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.
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.
Automotive manufactures are focusing on manufacturing of light weight and energy efficient vehicles, which is expected to further support the growth of the European market for flat steel. The North American region is expected to witness steady growth in the global flat steel market, during the forecast period. The South American flat steel market is offering favorable market conditions for the flat steel manufacturers, owing to significant investments in the oil & gas, construction and automotive industries.
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.
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.
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