“By type, the market is segmented into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others. The HRC segment is anticipated to lead due to its rising applications in equipment and machinery.
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The global flat steel market size was valued at USD 504.46 billion in 2021. The market is expected to grow from USD 526.89 billion in 2022 to USD 783.71 billion by 2029, exhibiting a CAGR of 5.8% during the forecast period. Rising demand for flat steel from numerous industries may enhance this industry’s progress. Fortune Business Insights(TM) mentions this information in its report titled “Flat Steel Market, 2022-2029.“
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Segments
HRC Segment to Lead the Market Owing to Rising Equipment and Machinery Applications
By type, the market is segmented into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others. The HRC segment is anticipated to lead due to its rising applications in equipment and machinery.
Construction Segment to Dominate Owing to Rising Demand for Flat Steel
Based on application, the market is classified into construction, automotive and transportation, mechanical equipment, and others. The construction segment is expected to lead due to the rising adoption of flat steel to produce construction materials.
Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Applications in the Construction Sector to Facilitate Market Growth
Flat steel is made using iron ore, scrap steel, and coal and enhances the end product’s quality. Increasing applications in the construction sector are expected to enhance the demand for the material. Further, the increasing adoption of strong-quality materials from the construction industry may elevate the product’s adoption. Moreover, the emergence of numerous construction programs may elevate product adoption. Also, increasing innovations in the construction sector may bolster this industry’s growth. These factors may drive the flat steel market growth.
However, steel price fluctuations may hamper market growth.
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Regional Insights
Rapid Industrialization and Increasing Technological Advancements in Steel to Fuel Growth in Asia Pacific
Asia Pacific is expected to dominate the flat steel market share due to rising technological advancements in steel. The market in Asia Pacific stood at USD 255.81 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the increasing consumption of consumer goods, metal products, and mechanical products is expected to foster industry growth.
In Europe, strong demand for the product from the automotive industry is likely to elevate the market’s progress. Further, rising steel sheets and HRC adoption may boost the industry’s progress.
In North America, increasing demand for CRC from electronic and engineering applications may bolster the industry’s growth prospects. Also, its greater strength and temperature-resistant characteristics may enhance the industry’s growth.
Competitive Landscape
Major Players Invest in Crucial Strategies to Enhance their Brand Image
Prominent companies operating in the market announce crucial strategies to enhance their brand image. For example, ArcelorMittal launched its XCarb initiative to reduce CO2 emissions during steel production and focus on making noticeable progress in producing carbon-neutral steel options. Furthermore, major players deploy acquisitions, mergers, partnerships, novel product launches, innovations, research and development, and industrial automation to enhance their market position and achieve organizational goals.
Key Industry Development
August 2021- Nippon Steel Corporation launched its ZEXEED high corrosion-resistant coated steel. It provides better resistance in flat areas and is utilized extensively in civil engineering and social infrastructure industries.
List of Key Players Profiled in the Report
ArcelorMittal (Luxembourg)
NIPPON STEEL CORPORATION (Japan)
Ezz Steel (Egypt)
Tata Steel (India)
HBIS Group (China)
Voestalpine Group (Austria)
ThyssenKrupp Steel Europe (Germany)
Metals USA (U.S.)
POSCO (South Korea)
Yieh Corp. (Taiwan)
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Flat Steel Market: Product Types and Market Share
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