The global flat steel market is expected to witness significant growth, during the forecast period. The global market for flat steel is being driven by wide spread industrial application of steel, rapid industrialization in Asia-Pacific and extensive application of steel in the construction industry. The major industrial applications of flat steel include construction, infrastructure, automotive, transportation, energy, industrial machinery, packaging and others. The global flat steel market is being adversely affected by the volatile raw material prices and global economic slowdown; however, the market is expected to grow further due to stabilizing economies of North America and Europe and increasing consumption of flat steel in Asia-Pacific.
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On the basis of end-use application, the global flat steel market has been segmented into construction and infrastructure, automotive and transportation, energy, appliances and industrial machinery, packaging, and others. The flat steel market has been capitalizing on the growing construction and infrastructure industry that helps in reducing the maintenance cost of building structure, which in-turn, helps in making construction more economical. In the automotive and transport industry, flat steel products are used to lower the weight of the vehicle and also offer optimum strength and fuel efficiency. The energy industry including nuclear, wind, oil and gas, solar and electric power requires steel for infrastructure development, which is expected to boost the global flat steel market.
In 2015, Asia-Pacific was the fastest growing region in the global flat steel market. The region is expected to witness the fastest growth, during the forecast period, due to rise in demand for flat steel, fast-paced industrialization and increasing infrastructural development. The developing economies of China, India, Taiwan, South Korea and Malaysia are witnessing significant growth in the automotive, oil and gas, transportation, and construction industries, which in turn, is driving the global flat steel market. Additionally, growing urbanization and increasing disposable income of individuals has resulted in increasing expenses on automobiles, electrical appliances and construction equipment.
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Some of the key players in the global flat steel market include Arcelormittal, Essar Steel, POSCO, Thyssenkrupp AG, Tata Steels Limited, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Hyundai Steel Co., Ltd, United States Steel Corporation, JFE Steel Corporation, China Steel Corporation, GERDAU S.A., SSAB, Steel Authority of India Limited (SAIL) and CITIC Limited.
Global Flat Steel Market Segmentation
- Construction and infrastructure
- Automotive and transportation
- Industrial machinery
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- South Korea
- Rest of APAC
- South America
- Rest of South America
- Rest of the World
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