Flat Steel Market

1. Flat Steel Market Trends, Growth, Demand, Revenue, Size, Forecast and COVID-19 Impacts to 2022-2026

2. Global Market Scenario of Flat Steel Industry Rising demand for flat steel in automotive and construction applications is likely to boost the overall market size. On this note, estimates claim that flat steel market size could cross USD 635 billion by the end of 2026. The growing requirement of flat steel for energy-efficient constructions and lightweight vehicles has propelled its production. Also, with the implementation of effective solutions, the overall utilization of flat steel shall increase over the forecasted timeframe. Increased insistence for flat steel products across various industries is one of the key factors driving the market growth. To support this statement with an instance, an article published in the metalbulletin stated that flat steel product distributors in the European region have registered a rise of 8.9% in product shipments during November 2020.

3. Continue:- Speaking of which, the energy industry is one of the primary users of steel for manufacturing renewable products. With a rising need for environmental-friendly products, flat steel bars have garnered more importance than ever. They can offer support to water-gates and turbines by providing foundation within concrete-reinforcing bars. Such a crucial utilization of flat steel can significantly contribute to industry growth. Construction sites are some of the major sources of emitting carbon. In fact, a data point provided by the World Steel Association states that building operations held for over 28% of the total carbon emissions worldwide. Flat steel products are durable, versatile and recyclable, further contributing minimal carbon footprints. Owing to such benefits, the adoption of flat steel in building and construction industry is rising considerably.

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5. 360° Industry Analysis Request for customization:https://www.gminsights.com/roc/2378 Government initiatives in North America to surge the usage of flat steel Presence of a substantial number of automotive players coupled with increased disposable income has resulted in a rising demand for commercial and passenger vehicles in North America. Moreover, governments are undertaking initiatives for creating awareness pertaining to carbon emissions has shifted the focus of consumers from traditional gasoline vehicles to electric vehicles, thereby fueling the flat steel market growth owing to its major usage in manufacturing EVs.

6. Competitive Analysis: Unique marketing strategies by manufacturers Many steel manufacturers are undergoing strategic mergers and acquisitions for expanding their business operations. Supporting the aforesaid with an instance, Tata steel acquired Bhushan Energy in June 2019 and this acquisition will help the company in proving high quality and high performance steel to various consumer industries. Furthermore, Nippon Steel, in March 2019, acquired over 51% of the Sanyo Special Steel’s common shares, which has made Sanyo a legal subsidiary of NSSMC. Such mergers and acquisitions by key players shall increase the consumer base of flat steel. Some of the major manufacturers of flat steel are Tata Steel, Hyundai Steel, Voestalpine Group, Thyssenkrupp AG, Essar Steel, ArcelorMittal and Allegheny Technologies. In a nutshell, increased consumer awareness regarding the advantages of flat steel such as high strength, design flexibility, low construction cost and maintenance has boosted the production of flat steel globally.

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