IMARC Group has recently released a new research study titled “Flat Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the flat steel market?
The global flat steel market size reached US$ 472.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 643.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
What is flat steel?
Flat steel refers to a type of steel product that is manufactured in flat and rectangular shapes with a uniform thickness. It is one of the most widely used forms of steel due to its versatility. Flat steel finds extensive use in various industries, including automotive, construction, transportation, energy, manufacturing, and packaging. It is utilized in the production of structural beams, plates, sheets, coils, pipes, tubes, and a wide range of finished products. Flat steel offers excellent strength, durability, and versatility, thereby making it an ideal material for supporting structures, bridges, ships, vehicles, appliances, and machinery.
Moreover, flat steel is produced through a process known as cold rolling or hot rolling. Cold rolling involves passing hot-rolled steel through a series of rollers at room temperature. This process further reduces the thickness, refines the surface finish, and improves dimensional accuracy. Cold-rolled flat steel is characterized by its smooth surface, tight tolerances, and superior surface finish. It is commonly used in applications that require precise dimensions, such as automotive components, appliances, electrical appliances, and precision engineering. On the other hand, hot rolling involves heating the steel billets or slabs to high temperatures and passing them through a series of rolling mills. This process reduces the thickness of the steel while simultaneously improving its mechanical properties. Hot-rolled flat steel typically has a rough surface and is commonly used in applications where surface finish is not critical, such as structural components, construction materials, and industrial machinery.
In addition to hot-rolled and cold-rolled flat steel, there are other specialized types, such as galvanized steel which is coated with a layer of zinc for enhanced corrosion resistance, and stainless steel containing a high percentage of chromium for superior corrosion resistance and aesthetic appeal.
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Market Growth Drivers:
The expanding construction industry represents a significant factor driving the market growth across the globe. This is primarily attributed to the increasing demand for flat sheets in various construction applications, such as roofing, cladding, wall panels, and flooring, which is driving the market growth. In line with this, the rising industrialization, increasing level of disposable income of middle-class families in emerging economies, growing global population, and rapid urbanization are contributing to the growth of the market.
In addition to this, the increasing investment in infrastructural projects is facilitating the demand for flat steel. The market is also driven by the increasing demand for flat sheets in a wide range of applications, including machinery components, equipment enclosures, storage tanks, and transportation. This is primarily due to the increasing number of manufacturing and industrial activities across the globe. In addition to this, the extensive use of flat sheets in the automotive industry for manufacturing vehicle body parts, chassis components, and interior panels is facilitating the growth of the market.
Other factors, including the rising consumer preferences for aesthetically pleasing and functional interiors, the increasing consumer demand for packaged goods, rise in e-commerce activities and advancements in manufacturing technologies, such as improved sheet forming processes and material innovations, are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
Flat Steel Top Manufactures:
- Allegheny Technologies Incorporated
- China Steel Corporation
- Hyundai Steel Co. Ltd
- JFE Steel Corporation
- Nippon Steel Corporation
- SSAB AB
- Tata Steel Limited
- thyssenkrupp AG
- United States Steel Corporation
- voestalpine Stahl GmbH
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Sheet and Strips
Breakup by Material:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
Breakup by Application:
- Building and Infrastructure
- Automotive and Other Transport
- Mechanical Equipment
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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