Galvanized Steel Market Size, Share, Growth, And Industry Analysis, By Type (Hot-dip Galvanized Steel, Electrical Galvanized Steel), By Application (Construction, Automotive, General Industry, Home Appliance), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

Galvanized Steel Market Report Overview

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The global galvanized steel market size was USD 174560 million in 2022 and is expected to reach USD 248459.96 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.

Regular steel is coated with zinc to make it corrosion-resistant, resulting in galvanized steel. When steel is galvanized, the zinc coating serves as a barrier between the steel substrate and oxygen and moisture. In corrosive settings, galvanized steel is a more affordable substitute for metals like austenitic stainless steel and aluminium. It is widely utilized in the production of drinking water pipes, bicycle and vehicle body frames, support beams, canopies, awnings, ladders, industrial walkways, playground equipment, and other items.

The acceptance of the product will be fueled by the expanding use of steel in numerous applications to produce goods of higher quality and at a lower cost. Additionally, technological developments that make products more dependable and lightweight together with the quickening construction of infrastructure in emerging nations like China and India will propel the flat steel market's expansion during the anticipated time period.

COVID-19 Impact: Steel Industry's Supply Chain Issues Reduced Product Consumption

The COVID-19 pandemic has been unprecedented and staggering, with the Galvanized Steel market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic-related government measures that caused disruptions in the steel industry had a big impact on the market. The pandemic disrupted the supply chain, forced containment procedures, and stopped consumption activities, which resulted to a lack of raw materials, the shutdown of machinery, and a significant shortage of experienced and trained labor. Steel production fell as a result of factory closures. Additionally, the global lockdown caused mining operations to cease, which had an even greater impact on the supply of scrap iron and iron ore. This element had an impact on the producing enterprises and limited the availability of raw materials, material transportation, and distribution activities.

Latest Trends

"Increasing Demand from the Building Components and Construction Sectors"

A key component utilized in the building and construction industry is color-coated steel. The majority of its applications are in the industrial sector, including roofing and cladding, cold storage and warehouses, airports, atriums in shopping malls, showrooms, artificial ceilings, lighting fixtures, etc. Color-coated steel has the benefits of cutting-edge aesthetics, easier working, and 100% recyclability for architectural applications. Steel that has been colored serves primarily as a protective covering to shield steel bars from corrosion. Epoxy steel coatings with colored coats are particularly durable. Epoxies are chemically durable and can withstand the alkaline conditions of concrete.

Galvanized Steel Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into hot-dip galvanized steel, electrical galvanized steel. Hot-dip galvanized steel is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into construction, automotive, general industry, home appliance. Construction will be the dominating segment.

Driving Factors

"Strong Construction Industry Demand for Flat Steel Will Fuel Market Growth"

The primary factors driving the rise of the construction industry are the population's quick nuclearization and rising urbanization. This sector uses flat steel for building frames and structural support for applications such as sheds, roofing, welded structures and stairways. The middle class' expanding wealth, the tendency towards multiple-home ownership, and the reconstruction and refurbishment of existing homes all help to fuel the building industry and, in turn, the market. In addition, a lot of steel plates are utilized in building steel bridges, infrastructure, and skyscrapers. It is projected that the infrastructure industry will demand more rail, road, and highway projects during the review period. Therefore, the market will increase as a result of increasing steel industry innovation and expanding construction projects.

"Market expansion is fueled by rising demand from the building materials and construction industries"

Color-coated steel is a vital material used in the building and construction sector. The majority of its uses, such as for roofing and cladding, cold storage and warehouses, atriums in shopping malls, showrooms, false ceilings, lighting fixtures, etc., are in the industrial sector. For architectural applications, color-coated steel offers the advantages of cutting-edge aesthetics, easier working, and 100% recyclability. The main purpose of colored steel is as a corrosion-resistant covering for steel bars. Colored epoxy steel coatings are exceptionally long-lasting. Epoxies are chemically durable and can withstand the alkaline conditions of concrete. The building industry is booming globally. In Asia-Pacific, the construction industry is substantially increasing. The Malaysian infrastructure building sector was predicted to perform better in 2022, expanding by 11.5%, according to a Ministry of Finance (MoF) report from October 2021. This improvement was attributed to greater performance across all subsectors. The main driver of the expansion of the worldwide market for galvanized steel is the economic growth in China and India. Any country's strategic importance of steel. India is anticipated to overtake China as the second-biggest producer of crude steel during the predicted period. China and India are two of the world's top producers of crude steel. The rapid modernization of China's infrastructure and economy has been a major market driver. The primary driver of the nation's steel demand is the expansion of the manufacturing and infrastructure sectors. Due to the country's burgeoning construction industry, India is one of the largest and fastest-growing markets for steel goods worldwide.

Restraining Factors

"Price fluctuations for steel are likely to impede market expansion"

Along with coal, iron, scrap steel, and steel itself, steel is a commodity that experiences daily price volatility. Due to the impact of supply and demand laws, these raw material prices are very unstable. Prices and storage capacity are also impacted by manufacturing expenses. Steel production costs are impacted by such price variations. In addition, steel directly affects the cost of flat steel. As a result, variations in the price of steel have an impact on the cost of the finished product. In addition, steel prices have quickly increased as a result of significant changes in demand and geopolitical events, which will restrain market growth throughout the projection period.

Galvanized Steel Market Regional Insights

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"Asia Pacific will be the dominating region during forecast period"

In 2021, Asia Pacific had a GDP of USD 255.81 billion. Steel technology innovation and expanding industrialization are projected to drive market expansion in the Asia Pacific region. Due to the country's rising steel output, expanding construction industry, and expanding research and development activities, which are all predicted to drive demand for the product there, China held the greatest market share.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ArcelorMittal (U.K.)
• Baowu Group (China)
• ThyssenKrupp (Germany)
• Steel Dynamics (U.S.)
• POSCO (South Korea)
• Nippon Steel (Japan)
• Hesteel Group (China)
• Hyundai Steel (South Korea)
• JFE Steel Corporation (Japan)
• Shougang Group (China)
• Ansteel Group (China)
• Maanshan Steel (China)
• Gerdau (U.S.)
• Youfa Steel Pipe Group (China)
• United States Steel Corporation (U.S.)
• Benxi Steel Group (China)
• China Steel Corporation (CSC) (China)
• JSW Steel Ltd (India)
• Tata Steel (India)
• NLMK Group (Russia)
• Valin Steel Group (China)
• Shagang Group (China)
• Nucor (U.S.)
• Severstal (Russia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.