Flat Steel Market Segmentation:
End-Use Segment Analysis
Building & construction segment is estimated to capture flat steel market share of around 80% by the end of 2035. This growth of the segment is set to be encouraged by the expanding construction industry.
The construction industry's adoption of flat steel is driven by the growing demand for environmentally friendly building materials since they are strong, flexible, and cheap, and are frequently used as supports, brackets, and structural elements.
Moreover, flat steel bars are utilized in many additional home construction components, such as heaters, latches, and garage doors, and are also used for cladding roofing, and structural purposes.
Before the coronavirus pandemic, the construction industry had grown to a spending value of over USD 10 trillion, and it is predicted to expand by around 2% per year.
Product Segment Analysis
In flat steel market, plates segment is projected to capture revenue share of around 67% by the end of 2035. The major factor for the expansion of the segment is rising investment in road construction projects. For instance, the significant ongoing road upgrades are valued at around USD 0.6 trillion, while new road construction projects are anticipated to be worth over USD 3 trillion globally.
Steel plates are typically flat, rectangular steel components that are utilized to replace potholes, trenches, excavations, damaged pedestrian walkways, and newly constructed roads.
Steel plates are thicker than flat steel and are typically used to handle larger loads or give more structural integrity to highways, railroads, and pipelines and enhance site access and safety.
Process Segment Analysis
By the end of 2035, the basic oxygen furnace segment is predicted to have the largest share. The growing use of this process for the production of steel is the primary driver of the segment's growth.
The Basic Oxygen Furnace (BOF), alternatively referred to as the Oxygen Converter Process, Linz-Donawitz Steelmaking (LD), Basic Oxygen Process (BOP), or Basic Oxygen Furnace, is a fundamental steelmaking technology is, where molten steel scrap and pig iron are converted to steel by the oxidizing effect of oxygen pushed into the melt beneath a basic slag.
For instance, these days, a basic oxygen steelmaking processing pathway accounts for more than 65% of the global crude steel manufacturing output.
Our in-depth analysis of the flat steel market includes the following segments:
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