Flat steel products refer to semi-finished steel products such as sheets and plates. The global flat steel market is expected to capture a modest CAGR of 6% over the forecast period of 2014-2022, asserts Market Research Future (MRFR) in an in-depth study. The global flat steel market was valued at USD 380 Bn in 2015.
Flat steel products are of immense importance to steelmakers since they are used in diverse applications across various end-use industries. Application in automobiles, construction, shipbuilding, industrial machinery, and domestic appliances are among the primary uses of flat steel.
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Booming construction industry acts as a major drive behind the growth of the global flat steel market. Hot rolled flat steel sheets are extensively used in the construction industry since they can be used to form large-sized structures. Lower cost and malleability make them more desirable for mass applications. Rebound in constructional activities in the US and across Europe has initiated solid growth within the global flat steel market.
The automotive industry too is a key end user of the global flat steel market. Flat steel products such as hot rolled coils & sheets find their application in wheel-disc in the automotive segment. Typical applications of cold rolled steel sheets involve automotive bodies since they can be painted better than hot rolled steel. Growth in the consumer durable sector will also support demand for steel products.
Rise in infrastructural activities across the globe, especially in the emerging economies is responsible for shaping the growth of the global flat steel market. Construction of highways, bridges, airports, ports, water transportation, pre-fabricated buildings, and power projects purveyed by government funding for the same induces high demand within the global flat steel market. Other factors substantiating the growth of the market include robust growth in demand for flat steel products used in the manufacturing industry.
On the other hand, the growth of the global flat steel products market might be affected negatively by fluctuations in the price of raw materials.
The global flat steel market has been segmented based on end user and product type.
By end-user, the global flat steel market has been segmented into automobiles, construction & infrastructure, transport, and others. In developed countries, flat steel products are always in demand in the automobile sector. Flat steel is extensively used in the building & infrastructure sector due to advantages associated with flat steel such as design flexibility, high strength, and increased durability. It also reduces maintenance costs. In the energy sector, flat steel is used for the development of infrastructure.
By product type, the global flat steel market has been segmented into coated sheet, cold rolled sheet, hot rolled sheet, and plates.
The key markets for flat steel include Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
The global flat steel market is dominated by APAC. The booming construction industry and ongoing extensive infrastructural activities taking place in the developing economies of the region such as China, India, and Japan have created favorable growth opportunities for the flat steel market. South Korea too is a significant market in the region.
Europe is the second largest market for flat steel driven by the existence of various key players in the region. The steadily growing automotive industry is a key growth influencer of the Europe flat steel market. Austria, Germany, France, Luxembourg, Sweden, and the UK are the key contributors to the Europe market. However, some key players are hiking the price of flat steel in the region which might affect the growth of the market adversely.
North America market is driven by similar factors as Europe and is expected to showcase substantial growth over the forecast period. The reviving construction industry in the region is likely to augur well for the growth of the market.
The key players in the global flat steel market include POSCO (South Korea), SSAB (Sweden), Essar Steel (India), Nippon Steel & Sumitomo Metal Corporation (Japan), United Steel Corporation (USA), ArcelorMittal (Luxembourg), Hyundai Steel Co. (South Korea), ThyssenKrupp (Germany),
Voestalpine (Austria), and Tata Steel Ltd (India).
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