The global Flat Steel market is projected to reach USD 9.58 Billion by 2027 from USD 5.77 Billion in 2021, at a CAGR of 6.23% from 2022 to 2028.
The Flat steel is a semi-furnished material like slabs, billets, and ingots. It is used in several consumer durable, construction, white goods, and automotive sectors. Flat steel is used by various manufacturers like cable trays, light bar Industries, truck trailers, railways, the automotive industry, grating manufacturers, and other Industries. Flat steel rises the toughness, reliability, quality, consistency of end products and reduces waste. Furthermore, it helps to improve yield, the product shelf life, and trouble-free processing, and enhance the performance of the product. The iron and steel sector are the backbone of the economy, and the performance of this sector reflects on the development of the country. Flat Steel is one of the most used materials in the world, and it is recyclable also. GDP growth of a region depends on industrialization in that region, and rapid industrialization and developing economics will increase the demand for consumer products.
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Segment by Type
Low Carbon Steel
High Carbon Steel
Segment by Application
Automotive
Construction
Home Appliance
Machinery
Other
Recent developments
Oct. 2021- Steel Dynamics Inc., founded in Fort Wayne, has revealed its plans to acquire a marginal interest in a Houston-based metal products producer and supply chain management company New Process Steel LP. The financial rapports of the contract haven’t been disclosed yet. Under the contract, the company will acquire a share of over 45% in New Procedure Steel. New Procedure Steel LP is Steel Dynamics’ biggest single flat roll steel customer and has over 950 employees.
Oct. 2021- Cleveland-Cliffs Inc. declared that the company would be entering the scrap metal business with Ferrous Processing and Trading Company (FPT) acquisition in a contract approximately worth USD775 million. The Detroit-based FPT is one of the major processors and distributors of metal in the U.S. It registers for over 16% of the key ferrous scrap market. The company procedures approximately three million tons of scrap metal every year, around half of the prime grade.
Segmentation Analysis
Based on product, the market is segmented into sheets, strips and plates. Sheets & strips accounted for the largest market share of 63.2% in 2020. It might be made from different types of materials including carbon, alloy, stainless, and tool depending on the applications. These are used in business applications, architecture, and transport industries on account of their benefits such as corrosion-resistant, good adhesive & welding properties, lightweight and strong
Sheets are classified into two categories hot rolled and cold rolled sheets. Cold-rolled sheets are best appropriate for electrical appliances and automobiles due to wider workable ranges from general use to commercial application. The carbon sheet is used in several machine structure applications such as chain parts, automotive AT parts, automotive clutch parts, sprocket gears, and automotive seat belt parts.
Product Portfolio: The Company has a product portfolio of Market that contains:
Flat Steel Market: Increasing competition among key companies, increasing horizontal and vertical expansion is further expected to fuel the growth of Market.
Key players operating the Flat Steel market includes United Steel, Nippon, Essar, Tata, Hyundai, POSCO, SSAB, Arcelor Mittal, Voestalpine, ThyssenKrupp.
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Flat Steel Market Regional Analysis
The North American market is valued at USD 86.32 billion in 2021. Construction applications accounted for about 49.53% of the market. In North America, the construction industry is probable to grow on account of massive investment opportunities in the U.S. and Canada.
Europe was the third main market accounting for a revenue share of 18.61% in 2021. Increasing demand for flat products owing to growing industries such as construction, automotive, transportation, and machinery industry in developed countries including Germany and the UK is probable to drive the market demand. In 2021, Germany’s flat product export volume was 13.11 million metric tons, which was more than 50.1% of the country’s total steel exports.
The report enables you to –
– Formulate significant competitor data, analysis, and insights to progress R&D strategies
– Recognize emerging players with potentially strong product portfolio and create effective counter strategies to gain competitive advantage
– Recognize and understand vital and diverse types of Flat Steel under development
– Progress market-entry and market expansion strategies
– Plan mergers and acquisitions successfully by identifying major players with the most promising pipeline
– In-depth examination of the product’s current stage of development, territory and estimated launch date
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