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Global Flat Steel Market to Grow at a CAGR of 3.7% in the Forecast Period, Aided by the Increasing Demand for Steel in Various Applications

According to a new report by EMR titled, ‘Global Flat Steel Market Report and Forecast 2022-2027’, the global flat steel industry reached a value of USD 853.6 billion in 2020. The industry is further expected to grow at a CAGR of 3.7% in the forecast period of 2022-2027, driven by the rising consumer demand for automobiles.

The flat steel industry is expected to grow due to rising consumer demand for automobiles, fuelled by the growing global population and its resulting transportation needs. In this sense, the flat steel sector is predicted to increase as the need for lightweight automobiles grows due to its low fuel consumption qualities. The government's increasing investments in infrastructure development are also expected to help the market thrive. The rapidly growing construction industry is anticipated to propel flat steel demand in construction and infrastructure applications. Flat steel's recyclability and reusability are likely to boost its overall popularity in the coming years. China is one of the world's largest steel producers and a major exporter. Flat steel is increasingly used in garden shelters, fencing, autos, construction, machinery, and a variety of other applications. Flat steel demand is being catalysed by rising vehicle demand, which is expected to propel market expansion in the future years. Furthermore, increased demand in the construction industry is projected to drive market growth in the forecast period.

Increased demand for steel in many application industries, such as automotive and construction, propels the demand for flat steel. For instance, ArcelorMittal (NYSE: MT) announced the purchase of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer in Gujarat, India, in December 2019. At the same time, ArcelorMittal and Nippon Steel Corporation (TYO: 5401) formed ArcelorMittal Nippon Steel India Limited, a joint venture that owns and operates ESIL. As a result of this acquisition, the company's market presence in India will be strengthened further in the coming years.

Market Analysis by Products, Materials, Applications, and Regions:

  • The various products are sheets and strips and plates.
  • The different materials include carbon steel, alloy steel, stainless steel, and tool steel.
  • The significant applications include building and infrastructure, automotive and other transport, and mechanical equipment, among others.
  • The regional markets for flat steel include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • A rise in the number of end-use sectors in the emerging economies is driving the market growth.
  • Rapid industrialisation is further propelling the growth of the market.
  • Increasing per capita income of the consumers in various regions has augmented the demand for the flat steel market.
  • Implementation of favourable government policies and technological advancements are anticipated to drive the growth market.

Key Offerings of the report:

  • The EMR report gives an overview of the global flat steel market for the periods (2017-2021) and (2022-2027).   
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for products, materials, applications, and major regions of flat steel. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global flat steel industry are ArcelorMittal, PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS), Baosteel Group Corporation, Tata Steel Limited, and JFE Steel Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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