Sheets & strips flat steel market demand may witness steady gains over the forecast timeline owing to increasing product usage in packaging, manufacturing and home appliances. It is widely used in door & window hoods manufacturing, refrigerators, furniture, drums, dry batteries, washing machines, automotive body structure and parts manufacturing applications. Global home appliances market size in expected to reach at over USD 590 billion by 2024. Rise in disposable income along with consumer spending in various household activities should drive industry growth.
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Flat Steel Market size is predicted to witness a massive growth in forecast timeline due to increasing construction and automotive industries. Increasing per capita disposable income along with rapid urbanization in China, India, Germany and Brazil with infrastructural investment should drive flat steel market demand.
Global steel market size was valued at over USD 760 billion in 2016. China is the major producer and accounted for over 45% of the total market share in 2016. It is one of the vital requirements in building and infrastructure sector due to its design flexibility, strong structure, reusability and durability characteristics. It also lowers the buildings construction cost and overall maintenance cost.
Flat steel has a wide range of applications in thermal power plants, hydro power plants, oil & gas, solar, nuclear and wind energy industries. It is also used by various light bar industries, truck trailers, railways and automobile manufacturers.
North America, led by Canada and the U.S. flat steel market size may witness an uptrend due to increasing investment opportunities in construction industries. Rising demand for residential and commercial construction which includes shopping complexes, corporate buildings, sports stadiums, airports, and hotels should drive regional industry growth.
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Europe flat steel market size, led by UK, France, Italy and Germany will witness steady growth rate by 2024 due to increasing demand for construction, home appliances, automobile & transportation sectors. Moreover, companies have been investing on the project of inland waterway and rail waterway in Germany, which will drive industry growth in the region.
Global flat steel market share is competitive with presence of various manufacturers operating in the business through high production volume. ArcelorMittal, Essar, Voestalpine Group, Thyssenkrupp AG, POSCO, JFE Holdings, and JSW are industry participants. Merger & acquisitions are an integral part of the market, which allow companies to expand their regional presence and product portfolio, thereby escalating flat steel market demand.