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Global Flat Steel Market Size, Share, Development, Growth and Demand Forecast to 2022 By P&S Market Research
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On the basis of end-use application, the global flat steel market has been segmented into construction and infrastructure, automotive and transportation, energy, appliances and industrial machinery, packaging, and others. The flat steel market has been capitalizing on the growing construction and infrastructure industry that helps in reducing the maintenance cost of building structure, which in-turn, helps in making construction more economical. In the automotive and transport industry, flat steel products are used to lower the weight of the vehicle and also offer optimum strength and fuel efficiency. The energy industry including nuclear, wind, oil and gas, solar and electric power requires steel for infrastructure development, which is expected to boost the global flat steel market.
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In 2015, Asia-Pacific was the fastest growing region in the global flat steel market. The region is expected to witness the fastest growth, during the forecast period, due to rise in demand for flat steel, fast-paced industrialization and increasing infrastructural development. The developing economies of China, India, Taiwan, South Korea and Malaysia are witnessing significant growth in the automotive, oil and gas, transportation, and construction industries, which in turn, is driving the global flat steel market. Additionally, growing urbanization and increasing disposable income of individuals has resulted in increasing expenses on automobiles, electrical appliances and construction equipment.
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