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Flat Steel Market Size Estimated to Observe Significant Growth During 2017-2025
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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.
Flat Steel Market: Drivers and Restraints
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.
Flat Steel Market: Region-wise Outlook
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.
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Flat Steel Market: Key Players
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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