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Flat Steel Market Forecasts to observe 5.5% CAGR through 2026; Global Market Insights Inc.

Rapid technological advancements are mainly expected to propel flat steel market share over the forecast spell. The demand for flat steel products has witnessed a significant upsurge from various industrial sectors including automotive, transport networks building & infrastructure, and more, which is likely to enhance industry penetration.

Flat steel is available in the form of both steel plates and sheets. These products are predominantly rolled from slabs, which are semi-finished products. Flat steel products demonstrate high application potential across industries ranging from shipbuilding to construction, to domestic appliances and agriculture, among others.

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Growing use of tin plates

With regards to the product spectrum, the flat steel market is bifurcated into hot rolled flat sheets, tin plates, metallic coated strips & sheets and non-metallic coated strips & sheets, among others. Of these, the non-metallic coated sheet & strip product segment is poised to accrue significant gains over the projected timeline, given the product’s superior aesthetic and adhesion properties.

Meanwhile, the tin plates segment is anticipated to depict an appreciable CAGR of over 3% through 2026. Tin plates are a form of low-carbon light gauge cold-reduced sheets or strips of steel, coated on both sides with commercially pure tin. Tin plates possess the combined benefits of steel such as strength and formability, as well as tin, including corrosion resistance, luster and weldability.

In 2019, JSW Steel, JSW Group flagship organization, introduced a new brand for its tin coated product portfolio, dubbed JSW Platina, one of the first continuous annealed tinplate products in India. The product demonstrates high product uniformity and facilitates higher manufacturing speeds to enhance productivity and mitigate reduction rates.

Tin coatings are used extensively in packaging applications, automotive components such as oil filters, brake line tubes and engine gaskets, and also provide sophisticated printing surfaces. These products are aesthetically appealing, and possess several beneficial characteristics including lubricant tendencies and low melting point.

The utilities end-use segment accounted for over 2.5% of the flat steel market share in 2018, and is expected to witness a similar growth trajectory over the coming years. Likewise, the transport network segment is likely to amass appreciable gains over the estimated timeline, as consumer preferences shift towards the use of lightweight strips and sheets of flat steel for automotive manufacturing.

On the regional front, the flourishing automotive industry in the Middle Easy & Africa region, and the subsequent surge in automobile manufacturing is expected to foster flat steel market demand over the years.

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Myriad benefits demonstrated by flat steel product

Flat steel products demonstrate a slew of advantages including superior resistance to external environmental impact as well as easy formability. These properties make the products ideal for application in the agriculture equipment end-use segment.

Furthermore, the versatility and durability of steel makes it highly suitable for domestic appliances, such as refrigerator and oven manufacturing. In fact, the flat steel market size from the others segment, including domestic appliances and shipbuilding accounts for a nearly 3.5% market share, and is projected to follow a similar growth graph over the projected timeline.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Global Market Insights Inc.
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