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Albany, New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- The global flat carbon steel market is expected to expand at a moderate rate at 3.8% CAGR between 2018 to 2026 reveals a latest research report by Transparency Market Research (TMR).
The market was valued at US$ 391.46 Bn in 2017 and is expected to grow a steady rate by the end of the forecast period. The rising demand for vehicles is anticipated to increase the sales of flat carbon steel as these are used for durability and better efficiency. These features could lead to the growth in the global carbon steel market over the forecast period.
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On the basis of product, the global flat carbon steel market is segmented into hot rolled coils, galvanized rolled coils, cold rolled coils, tin plates, and pre painted steel coils. Of all these, the hot rolled coils is expected to register a higher growth. The growth can be attributed to demand from automobile and electric equipment industry as hot rolls provide durability to the products.
Construction Industry to Bolster Demand in Global Flat Carbon Steel Market
Construction sector is one of the major consumers of flat carbon steel which is expected to provide a large share of the growth to the global flat carbon steel market in future.
Steel is considered versatile and sustainable material in the construction industry as it allows building infrastructure in less time and is also cost efficient. This could further pave the way for expansion of the flat carbon steel market to grow during the forecast years.
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Additionally, steel provide flexibility, ductility, and elasticity and this makes the buildings a strong structure that can sustain natural disaster such as earthquake. Many historical buildings such as Empire State Building in the U. S are built with strong steel base. There are a very less chances of steel structures collapsing or failing to withstand harsh conditions. Thus, these factors could indirectly act as a catalyst in the expansion of the global flat carbon steel market.
The only disadvantage that steel faces is its capability to fight fire; it loses its strength against fire and starts melting. The classic example is World Trade Twin Towers, New York could not withstand the heavy spread of fire spread incorporated in the building when the terrorist attacks took place in 2001.
Despite the restraint, the global flat carbon steel market is projected to grow during the forecast period due to swift urbanization and industrialization taking place across the world.
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Asia Pacific Boosts Global Flat Carbon Steel Market
Among all the regions, Asia Pacific is expected to witness a swift growth in the global flat carbon steel market during the forecast period. The growth can be predominantly due to the presence of leading manufacturers of iron steel such as Tata Iron and Steel in India. The maximum growth is expected from China, India, South Korea, and Japan as these are home for manufacturing iron and steel.
Additionally, the growing industrialization and urbanization in the region might lead to growth in the global flat carbon steel market during the forecast period. For an instance- Marriot International, the global leader in hotel industry is all set to construct 54 more properties across Asia Pacific, thus, such rampant developments may lead to expansion of the global flat carbon steel market.
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Some of the key players in the global flat carbon steel market include Nippon Steel & Sumitomo Metal Corporation, POSCO Steel, ArcelorMittal S.A. , and Tata Iron and steel Corp. These companies hold a strong portfolio in the global market and are entering into mergers and acquisitions to further strengthen their position in the market. In April 2019, the Tata Sponge Iron, a subsidiary of Tata Iron and Steel acquired Usha Martin Ltd which was debt ridden.
This review is based on the findings of a TMR report titled, “Flat Carbon Steel Market (Product - Plates, Hot-rolled Coils, Cold-rolled Coils, Galvanized Coils, Pre-painted Steel Coils, Tinplates; Application - Machine Manufacturing, Building and Construction)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
The global flat carbon steel market is segmented into:
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