Selbyville, Delaware, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Based on a research report by Global Market Insights, Inc. the global Flat Steel Market size was estimated at $425 billion in 2018 and is expected to surpass $635 billion by 2026, registering a CAGR of 5.5% from 2019 to 2026. The report offers an in-depth analysis of market size and estimations, top winning strategies, opportunities and drivers, key investment pockets, fluctuations in market trends and competitive outlook.

Increasing concerns towards environmental degradation owing to rising toxic emissions have fueled the demand for lightweight and energy-efficient materials for sustainable development.

An increase in demand for materials that offer significant weight reduction in automotive to offer fuel-efficient vehicles is likely to accelerate the flat steel market growth in the projected timeperiod. Several government initiatives supporting the development of sustainable & efficient transportation solutions has enabled manufacturers to incorporate flat steel products in the development of auto components which is likely to stimulate the market expansion.

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Adoption of hot rolled steel coils in the manufacture of agriculture equipment, infrastructure development and gas containers owing to their high consistency in quality and economic feasibility is expected to have a positive impact on the flat steel market demand. Flat steel-based hot rolled coils offer exceptional slip resistance to greasy & oily surfaces and are available in varied thickness grades, making them suitable for use in various manufacturing activities, thus escalating the product demand.

Fluctuations in raw material prices is expected to hamper the market growth in the forecasted timeframe. In addition, reduced availability of raw materials such as iron ore is expected to adversely affect the steel production in various economies including China, India which is likely to restrain the flat steel market growth.  

Companies are focusing on integration and are focusing on strategic partnerships to enhance their market presence in the flat steel industry. For instance, in October 2018, Allegheny Technologies Incorporated announced an agreement to provide carbon steel hot-rolling conversion services for NLMK USA, a manufacturer of flat rolled steel products. This agreement will help expand company’s ability to offer high-quality steel materials that US manufacturers demand.

Demand for new residential & commercial infrastructure in Europe is likely to drive the flat steel market regional growth. According to the European Construction Industry Federation, construction activities & productivity in Europe amounted over at USD 1.4 billion in 2018. Growing government focus in the region towards the construction of green buildings owing to their energy performance benefits further shows lucrative opportunities for market expansion.

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Some key findings of the flat steel market report include:

• The demand for metallic coated steel sheets & strips is on rise on account of their ability to provide high aesthetic value, durability and eco-friendly nature.
• Growing government standards towards the use of certain metals & alloys in the U.S., Europe to improve environment health is expected to strengthen the flat steel market growth.
• Rising product penetration in electrical appliances, equipment, construction & transportation industries owing to its lightweight and superior mechanical properties to foster the market growth.
• Growing demand for high-performance materials from the construction industry in Asia Pacific countries including India, South Korea which offer superior building efficiency and contribute to minimum environmental impact shows lucrative opportunities for market expansion.
• Key market players operating in the flat steel market are POSCO, ArcelorMittal, Hyundai Steel, Essar Steel and Nippon Steel & Sumitomo Corporation.
• Steelmakers are focusing on improving their technological innovations and are utilizing electric arc furnace technology which provide advanced & energy saving solutions.
• Flat steel products act as an ideal substitute for other metals & alloys owing to their high efficiency, versatility and 100% recyclable nature.

Companies are focusing on research & development activities to develop new product innovations with enhanced product quality. Companies are expanding their market presence by acquiring manufacturing units to sustain the growing competition.

The key players in flat steel market include POSCO, Nippon Steel & Sumitomo Corporation, ArcelorMittal, Tata Steel, Hyundai Steel, Essar Steel, Thyssenkrupp AG, China Steel Corporation, Voestalpine Group, Gerdau S.A., Nucor Corporation, Severstal JSC, Allegheny Technologies, Wuhan Iron and Steel Corporation

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.

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