November 09, 2022 03:23 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The global flat steel market size was valued at USD 504.46 billion in 2021. The market is expected to grow from USD 526.89 billion in 2022 to USD 783.71 billion by 2029, exhibiting a CAGR of 5.8% during the forecast period. Increasing adoption of flat steel from several industries is expected to enhance market growth. Fortune Business Insights™ shares this information in its report titled “Flat Steel Market, 2022-2029.”

Disruptions in Supply Chain Hindered the Materials’ Sales During the Pandemic

This market was negatively affected during the COVID-19 pandemic due to disruptions in supply chain. The alarming spike in COVID-19 infections resulted in stringent restrictions on manufacturing and mining activities, thereby hindering material sales. Furthermore, the restrictions imposed on transport and travel resulted in a substantial shortage of raw materials, thereby hampering the market’s progress. However, lockdown relaxations allowed major players to enhance their operations, balance costs, and boost sales.

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List of Key Players Profiled in the Report

Report Scope & Segmentation:

HRC Segment to Dominate the Market Attributable to Increasing Equipment and Machinery Applications

By type, the market is segmented into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others. The HRC segment is expected to dominate due to its rising equipment and machinery applications.

Construction Segment to Lead Attributable to Rising Flat Steel Demand

Based on application, the market is classified into construction, automotive & transportation, mechanical equipment, and others. The construction segment is expected to lead due to rising flat steel applications in the construction industry.

Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Rising Applications in Construction Sector to Facilitate Market Growth

Flat steel is made using iron ore, scrap steel, and coal and enhances end product's quality. Increasing application in the construction sector is expected to enhance the demand for the material. Furthermore, rising demand for strong-quality materials from the construction sector is expected to enhance the adoption of the product. Moreover, the emergence of several construction programs is likely to elevate the product adoption. Also, rising innovation in the construction industry is expected to boost this industry’s progress. These factors may drive the flat steel market growth.

However, fluctuation in steel prices is expected to hamper the market’s growth.

Rapid Industrialization to Fuel Market Growth in Asia Pacific

Asia Pacific is expected to dominate the flat steel market share due to rising technological advancements in steel. The market in Asia Pacific stood at USD 255.81 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the increasing consumption of consumer goods metal products and mechanical products is expected to foster the industry’s growth.

In Europe, strong demand for the product from the automotive industry is likely to elevate the market’s progress. Furthermore, increasing steel sheets and HRC adoption is expected to elevate this industry’s progress.

In North America, the rising demand for CRC from engineering and electronic applications is expected to elevate the industry’s growth prospects. Also, its greater strength and temperature-resistant characteristics are expected to enhance the industry’s progress.

Major Players Invest in Crucial Strategies to Enhance their Brand Image

Prominent companies operating in the market announce crucial strategies to enhance their brand image. For example, ArcelorMittal launched its XCarb initiative to reduce CO2 emissions during steel production and focus on gaining noticeable progress on producing carbon-neutral steel options. Furthermore, major players deploy acquisitions, mergers, partnerships, novel product launches, innovations, research and developments, and industrial automation to enhance their market position and achieve organizational goals.

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