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Flat Steel Market worth $580.2 billion by 2024


(, December 31, 2020 ) The report "Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024" The flat steel market is projected to grow from USD 434.8 billion in 2019 and reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for flat steel products from the building & infrastructure, mechanical equipment and automotive & other transport end-use sectors.

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Plates segment to register high growth in the flat steel market

Flat steel plates are widely used in the construction of buildings, bridges, dams, ships, offshore structures, hydro power stations, storage tanks, boilers, pressure vessels, and machinery. The growing building & infrastructure investment in emerging economies is likely to propel the growth of the plates segment in the flat steel market. Also, the availability of high strength steel plate grades has increased their use in the automotive sector.

Basic oxygen furnace segment is expected to lead the flat steel market during the forecast period

On the basis of process, the basic oxygen furnace segment is expected to be the largest segment of the flat steel market. The growth of this segment can be attributed to the high production rate, low nitrogen content, and low labor requirements compared to other processes. This process is widely excepted by steelmaking companies across different regions and accounts for more than 70% of the global crude steel production.

Don't miss out on business opportunities in Flat Steel Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.

Browse in-depth TOC on "Flat Steel Market”
127 - Market Data Tables
47 - Figures
165 - Pages

Building & Infrastructure end-use sector to lead the flat steel market by 2024

Building & infrastructure was the largest end-use segment of the global flat steel market in 2018. The large share is attributed to the extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, factories, and other engineering structures. It is also used widely in the manufacturing of roofs and in the cladding of exterior walls.

Asia Pacific to lead the global flat steel market during the forecast period

Asia Pacific accounted for the largest share of the global flat steel market in 2019. The market here is anticipated to grow at the highest CAGR between 2019 and 2024. Growth in this market is driven by the increasing demand for flat steel from China and India. China, with increasing demand from its construction and automotive industries, is the major consumer of flat steel in the Asia Pacific region. Among all countries in this region, the Indian market is expected to grow at the highest CAGR during the forecast period. The growth of the Indian market can be attributed to the ongoing and upcoming large infrastructure projects in the country.

Some of the leading manufacturers of flat steel profiled in this report are ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), China Baowu Steel Group Corporation Limited (China), Shougang Group Co., Ltd., (China), SSAB AB (Sweden), JFE Steel Corporation (Japan), HBIS Group (China), ThyssenKrupp AG (Germany), and Voestalpine Group (Austria).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


Mr. Aashish Mehra


Source: EmailWire.Com

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