Global flat carbon steel market expected to generate revenue of around USD 995.27 billion by the end of 2024, growing at a CAGR of around 3.6% between 2018 and 2024. Rapid industrialization and increase in the infrastructure investments are the major factors propelling the market growth.
Sarasota, FL -- (SBWIRE) -- 01/11/2019 -- Zion Market Research has published a new report titled "Flat Carbon Steel Market by Product (Hot-Rolled Coils, Plates, Galvanized Coils, Cold-Rolled Coils, Tinplates, and Pre-Painted Steel Coils) and by Application (Building & Infrastructure, Automotive & Other Transport, Mechanical Equipment and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, the global flat carbon steel market was valued at approximately USD 777 billion in 2017 and is expected to generate revenue of around USD 995.27 billion by the end of 2024, growing at a CAGR of around 3.6% between 2018 and 2024.
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Flat steel products are the discrete coils, sheets, plates, flat slabs. Flat steel has a wide range of applications in hydropower plants, solar industries, oil & gas, wind, & nuclear industries and also thermal power plants. Flat carbon steel is majorly used in the production of a wide range of cutting tools because of their hardness and brittleness. Rapid industrialization and increase in the infrastructure investments are the major factors propelling the market growth. Moreover, the increase in the construction business is also anticipated to positively influence the expansion of the flat carbon steel market across the globe.
On the basis of product, the flat carbon steel market is bifurcated into plates, hot-rolled coils, tinplates, cold-rolled coils, pre-painted steel coils, and galvanized coils. Hot-rolled coils are anticipated to be the dominant segment during the forecast period in terms of the revenue. Moreover, these coils are suitable for electric appliances, automobiles, among others due to their durability and strength.
Based on the application, the market is segmented into building & infrastructure, mechanical equipment, automotive & other transport, and others. Automotive and transport is projected to be the dominant division during the forecast timeframe. Flat carbon steel is widely used in the automotive parts and body structure. Thermal, mechanical, and chemical resistance and durability are the strong characteristics propelling the use of flat steel carbon in automotive parts.
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On the basis of region, Asia Pacific dominates the overall flat carbon steel market. The Asia Pacific accounted for a major revenue share in 2017 and is expected to continue with this trend during the forecast timeframe. The growth is attributed to the increasing demand for the flat carbon steel from various industries in the developing countries which include China, India, and South Korea. India is anticipated to hold a major market share due to the growth of industries such as automotive and construction. Moreover, North America accounted for a considerable growth in 2017. The U.S. is expected to observe the high usage of the flat carbon steel in the coming years due to the rise in repairing activities of construction and infrastructure sectors.
Some of the major players operating in the flat carbon steel market are Tata Steel Limited, ArcelorMittal, United States Steel Corporation, Voestalpine Group, China Baowu Group Ltd. Corporation, POSCO Steel, ThyssenKrupp AG, JFE Holdings, JSW, and Nippon Steel & Sumitomo Metal Corporation.
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This report segments the flat carbon steel market as follows:
Flat Carbon Steel Market: Product Segment Analysis
Pre-Painted Steel Coils
Flat Carbon Steel Market: Application Segment Analysis
Building & Infrastructure
Automotive & Other Transport
Flat Carbon Steel Market: Regional Segment Analysis
The Middle East and Africa