Newark, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 500 billion in 2022 global flat steel market will reach USD 895.42 billion in 2032. Products made of steel that are produced as flat sheets or plates are referred to as flat steel. Iron makes up most of flat steel, with trace amounts of carbon and other alloying materials added to improve certain qualities. Melting iron ore, casting it into slabs, and either hot or cold rolling are the steps in the production process. Hot-rolled, cold-rolled, and coated steel are the three primary varieties. Because of its mechanical qualities and adaptability, flat steel is essential to many different sectors. It is utilized for structural elements in buildings, including roofs and beams. Flat steel is used in body panels and structural elements for automobiles, and it is also used in shipbuilding, infrastructure projects, and home appliances. Flat steel has several advantages, including strength, durability, and recyclability. Coated versions provide improved resistance to corrosion, extending the life of objects and buildings. Furthermore, steel's recyclability reduces environmental effects and aligns with sustainability standards.
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Key Insight of the Global Flat Steel Market
North America will dominate the market during the forecast period.
Flat steel demand is largely driven by construction and infrastructure development, urbanization, and population expansion. The region's well-known auto industry uses flat steel to make cars, and the thriving oil and gas industry uses it for infrastructure and pipelines. The rising demand is also a result of manufacturing, industrial applications, and renewable energy initiatives. The material's strength, versatility, and use in various industries contribute to its ongoing demand in North America.
In 2022, the hot rolled coil (HRC) segment dominated the market with the largest market share of 44% and revenue of 220 billion.
The type segment is divided into hot rolled coil (HRC), cold rolled coil (CRC), sheets, and others. In 2022, the hot rolled coil (HRC) segment dominated the market with the largest market share of 44% and revenue of 220 billion.
In 2022, the construction segment dominated the market with the largest market share of 45% and market revenue of 225 billion.
The application segment is divided into construction, automotive and transportation, mechanical equipment, and others. In 2022, the construction segment dominated the market with the largest market share of 45% and market revenue of 225 billion.
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Advancement in market
The Brazilian mining giant Vale International and the Ruia brothers created Essar Group, which agreed to supply iron ore agglomerates for Essar's Green Steel Arabia (GSA) project. Vale will provide Essar with 4 million tonnes per annum (mtpa) of DR-grade pellets and briquettes by the conditions of the agreement.
Market Dynamics
Driver: The growing development of infrastructure.
The building and construction business is driven by population expansion, global urbanization, and government investments in infrastructure development. In both home and commercial construction, flat steel is essential. Furthermore, the automobile sector is a significant user of flat steel, making body panels, chassis parts, and structural elements for vehicles. Due to rising disposable income and expanding product options, there is a growing demand for autos. Positive developments in the building and automotive sectors will support and propel the global flat steel market's expansion throughout the forecast period.
Restraints: The limitations of flat steel restrict its use.
Because flat steel is prone to corrosion, it may require extra preventive measures to prolong its lifespan, which could lower demand and appeal in industries where durability is essential. Because lightweight materials improve sustainability, applications that prioritize their use may find it difficult to use flat steel due to its weight. The manufacture of steel has a significant environmental impact, resulting in carbon emissions and significant energy consumption. This could cause demand to fall as companies emphasise sustainable materials more. These constraints and drawbacks could impede the market's expansion throughout the projected time.
Opportunities: Technological innovations and improvements.
The demand for flat steel is positively impacted by technological developments in coating methods, alloy development, and improved manufacturing processes. Automation, precision manufacturing, and advanced steel production methods raise the quality and efficiency of flat steel, increasing its appeal for a range of uses. Developing lightweight, high-strength steel alloys supports the automobile industry's goal of designing vehicles that consume less gasoline. The longevity of flat steel is increased by advancements in coating processes, including galvanization, especially in corrosive conditions. Digitalization and recycling technologies are important for process optimization and sustainability, which enhances flat steel's environmental appeal. Flat steel is used increasingly frequently in various industries due to advancements in technology and innovation that boost its adaptability, durability, and environmental friendliness.
Challenges: Presence of alternatives.
Alternatives like aluminium, composites, and advanced alloys challenge the market's growth. Lightweight alternatives are gaining traction in weight-sensitive industries like aerospace and automotive, posing a challenge for flat steel due to its higher density. Advances in materials science lead to the development of alloys with superior properties, potentially shifting demand away from flat steel. Industries valuing intricate designs and aesthetic preferences may choose materials offering greater formability than flat steel. The accessibility, availability and affordability of these materials will challenge the market for flat steel during the forecast period.
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Some of the major players operating in the global flat steel market are:
• ThyssenKrupp AG
• Tata Steel Limited
• POSCO
• Outokumpu
• NUCOR
• NIPPON STEEL CORPORATION
• JFE Steel Corporation
• HBIS Group
• Baosteel Group
• ArcelorMittal
Key Segments covered in the market:
By Type
• Hot Rolled Coil (HRC)
• Cold Rolled Coil (CRC)
• Sheets
• Others
By Application
• Construction
• Automotive & Transportation
• Mechanical Equipment
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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