Flat Steel Market 2020 – Global Industry Trends and Growth Forecast to 2026
Rapid technological advancements are mainly expected
to propel flat steel market share
over the forecast spell. The demand for flat steel products has witnessed a
significant upsurge from various industrial sectors including automotive, transport
networks building & infrastructure, and more, which is likely to enhance
industry penetration.
Flat steel is available in the form of both steel
plates and sheets. These products are predominantly rolled from slabs, which
are semi-finished products. Flat steel products demonstrate high application
potential across industries ranging from shipbuilding to construction, to
domestic appliances and agriculture, among others.
Growing use of tin plates
With regards to the product spectrum, the flat steel
industry is bifurcated into hot rolled flat sheets, tin plates, metallic coated
strips & sheets and non-metallic coated strips & sheets, among others.
Of these, the non-metallic coated sheet & strip product segment is poised
to accrue significant gains over the projected timeline, given the product’s
superior aesthetic and adhesion properties.
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Meanwhile, the tin plates segment is anticipated to
depict an appreciable CAGR of over 3% through 2026. Tin plates are a form of
low-carbon light gauge cold-reduced sheets or strips of steel, coated on both
sides with commercially pure tin. Tin plates possess the combined benefits of
steel such as strength and formability, as well as tin, including corrosion
resistance, luster and weldability.
In 2019, JSW Steel, JSW Group flagship organization,
introduced a new brand for its tin coated product portfolio, dubbed JSW
Platina, one of the first continuous annealed tinplate products in India. The
product demonstrates high product uniformity and facilitates higher
manufacturing speeds to enhance productivity and mitigate reduction rates.
Tin coatings are used extensively in packaging
applications, automotive components such as oil filters, brake line tubes and
engine gaskets, and also provide sophisticated printing surfaces. These
products are aesthetically appealing, and possess several beneficial characteristics
including lubricant tendencies and low melting point.
Burgeoning demand for flat steel for
automotive manufacturing
With regards to end-use, the flat steel market share
is categorized into automotive & transportation, mechanical equipment,
building & infrastructure, transport network, agriculture equipment,
utilities, electrical appliances, residential, gas containers, commercial, and
others.
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The utilities end-use segment accounted for over
2.5% of the flat steel market share in 2018, and is expected to witness a
similar growth trajectory over the coming years. Likewise, the transport
network segment is likely to amass appreciable gains over the estimated
timeline, as consumer preferences shift towards the use of lightweight strips
and sheets of flat steel for automotive manufacturing.
On the regional front, the flourishing automotive
industry in the Middle Easy & Africa region, and the subsequent surge in
automobile manufacturing is expected to foster flat steel market demand over
the years.
Myriad benefits demonstrated by flat steel
product
Flat steel products demonstrate a slew of advantages
including superior resistance to external environmental impact as well as easy
formability. These properties make the products ideal for application in the
agriculture equipment end-use segment.
Furthermore, the versatility and durability of steel
makes it highly suitable for domestic appliances, such as refrigerator and oven
manufacturing. In fact, the flat steel market size from the others segment,
including domestic appliances and shipbuilding accounts for a nearly 3.5%
market share, and is projected to follow a similar growth graph over the
projected timeline.
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