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Flat Steel Market to gain traction via rising environmental concerns over 2020 to 2026

Author : Ravi Chawat | Published Date : 2020-08-27 

According to a comprehensive research report published by Global Market Insights, Inc., flat steel market size is projected to exceed $635 billion in terms of revenue by 2026.

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.

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.

Taking into consideration the geographical landscape, Europe is expected to emerge as a pivotal growth ground for flat steel market. The regional growth can be credited to the improving government standards toward environmental health and growing demand for new commercial & residential infrastructure in the region.

The European Construction Industry Federation estimates that in 2018, construction activities & productivity in Europe accounted for more than $1.4 billion. The government in the region is inclining towards the construction of green buildings due to the expedient energy performance provided by the structure.

Also, the construction industry in several countries across Asia Pacific, such as South Korea and India, is leaning toward the deployment of high-performance materials. These materials are gaining traction on account of minimal ecological impact and superior building efficiency, which is likely to enhance flat steel industry trends.

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Flat steel market players are experiencing a high degree of competition due to the adoption of business strategies, such as mergers & acquisitions, partnerships, and product development. This can be evidenced by the agreement signed by Allegheny Technologies, Inc., and NLMK USA in October 2018. Both the companies entered into the agreement to offer carbon steel hot-rolling conversion services to NLMK. The agreement was aimed at expanding Allegheny’s ability to satisfy demand from the U.S. manufacturers for superior steel materials.

A few more notable flat steel industry players include ArcelorMittal, POSCO, Hyundai Steel, Nippon Steel & Sumitomo Corporation, and Essar Steel.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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