Flat steel market to be worth $757.15 billion by 2026

In its report "Flat Steel Market by Type (Sheets & Strips, Plates), End User (Building & Infrastructure, Automotive & Other Transport, Mechanical Equipment), and Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America) - Global Forecast to 2026,” MarketsandMarkets, Pune, India, projects that the market will reach $757.15 billion by 2026, at a CAGR of 6.7 percent from 2016 to 2026.

Growth in the construction as well as the automotive industries has largely contributed to the increasing demand for flat steel across the globe. Among end users, the building and infrastructure segment is projected to lead the flat steel market between 2016 and 2026. This end-user segment is leading the flat steel market in 2016, owing to extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, and factories.

The sheets and strips type segment is projected to lead the flat steel market in the forecast period. This segment is leading the flat steel market in 2016 as a result of increased use of flat steel sheets and strips in packaging applications, home appliance manufacturing, and electronics.

The Asia-Pacific region is projected to lead the flat steel market through 2026. This region is estimated to account for the largest share of the market in 2016, followed by Europe and North America. The Asia-Pacific flat steel market is witnessing growth due to increasing demand from various end-use industries in emerging economies, such as China, India, and South Korea. The India flat steel market is projected to grow at the highest CAGR during the forecast period because of growth in that country’s economy, rise in urban population, and development of varied industries.

For more information, visit www.marketsandmarkets.com/market-reports/flat-steel-market-110723589.html.