Flat Steel Market to Register A CAGR of 6.1% During the Assessment Period, 2019-2026
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The Global Flat Steel Market held a market size of $451.2 billion in 2019 and anticipated to grow with a CAGR of 6.1% from 2019 to 2026, according to Esticast Research.
Asia Pacific is anticipated to be the leading region in the global flat steel market. The increasing infrastructural development in countries such India and China, growing construction sector due to rapid urbanization, and strong presence of market players is supporting the market growth in the region.
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Rising industrialization and infrastructural developments in countries such as India and China is contributing to the growth of the market. In recent years, the growing awareness about flat steel benefits among consumers is expected to boost the flat steel demand. Further, the growing construction sector in the emerging market is expected to positively impact the market growth. On the flip side, factors such as trade disputes and fluctuating prices of raw materials is expected to hamper the market growth over the forecast period.
The global flat steel market has been categorized into process, type, and end-use. The process segment has been segmented into electric arc furnace and basic oxygen furnace. The type segment has been bifurcated into plates and sheets & strips. On the basis of end-user, the global market has been segmented into mechanical equipment, automotive & other transport, building & infrastructure, and others.
On the basis of geography, the flat steel market has been categorized into Asia-Pacific, Europe, North America, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Moreover, Europe has been classified into France, Italy, the UK, Germany, and the Rest of Europe. Asia-Pacific region has been bifurcated into South Korea, Japan, India, and Rest of Asia-Pacific. Moreover, the South America region has been segmented into Argentina, Brazil, Mexico, and the Rest of South America. The Middle East & Africa has been segmented into GCC Countries, Africa, and the Rest of the Middle East.
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Asia Pacific is anticipated to be the leading region in the global flat steel market. The increasing infrastructural development in countries such India and China, growing construction sector due to rapid urbanization, and strong presence of market players is supporting the market growth in the region. According to the data published by the India Brand Equity Foundation, India aims to spend USD 1.4 trillion on infrastructure in the coming five years. Further, in North America, steel manufacturers are engaged in expansion of their existing capacities and investment in new capacities. This factor is expected to support the market growth in the region. Further, the factors such as developments in energy sector, growing capital investment, and rising consumer spending on automotives in this region is anticipated to propel to the market growth.
Major companies functioning in the global flat steel market include Tata Steel, POSCO, ArcelormittalShagang Group, Shougang Group Co. Ltd, HBIS Group, United States Steel Corporation, Ansteel Group Corporation Limited, SSAB AB, Thyssenkrupp AG, , Nippon Steel & Sumitomo Metal Corporation, Voestalpine Group, China Baowu Steel Group Corporation Limited, JFE Steel Corporation, and Steel Authority of India Limited. Joint Ventures and strategic agreements are widely undertaken by prominent companies to sustain their market share. For instance, in May 2017, Essar Steel had entered into a strategic MoU with POSCO for supplying about 1.1 million ton of flat steel products in that financial year. Further, market players are also expanding their manufacturing capabilities to cater the growing demand. According to an article published by the Economic Times in December 2018, JSW Steel aimed to increase its capacity by 40% i.e. from 18 mt to 25 mt and then further increase it up to 45 mt by the year 2030.