The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Flat Steel Market.
It was estimated prior to this unanticipated outbreak that the Flat Steel Market was expected to grow at a CAGR of 5.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Flat steel is one of the two types of steel construction products, made from steel slabs and include plate, strip, hollow sections, large diameter welded pipe and structural beams.
Flat steel products are classified into hot rolled sheets, cold rolled sheets, coated sheets and plates. They are widely used for making various finished products in various industries including automobile, domestic appliances, shipbuilding, and construction.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the process type, the market is segmented as basic oxygen furnace and electric arc furnace. Basic oxygen furnace held the larger share of the market in 2019, owing to its wider usage in steel production across the world due to its higher production rates, lower-residual element, and more powerful and effective process.
Based on the product type, the flat steel market is segmented as sheets & strips and plates. Sheets & strips are expected to remain the larger product type of the market during the forecast period, owing to their wider applications, such as in automotive body panels, domestic white goods, roofing and cladding materials, etc.
Based on the end-user type, the market is segmented as building & infrastructure, mechanical equipment, transportation, and others. The building & infrastructure segment is expected to remain the largest and the fastest-growing end-user of the market during the forecast period, owing to rapid growth in the construction industry with increasing usage of flat steel products in constructing residential & commercial buildings and in roads, ports, airports and railways.
In terms of regions, Asia-Pacific is expected to remain the dominant region in the market in the coming five years owing to the largest and the fastest-growing construction market in the region. Industrialization, urbanization, and increasing disposable income in the emerging economies will continue to propel the demand for flat steel in the region over the next five years. Organic growth of the automotive industry with increasing penetration of electric vehicle to reduce carbon emissions is also likely to boost the demand for flat steel product in the region. The region is also the largest exporter of crude steel along with flat steel products in the world with China and India being the top two producers in the world.
Some of the major flat steel manufacturers are-