NEW YORK , Aug. 25, 2023 /PRNewswire/ -- The steel flat-rolled products market is forecast to increase by 309.07 million tons from 2022 to 2027, at a CAGR of 5.55%, according to the recent market study by Technavio. The growth of the market will be driven by Corrosion resistance and excellent mechanical properties, Upsurge in consumption of high-strength steel flat-rolled products, and Rising construction and infrastructure projects. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The free Sample Report
Steel Flat Rolled Products Market - Company Scope Spcc
Technavio has extensively analyzed 15 major companies, including Acerinox SA, Alliance Steel, ArcelorMittal SA, China BaoWu Steel Group Corp. Ltd., Danieli and C. Officine Meccaniche Spa, E United Group, Ezz Steel Co. S.A.E., HBIS Group Co. Ltd., JFE Holdings Inc., NIM Group, Nippon Steel Corp., Nucor Corp., Outokumpu Oyj, POSCO Holdings Inc., Reliance Steel and Aluminum Co., SSAB AB, Tata Steel Ltd., thyssenkrupp AG, United States Steel Corp., and voestalpine AG
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It also provides detailed analyses of the market's competitive landscape and companies' product offerings.
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Steel Flat-Rolled Products Market - Segmentation Assessment
The market is segmented by product (Sheet and strips and Plates), end-user (Infrastructure and construction, Automobiles and transportation, Consumer goods, Machinery, and Others), and Geography (APAC, Europe , North America , Middle East and Africa , and South America )
The market share growth by the sheet and strips segment will be significant during the forecast period. Pickling is used in the production of flat-rolled steel products, especially sheet, and strip, mainly from hot-rolled strips. Cold rolling reduces the strip thickness to the required level. These products are widely used in military, pressure valves, automotive, electrical equipment, renewable energy, marine and offshore instruments, construction, and structural use. Additionally, they are essential in shipbuilding and marine applications, providing anti-corrosion properties. Hence, these factors are expected to drive segment growth during the forecast period.
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Steel Flat-Rolled Products Market - Market Dynamics
Corrosion resistance and excellent mechanical properties is a key factor driving market growth.
Increased penetration in industrial applications is a major trend in the market. The reliability, yield strength, and corrosion resistance of flat-rolled steel products contribute to their widespread use in industrial environments. They find wide applications in fields such as food and beverage, electrical engineering, chemical, petrochemical, mining and quarrying, and chemicals. In addition, flat-rolled steel products have outstanding strength, formability, and recyclability. Thus, such factors are expected to drive market growth during the forecast period.
Volatility in raw material prices is a significant challenge restricting market growth.
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The steel casting market size is estimated to grow at a CAGR of 4.35% between 2022 and 2027 with the market size forecast to increase by USD 6,587.36 million.
The stainless steel 400 series market size is estimated to grow at a CAGR of 7.19% between 2022 and 2027. The market size is forecast to increase by USD 11,808.01 million.
Steel Flat-Rolled Products Market Scope
Accelerate at a CAGR of 5.55%
APAC, Europe, North America, Middle East and Africa, and South America
US, China, India, Japan, and Germany
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Acerinox SA, Alliance Steel, ArcelorMittal SA, China BaoWu Steel Group Corp. Ltd., Danieli and C. Officine Meccaniche Spa, E United Group, Ezz Steel Co. S.A.E., HBIS Group Co. Ltd., JFE Holdings Inc., NIM Group, Nippon Steel Corp., Nucor Corp., Outokumpu Oyj, POSCO Holdings Inc., Reliance Steel and Aluminum Co., SSAB AB, Tata Steel Ltd., thyssenkrupp AG, United States Steel Corp., and voestalpine AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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6 Market Segmentation by End User
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