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Flat Steel Market size worth over $635 billion by 2026
Published Date: February 24, 2020According to a new research report by Global Market Insights Inc. the Flat Steel Market size is set to surpass USD 635 Billion by 2026. Significant expansion of automotive industry along with rising efforts by manufacturers to adopt lightweight automotive materials to enhance fuel efficiency shall escalate the product demand.
Rapid growth in automotive industry has boosted the demand for lightweight materials which offer superior fuel efficiency which is likely to escalate the flat steel market growth in the projected timeperiod. Increasing greenhouse gas emissions has enabled manufacturers to invest in R&D and develop high performance electric vehicles which provide low enviornmental impact. The product finds widespread usage in automobile body parts, wheel frames and railway cars owing to its high aesthetics, weather and corrosion resistance which are the key driving factors for market growth.
Flat steel products are also used extensively in the manufacture of several mechanical equipment and machineries pertaining to their high rigidity even under a broad temperature range and superior resistance against structural damage. In addition, the product retains a smooth surface finish unlike other materials such as woof and metal alloys, which shows favorable circumstances for flat steel market demand.
Increasing popularity of electrical sheets & strips to accelerate the market size
According to the market insights reports, rising penetration of flat steel based electrical sheets & strips in numerous appliances, automotive industry and equipment owing to their effective magnetic properties should stimulate the flat steel market expansion. The product offers full magnetic characterization regarding losses and permeability which are the key driving factors for industry expansion. Electrical sheet strips pertaining to its high efficiency helps in providing optimum dimensional accuracy and mechanical strength which makes them ideal for situations with extreme mechanical stress.
Growing government regulations across several countries to curb carbon emissions has significantly increased the regulations on the usage of transformers which has boosted the demand for electrical steel sheets with improved properties, thus driving the market growth. Ongoing trend towards enviornmental sustainability is further expected to foster the flat steel market demand in the forecasted timeperiod.
“As per industry forecasts, electrical sheets & strips segment is expected to witness substantial gains at over 3.5% by the end of 2026 pertaining to rising awareness towards the product characteristics”.
Browse key industry insights spread across 260 pages with 269 market data tables and 48 figures & charts from the report, “Flat Steel Market Size By Product (Hot Rolled Flat Sheets, Hot Rolled Coils, Electrical Sheet & Strip, Metallic Coated Sheet & Strip, Non-Metallic Coated Sheet & Strip, Tin Plates), By End-Use (Building & Infrastructure {Residential, Commercial, Transport Networks, Utilities}, Automotive & Transportation, Mechanical equipment, Electrical appliances, Agriculture equipment, Gas Containers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/flat-steel-market
Adoption of steel sheets & strips in the manufacture of electrical appliances to foster the market growth
According to flat steel market analysis, electrical sheet & strips application is likely to substantial gains at about 3.5% by 2026. Growing environmental concerns in several countries to reduce toxic emissions has enacted regulations for the usage of electrical appliances which has boosted the demand for electrical steel sheets with improved properties. Electrical sheets & strips products significantly reduce the energy loss owing to their high permeability, effective magnetic properties, and longevity which shows favorable growth opportunities for market expansion.
“As per the analysis, flat steel market share from electrical appliances applications is projected to grow at about 3% by 2026 pertaining to its energy saving and environmentally compatible nature.
Rising infrastructure development to strengthen product demand in Asia Pacific
As per regional market analysis, substantial population growth along with rising urbanization are the primary factors driving the growth of the Asia Pacific infrastructure sector. Steel sheets form an essential part in the construction of for ceilings, claddings and exterior wall insulating panels owing to their high strength, enhanced performance and ability to increase the life span of finished product. The growth of the flat steel market in the region is attributed to increasing product popularity in the construction industry pertaining to its superior mechanical strength, weldability and toughness. Furthermore, enforcement of stringent energy efficiency regulations for public buildings has fueled the demand for renovation & construction of residential and non-residential buildings in Asia Pacific which should promote product business.
Major participants in flat steel industry are Hyundai Steel, Tata Steel, Thyssenkrupp AG, Voestalpine Group, ArcelorMittal, Allegheny Technologies and Essar Steel. According to market trends, several key players are also engaged in various strategies and initiatives including product innovations, acquisitions and technological advancements to gain significant market share.