Flat Steel Market Size

Flat Steel Market Size

Flat steel market size exceeded USD 425 billion, globally in 2018 and is estimated to grow at over 5.5% CAGR between 2019 and 2026. Growing product popularity in numerous constructions & automotive applications pertaining to its energy-efficient, eco-friendly and cost-effective nature should foster the market expansion.

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Flat steel is a form of steel which is rolled from steel slabs and is used in the production of sheets, plates, structural beams and strips. These products are extensively served in building & infrastructure, transportation and electrical appliance industries owing to their unique properties. Flat steel products help improve the anti-corrosion properties of steel & enhance the quality, ductility and reliability of the finished product.

Growing investments in building & infrastructure owing to rising urbanization has increased the demand for highly durable materials from the industry which contribute to minimal carbon footprint. In accordance to the World Steel Association, building operations account for about 28% of the global carbon emissions. Flat steel products offer intrinsic properties such as versatility and recyclability which substantially helps in improving the environmental performance of the buildings, thus driving the product demand. However, raw material procurement risk and fluctuations in material prices is expected to hinder the flat steel market growth.

Growing consumer awareness towards the benefits of flat steel such as design flexibility, high strength, low maintenance & construction cost are key attributes driving the product demand. Increasing government expenditure on infrastructure development and growing presence of a vast consumer base has led to a booming manufacturing sector which shows lucrative opportunities for flat steel market expansion.

Several flat steel manufacturers are focusing on research & development to offer improved product innovations and are also engaged in expanding their existing manufacturing facilities. Growing emphasis towards the development of green buildings has urged steel makers across the globe to offer sustainable solutions which is expected to accelerate the flat steel market growth in the projected time period.