Flat steel refers to a category of steel products that are manufactured to have a flat and uniform surface, typically with a rectangular shape. These products include steel sheets, coils, and plates that are created by rolling steel through a series of rollers to achieve the desired thickness. Flat steel finds extensive use in various industries such as construction, automotive, appliances, and packaging due to its versatility and structural properties. It is a fundamental material in the production of numerous everyday items and structures, making it a crucial component of modern industrial and manufacturing processes.
The flat steel market is projected to reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The growing demand for flat steel products has led to significant developments in the flat steel market. The increasing urbanization and industrialization in emerging economies drive the flat steel market across the globe.
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ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), China Baowu Steel Group Corporation Limited (China), Shougang Group Co., Ltd., (China), SSAB AB (Sweden), JFE Steel Corporation (Japan), HBIS Group (China), ThyssenKrupp AG (Germany), and Voestalpine Group (Austria) are key players in the flat steel market. These companies are investing in plant capacity expansions, new product development, agreements, collaborations, expansions & investments, acquisitions, and partnerships. They also have the potential to broaden their product portfolios and compete with other key market players.
ArcelorMittal (Luxembourg) is a leading player in the flat steel market. It manufactures a wide range of high-quality finished and semi-finished steel products. ArcelorMittal sells its products to a diverse range of customers across the globe. The company serves a wide range of end-use industries such as automotive, construction, domestic appliances, energy, transport, and packaging. ArcelorMittal adopted several growth strategies such as joint ventures & acquisitions, expansions, agreements, contracts, and collaborations to expand its presence in the market. For instance, in December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited, (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition will help the company strengthen its market presence in India.
POSCO (South Korea) is the largest fully integrated steel producer in South Korea, and one of the largest steel producers in the world, based on annual crude steel production. The company’s steel segment engages in the manufacturing and sale of hot rolled steel, steel plates, cold rolled steel, galvanized steel, electrical galvanized steel, electrical steel, automotive material, titanium, magnesium, wire rods, stainless steel, and aluminum-plated products. In November 2019, POSCO launched INNOVILT, a premium brand of steel products for the construction industry. The product is built to enhance the standard of steel products for construction. This has also led the company to expand its product portfolio to serve several applications
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During the forecast period, Asia Pacific is expected to emerge as the dominant region in the global flat steel market. This region is anticipated to lead in terms of market growth and demand for flat steel products. The key factors contributing to Asia Pacific’s leadership in the flat steel market include rapid industrialization, infrastructure development, and a burgeoning automotive sector. As the region experiences economic growth and increased construction activities, the demand for flat steel used in construction, manufacturing, and other industries is expected to surge, solidifying Asia Pacific’s position as a prominent player in the global flat steel market.
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