Steel flat rolled products are made of steel and these products have flat surfaces instead of grooved faces. These products include cold rolled coil, hot rolled coils, slab, coated steel products among others. With the help of melting, steel flat rolled products are manufactured and these products have their extensive applications in automotive, construction, packaging and heavy machinery industries. Zinc coating is applied with steel to prevent it from any kind of corrosion. Steel flat rolled product market witness growing demand in coming years.
With the rising population base coupled with increasing disposable income, global steel flat rolled product market experience growing demand overtime. Emerging economies such as China, India and South Korea have witnessed significant economic growth rate and that high growth rate is translated into infrastructural development. With the growing base of infrastructure, demand for steel flat rolled products is likely to increase overtime. Industrialization based economic growth has been a growth strategy for many economies including advanced and emerging economies. Higher concentration of industries in these economies spur the demand for steel flat rolled products thus projecting higher growth trajectory for this market. Real estate industry is a booming sector in these economies and use of steel flat rolled products in residential and non-residential buildings accelerate the growth prospect of this market during the forecast period.
Steel is an expensive material and this factor limits its uses. Hence, contractors switch their preference from steel flat rolled products to other type of products. Moreover, when steel is exposed to environment, this can lead to corrosion and that adversely impacts the life time of these steel products. These factors limit the use of steel in construction industry thus hindering the market prospect of this products in coming years.
With the rising vehicular population, market for steel flat rolled products is expected to witness growing market share overtime. Coated steel have increasing application for making the structural parts of cars and these type of products primarily serves the purpose of corrosion resistance. Cold rolled coils have extensive application in car body parts and in these cases corrosion resistance is not primary objective; rather maintaining certain level of strength to weight ratio is the prerequisite. Hence, cold-rolled steel have their maximum application in seat belt components and auto transmission components. Hence, growing market share of automotive industry in advanced and emerging economies is triggering the growth prospect of steel flat rolled products market during the forecast period.
Steel flat rolled products market is segmented on the basis of end users industry and the segments are construction, infrastructure and transport, consumer goods, packaging, automobile and defense. Construction segment held the largest market share in recent days. Steel flat rolled products are generally used in residential and commercial buildings as roofing, walling and ceiling materials. With the rising manufacturing of residential and non-residential buildings, market for steel flat rolled products is expected to follow steep growth rate during the forecast period.
On the basis of geographic locations, global steel flat rolled products market is segmented into five regions such as North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America. North America and Europe held considerable market share in steel flat rolled product market as these regions have higher concentration of industries including real estate sector. Key automobile manufactures belong to these regions thus increasing the use of steel products as auto parts. However, Asia Pacific is the fastest growing segment as this region consists of emerging economies such as China, India which have their increasing share on construction, renewable energy sources and automotive sectors.
Some of the key market players are POSCO, United States Steel, ArcelorMittal, JFE Steel, Shanghai Baosteel Group and others.
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
- 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?