Flat Steel Market Size 2023-2030 to Boost Revenue Potential, Highlight Latest Development, and Develop Important Players Profile
Flat Steel Market Overview:
The Flat Steel Market is projected to be worth USD 768.16 billion by 2028, registering a CAGR of 6.1% during the forecast period (2021–2028).
These growth-inducing factors are the rising demand from the end-user industries like automotive, construction, home appliances, electronics, and others, increased production in Asia Pacific countries, and investment in the infrastructural development sector. However, the market may face some troubles due to the fluctuating price of iron ore.
Segmentation:
The global flat steel market, as discussed in the report made by MRFR experts, has been segmented by product type and end-use industry. These segments provide various information regarding the market to ensure players can reap more profits in the coming years.
By product type, the report on the global flat steel market includes hot-rolled coil, slabs, sheets & strips, cold-rolled coil, coated steel, tinplate, and others.
By end-use industry, the study on the global flat steel market has been segmented into automotive & transportation, building & construction, energy, consumer goods & appliances, oil & gas, machinery, electronics, and others. The automotive and transportation sector will boost the market. In developing countries, rising construction activities would spur market growth.
Regional Analysis:
The Asia Pacific market has a substantial reach owing to the huge steel industry of India and China. Both these countries have significant market contributions. It is also getting backed by the regional boom in the automotive and construction industry.
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Competitive Landscape:
Jiangsu Shagang Group (China), NIPPON STEEL CORPORATION (Japan), ArcelorMittal (Luxembourg), POSCO (South Korea), SABIC (Saudi Arabia), Hyundai Steel (South Korea), Tata Steel (India), Nucor Corporation (US), Maanshan Iron & Steel Company Limited (China), ThyssenKrupp AG (India), ChinaSteel (China), Jianlong Group (China), AGIS (UAE), Essar Steel (India), ShaabanSteel (Saudi Arabia), JFE Steel Corporation (Japan), Albawardi Steel Industries (Saudi Arabia), SSAB AB (Sweden), SAIL (India), ATI (US), Voestalpine AG (Austria), Severstal Russian Steel (Russia), Laiwu Steel Group Limited (China), NLMK (Russia), METINVEST HOLDING, LLC (Ukraine), CITIC LIMITED (China), Baosteel Group (China), Gerdau S/A (Brazil), Hebei Puyang Iron and Steel Group (China), and JSW (India) Are the prominent names in the flat steel market. These companies are securing market growth by extensively investing in the market through various strategic implementations. Mergers, innovations, hiking investment for research projects, acquisitions, and others are expected to empower these companies in the coming years.
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Industry News:
The global market for steel has witnessed a dip in demand due to COVID-19's impact. Countries, with lockdowns imposed, are witnessing a massive plummet in various end-user industries like automotive, construction, and others, owing to which the market valuation has gone down. However, this situation is not expected to last for long. Some countries have started recovering from the onslaught. In those countries, industries would slowly get back to a normal state.
In South America, Chinese mills are making higher orders ahead of negotiations for August shipments from various countries in South America. This is spurring the price of flat steel Future Development Strategies. However, the market is yet to hit the mark as some countries are yet to lift the ban. In Turkey, flat steel producers are witnessing a steep rise in demand. They have been booked till the month of July and have started accepting orders for the month of August.
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