The Hot Rolled Coil (HRC) segment is expected to dominate the market, mainly driven by surge in equipment and machinery applications.
SEATTLE (Scrap Monster): The latest research report published by Fortune Business Insights predicts tremendous growth to global flat steel market over the period from 2022 to 2029. The market is expected to record a CAGR growth of 5.8% during the forecast period, from $526.89 billion in 2022 to $783.71 billion by 2029. It must be noted that the market was valued at $504.46 billion in 2021.
The report titled “Flat Steel Market, 2022-2029” noted that supply chain disruptions due to Covid-19 pandemic has impacted the market However, operations have returned to more or less normal levels since lifting of pandemic-related restrictions.
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The Hot Rolled Coil (HRC) segment is expected to dominate the market, mainly driven by surge in equipment and machinery applications. By application, the construction segment is projected to play a leading role due to widespread use of flat steel by the sector. The emergence of innovative construction solutions using flat steel is likely to trigger demand, thus driving market growth.
The Asia Pacific region is expected to dominate the flat steel market share. The demand for flat steel products from automotive industry will fuel market growth in the EU region. The North American market growth will be driven by rising demand for cold rolled coils from engineering and electronics applications.
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