Laminated Steel Market Size, Share, Growth, and Industry Analysis by Type (Fusion Method Laminated Steel, Bonding Agent Laminated Steel), by Application (Food & Beverages, Chemical industry, Consumer Goods, Others), and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

LAMINATED STEEL MARKET REPORT OVERVIEW

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The global laminated steel market size was USD 1794.1 million in 2019 and will touch USD 2483.2 million by 2026, exhibiting a CAGR of 4.7% during the forecast period.

Laminated Steel is a kind of composite material that stick plastic films to cold-rolled steel sheet, it is also a kind of steel deep-processing product.it does not contain toxic elements and the subsequent manufacturing process is also very environmentally friendly with cheaper production cost than tinplate. The growing construction sector electrical and electronics industry and machinery sector are the factors contributing to the growth of laminated steel market. Rising demand of household appliances like knife, motors, transformers and other such consumer goods are anticipated to drive the market in further future. Laminated steel offers an average properties of steel also it restricts the high carbon steel in the areas that needs to be kept away from carbon. Laminated steel is often used in construction for structural integrity and aesthetic purposes. An increase in construction activities expressly in developing countries can boost the market.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

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

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

LAMINATED STEEL MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into fusion method laminated steel, bonding agent laminated steel

Fusion method laminated steel will capture the maximum market share through forecast period.  

Fusion method laminated steel – It involves laminating steel by fusing a coating material onto the steel surface. The fusion process typically involves high temperatures and may include methods like hot-dip coating or thermal spraying.

Bonding agent laminated steel- Bonding agent such as an adhesive or resin is used to attach a laminate material to the steel surface. This method allows for a wide range of laminate materials and designs.

• By Application Analysis

According to application, the market can be segmented into food & beverages, chemical industry, consumer goods, others

Laminated steel market players cover segment as food & beverages will dominate the market share during forecast period.

Food & beverages - Laminated steel is used in packaging for food and beverage products due to its excellent barrier properties, durability, and potential for high-quality printing.

Chemical industry - It is ideal for containers and handling equipment due to its resistance to corrosion and chemical reactions.

Consumer goods - Packaging for consumer goods often uses laminated steel for its protective qualities and branding opportunities.

Others - This category can include a wide range of applications like automotive components, construction materials, and even certain types of specialized machinery.

DRIVING FACTORS

"Increasing Demand in Automotive Industry To Boost The Market Growth"

Laminated steel is widely used in the automotive industry for manufacturing various components. The automotive industry is a major consumer of laminated steel due to its lightweight and high-strength properties. The growth in the automotive sector can drive the demand for laminated steel.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the laminated steel market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Innovations in steel lamination processes and materials can lead to higher quality and more efficient production, driving market growth.

RESTRAINING FACTOR

"Fluctuating Raw Material Prices To Hamper The Market Growth"

Fluctuating prices of steel and other raw material used in the lamination process can impact the profitability of manufactures. Price volatility can be attributed to factors such as global supply and demand imbalances, trade policies, and geopolitical events. The cost of raw materials for steel production, such as iron ore and coal, can fluctuate significantly, impacting the cost of laminated steel. Technical difficulties will reduce the industry revenue.

LAMINATED STEEL MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due To Growing Construction Industry "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the laminated steel market share. The region is dominating the market due to growing construction industry and also the use of laminated steel in various utensils. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Toyo Kohan (Japan)
• Tata steel (India)
• Lienchy (Taiwan)
• Arena Metal (Istanbul)
• Guangyu (China)

INDUSTRIAL DEVELOPMENT

July 2023: Lienchy Metal introduces three new types of films, featuring a white base combined with different surface textures to create diverse styles suitable for various design styles.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.