An Overview of the COVID – 19 Impact on this Market:
Flat steel is referred as the sheet, coils or other flat-rolled steel product. Flat steels are known for their hardness, deformation and resistance to abrasion. Flat steel provides certain benefits such as high resistance to wear, good thermal conductivity and good hardenability, cost-effective machinability and excellent polishing and acid-treatment properties. The coronavirus COVID – 19 has affected more than 211 countries and territories globally. These properties makes flat steel suitable for use by various end use industries including Automotive industry, Mechanical and plant engineering, Power-generation, Aviation, Food and packaging industry, Structural and civil engineering and Mining, thereby driving the growth of the market. One of the key emerging trends in steel service industry is the need to eliminate internal stresses in sheet and plate.
Developing economies such as India, China, Indonesia and Brazil have a wide opportunity for the use of tools. Indonesia is emerging as one of the leading economies of Asia with a substantial growth rate and fast paced development. In order to sustain stable growth and development in infrastructure sector, the government has started investing in this sector. This will lead to huge development in infrastructure projects. The increase in infrastructure sector will create an increased opportunity in developing nation for flat steel market.
Global Key Player:
- Essar Steel
- Hyundai Steel Co.
- POSCO, SSAB
Flat steel market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, manufacturers strive to develop products that can deliver optimal adhesion, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of products for flat steels for every application.
Industry/ Innovation/ Related News:
6 October 2015: United States Steel announced possible consolidation of flat-rolled operations. The company worked closely with its customers and continued to operate its steelmaking operations in Indiana, Michigan and Pennsylvania.
5 MAY 2017: Essar Steel, signed a long-term supply agreement with global major Posco for the supply of 1.1 million tonne of flat steel products during the current financial year.
20 September 2017: ThyssenKrupp AG and Tata Steel Ltd. reached a tentative deal to merge their European steel businesses to create the continent’s No.2 steelmaker after ArcelorMittal.
5 January 2017- Brazilian Flat Steel Market producers have notified distributors they are raising prices of hot- and cold-rolled steel between 8 percent and 10 percent.
For the convenience of the report and enhanced understanding; The Flat Steel Market is segmented in to 3key dynamics
Segmentation by Product- Plates, Coated Sheet, Hot Rolled Sheets, and Cold Rolled Sheets
Segmentation by End User -Construction & Infrastructure, Automobile, Transport and others
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
The Global Flat Steel Market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia-Pacific has accounted the largest market for flat steel market followed by Europe and North America.
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