Flat Steel Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Flat Steel Industry Hit Worst due to Russia-Ukraine War Impact?
The global flat steel market will derive growth from the increasing applications of the product across diverse industry verticals. The presence of several large scale companies will emerge in favor of market growth. According to a report by Fortune Business Insights, titled “Flat Steel Market Size, Share & Industry Analysis, By Product (Sheets, Strips, Plates), By Material (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), By End-Use (Building & Construction, Automotive, Mechanical Equipment, Healthcare, Domestic, Defense, Packaging, Others) and Regional Forecast, 2021-2028,” the market will rise at a considerable pace driven by the massive investments in product R&D by major companies across the world.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Flat Steel Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Flat Steel Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The rapid spread of the coronavirus has created a sense of urgency across the world. With strict measures taken to curb the spread of the disease, several major businesses have come to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global market and discusses how major companies are coping with this. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Flat steel comprises of sheets and plates that are rolled from slabs which are originally categorized as semi-finished steel products. This product is used in a wide range of applications across diverse industry verticals including automobile, building and construction, ship building, and the iron and steel industry. The increasing number of building and construction activities across the world will emerge in favor of growth of the flat steel market in the coming years. The rapid industrialisation across the world will also create several growth opportunities for the companies operating in this market. The increasing implementation of advanced technologies will give the platform for rapid market growth. The favorable properties of flat steel are what make it the preferred choice among major companies across the world. Additionally, the applications of flat steel in the packaging industry will have a positive impact on the growth of the market in the foreseeable future.
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Increasing Number of Company Mergers and Acquisitions will have a Massive Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has had the highest impact on the growth of the overall market in recent years. In December 2019, ArcelorMittal announced that it has completed the acquisition of Essar Steel India Limited. The latter is a large scale manufacturer of Carbon Steel and is based in India. Through this acquisition, ArcelorMittal will look to strengthen its presence in the global flat steel market and subsequently generate higher revenue in the coming years. Increasing number of such company mergers and acquisitions will provide impetus to the growth of the market in the coming years.
Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The presence of several large scale companies, coupled with the increasing building and construction activities in countries such as India, China, and Japan will create several growth opportunities. The ease of availability of raw materials will also contribute to the growth of the regional market. Besides Asia Pacific, the market in North America will also rise at a considerable pace driven by the rise of the automotive sector in this region.
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List of companies profiled in the report:
- Shougang Group Co. Ltd Tata Steel
- Nippon Steel & Sumitomo Metal Corporation
- China Baowu Steel Group Corporation Limited
November 2019, POSCO announced the launch of INNOVILT, a premium brand of steel products for the construction industry, to enhance the standard of steel products for construction.
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