Report highlights growth in global flat steel market

The global flat steel market is expected to reach $1,015.7 billion by 2025, growing at a CAGR of 3.6 percent, according to a new report published by Grand View Research Inc.

The report, “Flat Steel Market Analysis By Product (Sheet & Strips, Plates), By Material (Carbon, Alloy, Stainless, Tool), By Application (Building & Infrastructure, Automotive, Mechanical Equipment), By Region, And Segment Forecasts, 2014 – 2025,” indicates that rapid industrialization, increased infrastructural investment, and growing global population have been major factors driving the global market.

The volatile price of raw material is expected to be the major market restraint over the forecast period. Instability of raw material prices is anticipated to keep the whole sector under pressure in the future.

The plate segment is expected to grow the most quickly, at a CAGR of 4.0 percent from 2017 to 2025 in terms of revenue, because of its many applications in construction. Building and infrastructure emerged as the largest segment in 2016, and it is expected to grow at a CAGR of 4.1 percent from 2017 to 2025 because of high demand for sustainability, durability, and economically efficient materials.

The mechanical equipment segment is expected to grow at a CAGR of 3.6 percent from 2017 to 2025 in terms of revenue in North America as a result of growth in the agricultural and construction machinery sectors.