Flat Steel Market Set to Grow with Construction and Infrastructure Expansion, says Market.us

Global flat steel demand is driving global industry growth. The growing demand for automobiles by consumers will support market growth. This is due to the global population’s increasing transportation needs and the rising number of people living there. Flat steel industry growth is expected to be driven by the increasing demand for lightweight vehicles, which are fuel-efficient and cost-effective. Rising government investments in infrastructure development will also support market growth.

Flat steel will be in demand as a building material and for infrastructure applications due to the rapidly growing construction industry. Favorable government initiatives and advances in flat steel technology will boost the industry’s growth. Flat steel’s recyclability, as well as its reusability, is expected to increase its popularity over the next few years.

According to the latest report by Market.us, “In 2020, the global flat steel market reached a valuation of USD 871.6 million. Market growth is expected to continue at 4.7% annually through 2022-2030, bringing it to USD 1200 billion by 2030.”

Gaurav Yadav, the Market.us senior analyst, stated, “Flat steel’s market growth is driven by factors such as rapid industrialization, the buildings, and construction sector growth, and rapid urbanization. This increases the per capita income and economic growth. The growing automotive industry also influences flat steel’s market growth.”

Flat steel is used in the construction and maintenance of infrastructure. Because of its design flexibility, strength, and durability, flat steel is used in construction and infrastructure. It is used in oil, gas, nuclear power, solar, wind, and hydro-energy facilities. Key players are focused on new developments and acquisitions that will increase market growth. Innovil, a premium brand for steel products for construction, was created by POSCO in November 2019. This is to set new standards in steel products for construction.

The Asia Pacific region is expected to hold a significant portion of the industry. China is a major global exporter and one of the largest steel producers. Flat steel is also used in applications such as garden sheds and fencing, automobiles, construction, machinery, etc. Flat steel demand is expected to grow in the future due to increased demand from the automotive sector. Market growth is expected to be driven by increased construction demand over the forecast period.

With the large number of multinational companies operating with high production volumes, this industry is highly competitive. Global market companies are highly integrated, from flat steel production to sales and distribution to different locations.

A lack of raw materials is currently limiting the flat steel market. The ongoing trade dispute between China and the US has resulted in a decline in steel exports from China. Due to a limited supply of raw materials, flat steel prices have risen, impacting customers’ demand.

The slow pace of technological advancement is another factor that has slowed the growth of flat steel markets. Flat steel manufacturing has been relatively unchanged over the years. This makes it difficult for companies to increase efficiency and reduce costs.

Despite that, due to strong demand from end-use industries like construction and automotive, the flat steel market will experience significant growth over the next five years. Due to its rapidly growing economies, Asia Pacific will be the fastest-growing region for flat steel.