October 06, 2021 13:33 ET | Source: Market Research Future Market Research Future
New York, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Flat Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Flat Steel Market Research Report, Product Type, End-Use Industry and Region - Forecast till 2027” the market is projected to be worth USD 768.16 billion by 2028, registering a CAGR of 6.1% during the forecast period (2021 - 2028)., The market was valued at USD 455.27 billion in 2021.
List of major companies in the flat steel market profiled are:
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Market Research Future’s Review on Flat Steel Market.
Flat steel refers to a semi-furnished material like ingots, billets, and slabs. Flat steel is used in numerous consumer durable, automotive, white goods, and construction sectors. Flat steel is used by several manufacturers like grating manufacturers, the automotive industry, railways, truck trailers, light bar Industries, cable trays, and other Industries.
The growth of the flat steel market is being driven by the factors like the advancement of technology in defense, packaging Industries, construction, and automobile, rapid industrialization, the speedy growth of buildings and construction sectors, and rapid urbanization. Additionally, because of the numerous benefits of flat steel, it is used in several construction applications, increasing the per capita income of people and economic growth. Furthermore, the growth of the automotive industry is another major aspect causing an upsurge in the market growth for flat steel.
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Factors like the volatility in the price of iron ore, the high cost of blast furnace production, and high investment costs are some of the major market restraints.
The prevalence of the COVID-19 pandemic has had a severe impact on the global flat steel market. The coronavirus has spread widely across all the regions globally, causing numerous industries and businesses. Because of the lockdown guidelines, several industry sectors suffered, including the construction sector. Because of the downfall in the economy and financial crisis, numerous construction projects were halted. Additionally, labor shortage resulted in major problems in the construction sector, and the imposition of lockdown has severely impacted the flat steel market. The global market for flat steel is anticipated to witness growth after the post-covid-19 situation.
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The flat steel market is divided into numerous segments based on end-user, product type, and region.
The market segmentation is done as cold-rolled coils sheets hit rolled coils coated steel, slabs, and others by product type. The best and strips accounted for the largest market share in 2018 due to rising home appliances, electronics, and packaging adoption.
The market is classified into oil & gas, energy, consumer goods, electronics, automotive and transportation, machinery, construction and building, and others based on end-user.
The global flat steel market is divided into Asia-Pacific, Europe, North America, South America, and the Rest of the World.
The Asia-Pacific region tops the market with the largest market share as per the MRFR report on the flat steel market. An increasing industrial base and economics are mainly driving the region's growth in the countries such as South Korea, India, Thailand, and others. Also, the increased construction activities and Increasing per capita income of the people in the region have boosted the demand for the flat steel market.
North American holds the second position in the global flat steel market given the rising automotive sector in the region. The growing demand for commercial vehicles and passenger cars in the US is propelling the market's growth for the region.
The European flat steel market is projected to witness significant growth in the projected timeframe owing to the growing consumer base.
Segmentation of Market covered in the research:
Flat Steel Market: Information by Product Type (Slabs, Hot-Rolled Coil, Cold-Rolled Coil, Sheets & Strips, Tinplate, Coated Steel, and Others), End-Use Industry (Building & Construction, Automotive & Transportation, Machinery, Electronics, Consumer Goods & Appliances, Oil & Gas, Energy, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) — Global Forecast till 2028
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