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The Global Flat Steel Market is expected to reach USD 422.4 billion in 2019 and anticipated to grow at a CAGR of 4.2% during the forecast period. Flat steel is metal manufactured in a sheet shape with the aid of melting and rolling. It may be produced in exclusive formats together with plates and strips. The basic method of manufacturing flat steel is passing rectangular-formed metallic via flat rollers. Rollers are turned around in opposite instructions and metallic does now not have grooved or cut faces however has flat faces lined with zinc to inhibit corrosion.
The marketplace for flat steel is expected to amplify at a speedy pace throughout the forecast period as a result of the growth of the automobile and creation sectors. An increasing call for flat steel from the automobile and creation sectors is possible to gas the marketplace inside the following couple of years. Building & creation held a great proportion of the market.
Key Factors Impacting the Growth of Flat Steel Market:
The flat steel market segmentation is based on process, type, end-user industry and region.
Process Outlook:
Based on process the market is segmented into basic oxygen furnace, electric arc furnace. The basic oxygen furnace segment accounted for the largest share in 2019. This is a traditional procedure this is widely accepted by metal manufacturers. The basic oxygen furnace method is dearer than the electric arc furnace system. The excessive production rate, low nitrogen content and low labor requirements make simple oxygen furnace the most preferred manner of manufacturing flat steel.
Type Outlook:
Based on type the market is segmented into sheets & strips and plates. The sheets and strips segment accounted for the largest share of the flat steel market. This big proportion is in particular attributed to its growing application within the packaging, home, appliances, and electronics industries. They are substantially used in the production of doors and window hoods, wall ornaments, refrigerators, metal drums, metallic furniture, dry batteries, automobiles, washing machines, gutters, downspouts, and roof ornaments among others.
End-User Industry Outlook:
Based on the end-user industry, the market is segmented into building & infrastructure, mechanical equipment, automotive and other transport. The growth of the building and infrastructure end use sector is attributed to the sizeable use of flat steel within the production of buildings, railway tracks, roads, bridges, factories, and different engineering structures. It not most effectively lowers construction expenses but also reduces the long time maintenance costs of buildings.
Regional Outlook:
Based on the region, the global flat steel market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. The Asia Pacific accounted for the largest proportion of the worldwide flat metal market in 2019, accompanied by Europe and North America. China is one of the major consumers of flat metallic inside the Asia Pacific location. The marketplace right here is witnessing boom because of the growing demand for flat metallic and an upward push inside the number of end-use sectors in emerging economies which includes India. The Indian flat metal market is projected to develop at the very best CAGR within the Asia Pacific location throughout the forecast period because of the increase of the economy, the rise in city population, and the development of assorted industries together with construction and automotive, amongst others, within the country.
Competitive Landscape
The leading companies in the market are focused on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period. ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, POSCO, China Baowu Steel Group Corporation Limited, Shougang Group Co., Ltd., SSAB AB, JFE Steel Corporation, HBIS Group, ThyssenKrupp AG, and Voestalpine Group are some of the major players in the flat steel market.
This report also includes the profiles of flat steel companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.
Key Developments in Flat Steel Market:
What Does This Report Provide?
This report provides a detailed understanding of the global flat steel market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Process
By Type
By End-User Industry
By Region:
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