Flat Steel Market Insights & Development Status till 2024
Global Flat Steel Market: Snapshot
The rapid increase in infrastructural development in Asia Pacific due to rapid urbanization and industrialization is working in favor of the global flat steel market. The construction industry in countries such as India, China, and South Korea have registered phenomenal growth over the past few years. Since flat-rolled products are extensively used in the construction of cladding, internal walls, and purlins, the expansion of the construction sector is translating into the greater uptake of flat steel. Moreover, the growing investments in the infrastructure sector and increasing stringency on iron-ore mining several countries are expected to augment the market over the coming years.
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Flat steel finds applications across various end-use verticals, including automobile and transportation, building and infrastructure, packaging, consumer goods, and defense. There will be a strong demand for flat steel in building and infrastructure worldwide. It is used in the construction of railway tracks, bridges, roads, factories, buildings, and other engineering structures. The rising awareness regarding the merits of flat steel such as high durability, strength, and design flexibility and low construction and maintenance cost is driving its adoption across various verticals.
The global flat steel market is dominated by a handful of international players. However, the emergence of new suppliers is resulting in the decline in their shares as well as the intensification of competition. Rapid technological advancements and changing consumer preferences are prompting market players to look for new applications of flat steel.
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Flat steel is steel manufactured in a sheet form by melting and rolling. It can be produced in different formats such as plates and strips. The basic method of producing flat steel is passing rectangular-shaped steel through flat rollers. Rollers are rotated in opposite directions and steel is fed through them. The produced steel does not have grooved or cut faces but has flat faces coated with zinc to inhibit corrosion. Heavy plates, hot-rolled coils, slabs, and coated steel are some of the flat steel products. However, heavy plates are produced using a press and the process is known as forming, rather than rolling. Rollers are often heated and lubricated to facilitate the passage of metal from the work piece.
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