DUBLIN--(BUSINESS WIRE)--The "Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The flat steel market is estimated to be USD 434.8 billion in 2019 and is projected to reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024.
The increasing urban population and increasing industrialization and infrastructure investment in emerging markets are major factors responsible for the growth of the flat steel market.
The building & infrastructure segment is expected to hold the largest share of the flat steel market during the forecast period
The building & infrastructure segment accounted for the largest share of the flat steel market in 2018. Flat steel offers design flexibility, strength, and durability and is hence, used in the construction of buildings, bridges, factories, and other engineering structures. It is also used for the development of infrastructure in the energy sector. Oil, gas, and nuclear energy plants use tubular, wire, and long carbon steel products. Solar, wind, and hydro energy plants demand high-strength steel plates, electrical steels, and flat steel sheets for the construction of structures.
The electric arc furnace segment is expected to grow at the highest CAGR during the forecast period
The electric arc furnace is used to manufacture products using scrap steel. The process is less vulnerable to the price fluctuations of iron ore and coking coal. The growth of this segment can be attributed to the energy-efficient processing, cost-effectiveness compared to the basic oxygen furnace process, and the difference in the capital required.
The sheets & strips segment is expected to lead the flat steel market during the forecast period
Based on type, the sheets & strips segment is estimated to account for the largest share of the flat steel market in 2019. Flat steel sheets & strips are used in the manufacturing of automobiles, home appliances, housing materials, and beverage cans, among others. Increasing demand from the home appliances and electrical appliances sectors is the major contributor to the growth of the sheets & strips segment.
Asia Pacific is projected to grow at the highest CAGR of the flat steel market during the forecast period
The Asia Pacific flat steel market has been studied for China, Japan, India, South Korea, Taiwan, Australia, and the Rest of Asia Pacific. The Asia Pacific region is a lucrative market for flat steel, owing to industrial development and improving economic conditions. Product innovations, new infrastructure projects, and increasing industrialization have generated demand for flat steel from the building & construction end-use sector in this region. Flat steel manufacturers in North America and Europe are expanding their business in the Asia Pacific region, and there is a significant knowledge transfer taking place between developed and emerging countries through active engagements in different forums.
- Increasing Urban Population
- Increasing Industrialization and Infrastructure Investment in Emerging Markets
- Volatile Price of Raw Materials
- High Recyclability of Steel Scrap
- Relaxed Credit Policy in Emerging Economies
- Eliminating Excess Capacity
- United States Steel Corporation
- Nippon Steel & Sumitomo Metal Corporation
- Tata Steel
- China Baowu Steel Group Corporation Limited
- Shagang Group
- Shougang Group Co. Ltd.
- Ansteel Group Corporation Limited
- SSAB AB
- JFE Steel Corporation
- Bluescope Steel Limited
- HBIS Group
- Thyssenkrupp AG
- Voestalpine Group
- Steel Authority of India Limited
- Hebei Puyong Steel Group
- Nucor Corporation
- China Steel Corporation
- Metinvest Holding LLC
- Severstal JSC
- Jsw Steel
- Novolipetsk Steel (NLMK)
- Gerdau S.A.
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