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Flat Steel Market worth $580.2 billion by 2024 - By MarketsandMarkets™

 



(IT-NEWSWIRE.COM, January 30, 2023 ) The report "Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport), Region - Global Forecast to 2024" The flat steel market is projected to grow from USD 434.8 billion in 2019 and reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for flat steel products from the building & infrastructure, mechanical equipment and automotive & other transport end-use sectors.
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Plates segment to register high growth in the flat steel market.
Flat steel plates are widely used in the construction of buildings, bridges, dams, ships, offshore structures, hydro power stations, storage tanks, boilers, pressure vessels, and machinery. The growing building & infrastructure investment in emerging economies is likely to propel the growth of the plates segment in the flat steel market. Also, the availability of high strength steel plate grades has increased their use in the automotive sector.
Basic oxygen furnace segment is expected to lead the flat steel market during the forecast period
On the basis of process, the basic oxygen furnace segment is expected to be the largest segment of the flat steel market. The growth of this segment can be attributed to the high production rate, low nitrogen content, and low labor requirements compared to other processes. This process is widely excepted by steelmaking companies across different regions and accounts for more than 70% of the global crude steel production.
Building & Infrastructure end-use sector to lead the flat steel market by 2024
Building & infrastructure was the largest end-use segment of the global flat steel market in 2018. The large share is attributed to the extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, factories, and other engineering structures. It is also used widely in the manufacturing of roofs and in the cladding of exterior walls.
Don't miss out on business opportunities in Flat Steel Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=110723589
Browse In-Depth TOC On "Flat Steel Market”
127 - Market Data Tables
47 - Figures
165 - Pages
Asia Pacific to lead the global flat steel market during the forecast period
Asia Pacific accounted for the largest share of the global flat steel market in 2019. The market here is anticipated to grow at the highest CAGR between 2019 and 2024. Growth in this market is driven by the increasing demand for flat steel from China and India. China, with increasing demand from its construction and automotive industries, is the major consumer of flat steel in the Asia Pacific region. Among all countries in this region, the Indian market is expected to grow at the highest CAGR during the forecast period. The growth of the Indian market can be attributed to the ongoing and upcoming large infrastructure projects in the country.
Some of the leading manufacturers of flat steel profiled in this report are ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), China Baowu Steel Group Corporation Limited (China), Shougang Group Co., Ltd., (China), SSAB AB (Sweden), JFE Steel Corporation (Japan), HBIS Group (China), ThyssenKrupp AG (Germany), and Voestalpine Group (Austria).
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About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.


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