction, and railroads, and high malleable property. On the other hand, the cold rolled sheets are a finished form of the sheet used when a surface finishing is required automotive parts. The cold steel is processed in cold reduction mills at room temperature along with tempers rolling which make steel closer dimensional tolerance, improve surface finish, and enhance the tensile strength.

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Depending on the geographic region, flat steel market is divided into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. North America dominates the flat steel market followed by Europe, and Japan is owing to expanding automotive output, high adoption of oil and gas tubular, and government initiatives. The market in Asia Pacific and Japan is expected to grow at significant CAGR owing to expanding construction and automobile industry, the presence of prominent players in these regions. Additionally, increasing exports of steel from developing countries such as India which has escalated by 78% during April 2016 to February 2017 are the factors which are anticipated to drive the growth of flat steel market throughout the forecast period.

Some of the prominent players in the flat steel market are ArcelorMittal S.A., Allegheny Technologies Inc., Zeeco Metals, Inc., SSAB AB, Clingan Steel, Inc., United States Steel Corporation, AK Steel Holding Corporation, Hascall Steel Co., Essar Group ThyssenKrupp AG, Posco Co. Ltd., Precision Brand Products, Inc., Johnson Bros. Metal Forming Co., Voestalpine AG, Jindal Steel and Power Limited, JSW Steel Ltd., Tata Steel Limited, Nippon Steel & Sumitomo Metal Corp, Hyundai Steel Co., and Steel Authority of India Limited (SAIL), and many more.

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