Ocean View, DE -- (SBWIRE) -- 04/10/2020 -- The Flat Steel Market was valued at $ 425 billion in 2018 and will exceed revenue collection of $ 635 billion by 2026 with an annual growth rate of 5.5 % over forecast period.

Flat steel market is gaining commendable gains from extensive product utilization in numerous end-user sectors, including construction, transportation, mechanical equipment, and electrical appliances. Flat steel possesses several advantageous properties, such as versatility, 100% recyclable nature, and high efficiency, which classifies it as an ideal substitute for other metals & alloys.

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Increased manufacturing of gas containers and agriculture equipment has amplified the adoption of hot rolled steel coils. The product has found wide applications in the manufacturing of these equipment due to its economic feasibility and superlative consistency in quality. Flat steel-based hot rolled coils provide remarkable slip resistance towards oily & greasy surfaces. Hot rolled steel coils are apt to be utilized in a multitude of manufacturing activities due to their availability in various thickness grades.

Regional Growth drivers are -

North America:
- Construction industry growth
- Growth in automotive industry
Europe:
- Rising demand for residential & non-residential construction
Asia Pacific:
- Rapid industrialization & rise in infrastructure investment
- Growing demand from automobile manufacturing industry

Speaking along the same lines, metallic coated steel sheets & strips are gaining high traction in recent days, which, in turn, will offer considerable impetus to the growth of flat steel market size. The growth is stemming from a myriad range of benefits provided by the product, such as high aesthetic value, eco-friendly nature, and durability. Such significantly expedient properties of metallic coated steel sheets & strips will push flat steel industry demand.

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Rising awareness regarding product merits will serve as a key driving factor for flat steel market growth
The steel industry is hailed as the backbone of the modern economy, contributing significantly to the development and performance of various nations. Steel is also one of the most recyclable and highly used materials in the world.

In recent years, the flat steel industry has witnessed a tremendous surge in public interest. This is largely attributable to the myriad beneficial properties of the product including high strength, flexibility, low construction and maintenance costs, and more.

The rising popularity of flat steel products have also boosted its application potential in the construction sector. In fact, the widespread use of steel for construction is ascertained by studies that suggest that over 50% of the global steel production is utilized by the construction sector.

Market By Product

- Hot rolled flat sheets
- Hot rolled coils
- Electrical sheet & strip
- Metallic coated sheet & strip
- Non-metallic coated sheet & strip
- Tin Plates

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Strategic maneuvers by flat steel industry players could present lucrative growth prospects in coming years
In light of the rising popularity of flat steel products across the construction landscape, many steel manufacturers are focusing their efforts on R&D developments and expansion of manufacturing capabilities through strategic mergers, acquisitions, and partnerships.

To illustrate, in 2019 Cleveland-Cliffs Inc. purchased AK Steel Holding Corp in a $1.1 billion deal, which brought together AK's largescale flat-rolled electrical, carbon and stainless steel production capability and Cleveland-Cliff's capacity as the largest iron ore pellet producer in North America, under one roof.
Likewise, ArcelorMittal in December 2019, completed its acquisition of ESIL (Essar Steel India Limited), whilst simultaneously undertaking a joint venture will Nippon Steel Corporation, dubbed ArcelorMittal Nippon Steel India Limited, which would take up the mantle for owning and operating ESIL.

As the construction industry continues to go through rapid transformations in the age of urbanization, it is anticipated that the steel industry, particularly flat steel will continue its upward trajectory, reinforcing the path to more modernized and sustainable infrastructural developments in the years to come.

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