Steel is a major component used in tools or machines due to its low cost and high resistance. Flat steel products include cold and hot rolled coils, heavy plate, tinplate, and coated steel products. They are derived using tool steel, alloy steel, carbon steel, and stainless steel. Hot rolled sheets find use in agricultural equipment and machinery, building and infrastructure, and automobiles. These sheets are malleable and are used to form parts in customized shapes. On the other hand, cold rolled sheets are used in instruments that require precision.
Mechanical Equipment to Showcase Impressive Growth till 2025
Major applications of flat steel include appliances, automotive, building and infrastructure, heavy machinery, mechanical equipment, pipes and tubes, and packaging. Recognizing the need for mechanical equipment in various sectors, ArcelorMittal has introduced two new types of steels to lower costs of such equipment. The mechanical equipment segment is anticipated to exhibit the fastest CAGR from 2017 to 2025.
The building and infrastructure industry is projected high growth due to demand from the public sector. Development of the public sector and investment in various infrastructural projects by various governments is expected to create demand for flat steel products. Rise in natural disasters such as the 2017 tropical cyclone Hurricane Harvey may boost the demand for steel due to its applications in house reconstruction and renovation projects. United States Steel Corporation, one of the prominent manufacturers following the Leadership in Energy and Environmental Design (LEED) program uses recycled flat steel in its products to promote green buildings.
Market Outlook
According to a report by Grand View Research, Inc.; the global flat steel market is anticipated to exceed USD 1,000 billion by 2025,. It is projected to expand at a high CAGR from 2014 to 2025 (forecast period) due to the growing global population and rising infrastructural projects.
Innovations in steel manufacturing processes and rise in manufacturing capacity of steel plants are anticipated to provide new avenues for growth. High demand for flat steel by automotive and construction sectors are expected to spur market growth. However, fluctuating raw material prices may pose a challenge to the market. Prominent market players include ArcelorMittal, Voestalpine AG, Tata Steel Limited, and United States Steel Corporation.
Access full research report at: www.grandviewresearch.com/industry-analysis/flat-steel-market
Access full research report at: www.grandviewresearch.com/industry-analysis/flat-steel-market
No comments:
Post a Comment