Albany, NY -- (SBWIRE) -- 06/14/2017 -- Steel flat rolled products are made of steel and these products have flat surfaces instead of grooved faces. These products include cold rolled coil, hot rolled coils, slab, coated steel products among others. With the help of melting, steel flat rolled products are manufactured and these products have their extensive applications in automotive, construction, packaging and heavy machinery industries. Zinc coating is applied with steel to prevent it from any kind of corrosion. Steel flat rolled product market witness growing demand in coming years.
With the rising population base coupled with increasing disposable income, global steel flat rolled product market experience growing demand overtime. Emerging economies such as China, India and South Korea have witnessed significant economic growth rate and that high growth rate is translated into infrastructural development. With the growing base of infrastructure, demand for steel flat rolled products is likely to increase overtime. Industrialization based economic growth has been a growth strategy for many economies including advanced and emerging economies. Higher concentration of industries in these economies spur the demand for steel flat rolled products thus projecting higher growth trajectory for this market. Real estate industry is a booming sector in these economies and use of steel flat rolled products in residential and non-residential buildings accelerate the growth prospect of this market during the forecast period.
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Steel is an expensive material and this factor limits its uses. Hence, contractors switch their preference from steel flat rolled products to other type of products. Moreover, when steel is exposed to environment, this can lead to corrosion and that adversely impacts the life time of these steel products. These factors limit the use of steel in construction industry thus hindering the market prospect of this products in coming years.
With the rising vehicular population, market for steel flat rolled products is expected to witness growing market share overtime. Coated steel have increasing application for making the structural parts of cars and these type of products primarily serves the purpose of corrosion resistance. Cold rolled coils have extensive application in car body parts and in these cases corrosion resistance is not primary objective; rather maintaining certain level of strength to weight ratio is the prerequisite. Hence, cold-rolled steel have their maximum application in seat belt components and auto transmission components. Hence, growing market share of automotive industry in advanced and emerging economies is triggering the growth prospect of steel flat rolled products market during the forecast period.
Steel flat rolled products market is segmented on the basis of end users industry and the segments are construction, infrastructure and transport, consumer goods, packaging, automobile and defense. Construction segment held the largest market share in recent days. Steel flat rolled products are generally used in residential and commercial buildings as roofing, walling and ceiling materials. With the rising manufacturing of residential and non-residential buildings, market for steel flat rolled products is expected to follow steep growth rate during the forecast period.
On the basis of geographic locations, global steel flat rolled products market is segmented into five regions such as North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America. North America and Europe held considerable market share in steel flat rolled product market as these regions have higher concentration of industries including real estate sector. Key automobile manufactures belong to these regions thus increasing the use of steel products as auto parts. However, Asia Pacific is the fastest growing segment as this region consists of emerging economies such as China, India which have their increasing share on construction, renewable energy sources and automotive sectors.
Some of the key market players are POSCO, United States Steel, ArcelorMittal, JFE Steel, Shanghai Baosteel Group and others.
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