The report “Flat Steel Market by Type (Sheets & Strips, Plates), End User (Building & Infrastructure, Automotive & Other Transport, Mechanical Equipment), and Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America) – Global Forecast to 2026″, The flat steel market is projected to reach USD 757.15 Billion by 2026, at a CAGR of 6.7% from 2016 to 2026. Growth in the construction as well as the automotive industries has largely contributed to the increasing demand for flat steel across the globe.
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Among end users, the building & infrastructure segment projected to lead the flat steel market between 2016 and 2026.
The building & infrastructure end user segment is leading the flat steel market in 2016, owing to extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, factories, and other engineering structures. Flat steel is used in the building & infrastructure sector as it offers design flexibility, high strength, and increased durability. It not only lowers construction costs, but also reduces long-term maintenance costs of buildings. Flat steel is used for developing infrastructure of the energy sector. It is used in oil & gas, nuclear, solar, wind, and hydro energy plants.
The sheets & strips type segment is projected to lead the flat steel market between 2016 and 2026.
The sheets & strips type segment is leading the flat steel market in 2016, owing to increasing use of flat steel sheets & strips in packaging applications as well in the manufacturing of home appliances. The sheets & strips made of flat steel are also used in the electronics industry. Moreover, flat steel sheets & films are also favorable for domestic usage as well as light applications, such as for manufacturing structures of domestic appliances. They are extensively used in varied applications for manufacturing door & window hoods, wall ornaments, refrigerators, steel drums, steel furniture, dry batteries, automobiles, washing machines, gutters, downspouts, and roof ornaments, among others.
The Asia-Pacific region is projected to lead the flat steel market during the forecast period.
The Asia-Pacific region is estimated to account for the largest share of the flat steel market in 2016, followed by the European and North American regions. China is one of the major consumers of flat steel in the Asia-Pacific region. The Asia-Pacific flat steel market is witnessing growth due to increasing demand for flat steel from various end-use industries in emerging economies, such as China, India, and South Korea. The India flat steel market is projected to grow at the highest CAGR during the forecast period due to the growth of the country’s economy, rise in urban population, and development of varied industries, such as construction and automotive, among others in the country.
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ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Essar Steel (India), ThyssenKrupp (Germany), United States Steel Corporation (U.S.), Nippon Steel & Sumitomo Metal Corporation (Japan), Allegheny Technologies Inc. (U.S.), SSAB (Sweden), Hyundai Steel Co., Limited (South Korea), Tata Steel Limited (India), and SAIL (India), among others are the key players operating in the flat steel market.
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