Global Flat Steel Market: Snapshot

The rapid increase in infrastructural development in Asia Pacific due to rapid urbanization and industrialization is working in favor of the global flat steel market. The construction industry in countries such as India, China, and South Korea have registered phenomenal growth over the past few years. Since flat-rolled products are extensively used in the construction of cladding, internal walls, and purlins, the expansion of the construction sector is translating into the greater uptake of flat steel. Moreover, the growing investments in the infrastructure sector and increasing stringency on iron-ore mining several countries are expected to augment the market over the coming years.

Flat steel finds applications across various end-use verticals, including automobile and transportation, building and infrastructure, packaging, consumer goods, and defense. There will be a strong demand for flat steel in building and infrastructure worldwide. It is used in the construction of railway tracks, bridges, roads, factories, buildings, and other engineering structures. The rising awareness regarding the merits of flat steel such as high durability, strength, and design flexibility and low construction and maintenance cost is driving its adoption across various verticals.

The global flat steel market is dominated by a handful of international players. However, the emergence of new suppliers is resulting in the decline in their shares as well as the intensification of competition. Rapid technological advancements and changing consumer preferences are prompting market players to look for new applications of flat steel.

Flat steel is steel manufactured in a sheet form by melting and rolling. It can be produced in different formats such as plates and strips. The basic method of producing flat steel is passing rectangular-shaped steel through flat rollers. Rollers are rotated in opposite directions and steel is fed through them. The produced steel does not have grooved or cut faces but has flat faces coated with zinc to inhibit corrosion. Heavy plates, hot-rolled coils, slabs, and coated steel are some of the flat steel products. However, heavy plates are produced using a press and the process is known as forming, rather than rolling. Rollers are often heated and lubricated to facilitate the passage of metal from the work piece. Based on the type, the market for flat steel can be segmented into sheets, strips, and plates. Based on the end-use, the market for flat steel can be segregated into mechanical equipment, building & construction, automotive, and packaging

The market for flat steel is anticipated to expand at a rapid pace during the forecast period, owing to growth of automotive and construction sectors. Increasing demand for flat steel from automotive and building & construction sectors is likely to fuel the market in the next few years. Building & construction held a significant share of the market in 2015. Flat steel offers design flexibility, durability, and strength to the building. It also lowers the maintenance cost of a building in the long term. Usage of flat steel in building and construction activities lowers the cost of construction. Flat steel not only reduces the overall weight but also offers fuel efficiency and strength to the vehicle. Increase in the production of automobiles is estimated to augment the market for flat steel during the forecast period.

The sheet segment of the flat steel market accounted for a key market share in 2015 and is projected to expand during the forecast period, owing to extensive use of sheets in refrigerators, steel furniture, doors, steel drums, and automobiles. The plates segment is projected to expand at a prominent rate owing to growth of the building & construction sector wherein flat steel plates are used. Fluctuating prices of raw materials required for the production of flat steel can hinder the growth of the market. Moreover, increasing demand for bio-based products and changes in technologies are likely to hamper the flat steel market.

Asia Pacific held a significant share of the flat steel market in 2015, both in terms of volume and revenue. It is followed by North America, Europe, and Rest of the World. Asia Pacific is a rapid expanding market for flat steel, owing to the availability of raw materials, growth of consumer and working population, and rapid technological advancements in the region. The region is anticipated to continue its leading position in the global flat steel market in the next few years, owing to its growing automotive industry. In addition, growth of the building & construction industry in Asia Pacific in terms of housing, corporate, and other projects is projected to increase the demand for flat steel in the region. The flat steel market in North America is expected to expand at a rapid pace, owing to the ascending automotive industry in the region. The market in Latin America is estimated to witness high growth, owing to emerging manufacturing industry in the region. The market for flat steel in Middle East & Africa is anticipated to expand at a significant rate, due to its large consumer base.

Key players operating in the global flat steel market include Essar Steel., Hyundai Steel Co., Ltd., Tata Steel, and United States Steel. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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