May 21, 2020
According to the research report titled ‘Flat Steel Market Size By Product, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global flat steel market is expected to register considerable growth by the year 2026.
Technological advancements and rising adoption of flat steel products in automotive, construction, transport networks and other industry verticals are major factors driving the market growth. Flat steel products include both steel plates and steel sheets. They are produced from semi-finished steel slabs. These products find application across agriculture, shipbuilding, automobile, construction and domestic appliances.
As per the product type, non-metallic coated sheet & strip segment is poised to expand significantly during the forecast period, primarily due to their aesthetic appeal and improved adhesion properties.
On the other hand, tin plates segment is expected to grow with a CAGR of 3% during 2019-2026. Tin plates are cold-reduced low-carbon steel sheets or strips which are coated on both surfaces with tin and are lightweight. Tin coating not only helps in acquiring a good luster and appearance of tin, but also offers corrosion resistance, weldability and strength. Tin plates are widely used in packaging applications since they offer excellent printing surface. Moreover, tin coating possesses lubricant qualities and has a low melting point while imparting a good appearance. Increasing application of tin plates in automotive industry for applications such as brake line tubes, oil filters and engine gaskets is stimulating the industry outlook.
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Citing the end-use landscape, transport network segment is anticipated to register remunerative growth during the analysis timeframe. Shifting preference towards using lightweight strips and sheets during transport infrastructure development is augmenting the demand for flat steel.
As per the report, utilities segment accounted for 2.5% market share in 2018 and is set to showcase similar growth trends in the subsequent years. Meanwhile, superior resistance to external environmental conditions and easy formability of flat steel products is favoring its use in agriculture equipment.
Further elaborating on the end-use landscape, the others segment, which comprises of domestic appliances and shipbuilding, accounted for 3.5% market share in the recent past and is predicted to register continuous growth in the forthcoming years. Flat steel is widely used in appliances such as ovens and refrigerators.
Considering the geographical landscape, Middle East & Africa flat steel industry is poised to acquire decent revenues in the ensuing years, primarily due to advancements in automobile manufacturing processes.
Wuhan Iron & steel Corp., Allegheny Technologies, Severstal JSC, Nucor Corp., Gerdau S.A., Voestalpine Group, China Steel Corp., Thyssenkrupp AG, Essar Steel, Hyundai Steel Co. Ltd., Tata Steel Ltd., ArcelorMittal, Nippon Steel & Sumitomo Metal Corp. and POSCO are the major companies operating in global flat steel market.