Report Ocean has offered a new research report, titled “Global Flat Steel Market Size study, by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport) and Regional Forecasts 2020-2027.”
According to the study, the global flat steel market reached a value of approximately US$452.2 bn in 2019. During the forecast period of 2020-2027, the market is anticipated to proliferate at a healthy CAGR of more than 5.30%.
Extensive Application of Flat Steel in Key Industries Supports Market Growth
Flat steel finds extensive usage in white goods, consumer durables, construction components, and automobiles, which makes it a highly demanded product in a number of key industries, such as the automotive, building and construction, and the mechanical equipment industries. With rapid urbanization and augmenting industrialization, the demand for more automobiles, consumer goods, and buildings has sky-rocketed and these industries are encouraged to produce more. The global flat steel market is soaring high on the back of these factors. The rising need for new homes among consumers, thanks to the bolstering population and increasing number of nuclear families, is aiding this market substantially.
Furthermore, innovations in steel production techniques and the expansion in production capacities by steel companies are likely to propel the market in the near future. However, the fluctuation in iron ore prices may obstruct the growth of this market over the forecast period. Nonetheless, the augmenting usage of advanced high strength steel (AHSS) in automobiles for reducing the overall weight will present a lucrative opportunity for the market players in the long term, states the report.
The competitive landscape in the global flat steel market is oligopolistic. A few companies hold more than of the overall market. However, the competition between them is quite intense. Leading flat steel manufacturers, including Arcelor Mittal, Nippon Steel, Tata Steel, and China Baowu Steel Group, are taking up strategic tactics, such as mergers and acquisitions, to maintain their stronghold on this market. Let us take a look at the latest mergers and acquisitions:
- In March 2020, Arcelor Mittal, in a joint venture with Nippon Steel, acquired the Bhander Power Plant in Gujarat, India, from Edelweiss Asset Reconstruction.
- In February 2020, GFG Alliance acquired Adhunik Metaliks and Zion Steel for US$60.81 mn.
Asia Pacific to Dominate Global Flat Steel Market
A detailed regional assessment of the global flat steel market is also offered in this study. With the availability of raw materials, low-cost labour, and swelling industrialization, Asia Pacific has emerged as the most lucrative market for flat steel. The regional market has been reporting significant growth over the last few years. Asia Pacific is also anticipated to rise at the highest growth rate during the forecast period. Factors, such as increasing urbanization and rapid technological advancements in manufacturing processes are expected to drive the Asia Pacific flat steel market over the next few years, reports the market study.
Impact of Covid 19 on Global Flat Steel Market
Like many other industries, the global flat steel market has also witnessed drastic downfall due to the Coronavirus pandemic. As many governments imposed lockdown, manufacturing units were shut, hampering the production of flat steel for quite a few months. However, now as the economies are opening up slowly, this market is also expected to start functioning at its regular pace very soon.
- Asia Pacific will continue to lead the global flat steel market
- Key players are actively involving into mergers and acquisitions to gain more share in the market.
The global flat steel market is classified into:
- Basic Oxygen Furnace
- Electric Arc Furnace
- Sheets & Strips
By End-use Industry
- Building & Infrastructure
- Mechanical Equipment
- Automotive & Other Transport
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Arcelor Mittal
- Nippon Steel & Sumitomo Metal Corporation
- Tata Steel
- China Baowu Steel Group Corporation Limited
- Shougang Group Co., Ltd.
- SSAB AB
- JFE Steel Corporation
- HBIS Group
- ThyssenKrupp AG
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