Flat Steel Market is predicted to witness a massive growth in forecast timeline due to increasing construction and automotive industries. Increasing per capita disposable income along with rapid urbanization in China, India, Germany and Brazil with infrastructural investment should drive flat steel market demand.
Global steel market size was valued at over USD 760 billion in 2016. China is the major producer and accounted for over 45% of the total market share in 2016. It is one of the vital requirements in building and infrastructure sector due to its design flexibility, strong structure, reusability and durability characteristics. It also lowers the buildings construction cost and overall maintenance cost. Flat steel has a wide range of applications in thermal power plants, hydro power plants, oil & gas, solar, nuclear and wind energy industries. It is also used by various light bar industries, truck trailers, railways and automobile manufacturers.
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Sheets & strips flat steel market demand may witness steady gains over the forecast timeline owing to increasing product usage in packaging, manufacturing and home appliances. It is widely used in door & window hoods manufacturing, refrigerators, furniture, drums, dry batteries, washing machines, automotive body structure and parts manufacturing applications. Global home appliances market size in expected to reach at over USD 590 billion by 2024. Rise in disposable income along with consumer spending in various household activities should drive industry growth.
Cold rolled sheets are used in flat steel market which are suitable for automobile and electrical appliances owing to its strong structure and durability properties. Carbon sheet are very flexible in nature and is suitable for various automotive parts manufacturing applications which includes chain parts, clutch parts, sprocket gears, and seat belt.Steel plates market size may witness a significant growth over the foreseeable period. It offers high tensile strength, corrosion resistant, abrasion resistant, and seawater resistant properties. Strong application scope in ship building, hydro power plant, offshore structure, bridge, building, storage tanks, boiler and pressure vessels should drive flat steel market size.
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Increasing steel demand in China along with capacity cuts with decline in iron ore costs may affect industry profitability and affect flat steel market price trend. Most of the Chinese manufacturers have lowered prices supported by government policy for lowering exchange rate allowing the product to be sold at cheaper rates.
Flat steel market size from automobile applications may witness favorable gains over the projected timeframe due to easy maintenance and repair ability, high recyclability as compare to plastics and composites. It is widely used in automotive parts and body structure. The major factor behind selecting the product for body structure due to its wide range of positive characteristics such as thermal, chemical and mechanical resistance, ease of manufacture and durability. Flat steel offers high strength, more protection and comparatively low cost as compare to other counterparts while manufacturing automotive parts and body structure. Global automobile production market has accounted at USD 72.1 million for cars and USD 22.5 million for commercial vehicles in 2016, and it is expected to increase with a rapid pace over the forecast timeframe, which will propel the industry growth.
Flat steel market size from building & infrastructure applications may witness significant gains over the forecast timeline owing to its high mechanical strength, toughness and durability. Superior properties of carbon steel based cold rolled and hot rolled products are suitable for construction of light and heavy components. Global construction market size is likely to grow at over 3.5% up to 2024. Increasing in infrastructure spending in China, India, Germany, Thailand and the U.S. towards smart building technologies along with rise in per-capita income should drive industry growth.
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Asia Pacific led by South Korea, India, Japan, and China flat steel market size may grow significantly over the forecast timeframe due to increasing demand for automotive manufacturing, home appliances, building and infrastructure. Increasing purchasing power of personal cars along with luxurious consumer lifestyle will propel flat steel market size in the region.
North America, led by Canada and the U.S. flat steel market size may witness an uptrend due to increasing investment opportunities in construction industries. Rising demand for residential and commercial construction which includes shopping complexes, corporate buildings, sports stadiums, airports, and hotels should drive regional industry growth. Europe flat steel market size, led by UK, France, Italy and Germany will witness steady growth rate by 2024 due to increasing demand for construction, home appliances, automobile & transportation sectors. Moreover, companies have been investing on the project of inland waterway and rail waterway in Germany, which will drive industry growth in the region.
Global flat steel market share is competitive with presence of various manufacturers operating in the business through high production volume. ArcelorMittal, Essar, Voestalpine Group, Thyssenkrupp AG, POSCO, JFE Holdings, and JSW are industry participants. Merger & acquisitions are an integral part of the market, which allow companies to expand their regional presence and product portfolio, thereby escalating flat steel market demand.
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