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The galvanized steel market is estimated to grow at a CAGR of 4.11% between 2022 and 2027. The size of the market is forecast to increase by 86.6 million tons. The growth of the market depends on several factors, including the economic growth in China and India, the rising demand for steel in industrial applications, and the increase in demand from pre-engineered buildings.
This report extensively covers market segmentation by product (sheets and strips, structures, pipes and tubes, and others), type (electrical galvanized steel and hot-dip galvanized steel), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global galvanized steel market as a part of the global steel market within the overall metals and mining market. The parent market covers products and companies engaged in the production of steel for a wide range of industrial applications. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The economic growth in China and India is notably driving the market growth, although factors such as volatility in raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Galvanized Steel Market Driver
The economic growth in China and India is the key factor driving global galvanized steel market growth. Steel is of strategic importance to any nation. China and India are among the largest crude steel producers in the world, and India is expected to become the second-largest producer of crude steel during the forecast period. The market in China has been mainly driven by the speedy transformation of its economy and infrastructure. The boom in the infrastructure and manufacturing industry is the main factor propelling the demand for steel in the country. India is among one of the largest and fastest-growing markets for steel products worldwide due to the country's increasing construction activities.
The rapid infrastructural development in China and India are the major drivers for steel products. The per capita consumption of steel is likely to increase due to the rising infrastructure and construction projects for roads, highways, and railways. The easy availability of raw materials and skilled and cost-effective labor is expected to drive the steel market in APAC. Such high economic and infrastructural growth in both China and India and their infrastructural development are likely to drive the demand for steel during the forecast period
Significant Galvanized Steel Market Trend
The rising applications of steel pipes in the oil and gas industry are the primary trend in the global galvanized steel market. Steel pipes are widely used in the oil and gas industry for various applications, such as exploration, refining, and transportation. The pipes used in the oil and gas industry should be durable and thermally stable. These pipes work under harsh environmental and chemical conditions. Steel pipes are preferred due to their excellent stress crack resistance against oil and gas. Other superior properties, such as low permeation to hydrocarbon and methane, corrosion, and impact resistance, make them favored in the oil and gas industry. The pipes used in the oil and gas industry should be mechanically strong and tough.
Moreover, steel pipes exhibit all these properties and are suitable for the applications of the oil and gas industry. Steel pipes are primarily used in deep-water drilling and exploration processes to prevent damage caused by corrosion and moisture. In 2015, the Gas Authority of India Limited proposed drilling operations for oil and gas exploration in Cambay Basin, Gujarat. The government of India is working on developing the gas pipeline infrastructure in the country for the distribution of natural cooking gas.
Major Galvanized Steel Market Challenge
The volatility in raw material prices is a major challenge to the global galvanized steel market growth. The volatility in raw material prices is one of the main challenges for the market. The manufacturing of steel depends on various commodities, metals, and industrial raw materials like iron ore, steel, and zinc. The prices of commodities and metals are directly related to global economic performance and price elasticity. Price volatility brings uncertainty to the market and influences the profit margins of the value chain stakeholders.
The fluctuations in raw material prices will also squeeze manufacturers' profit margins during the forecast period, posing a hurdle to their growth. The prices of steel are unstable due to the volatile raw material prices along with excess steel production. The decline in oil prices also influences steel prices. Steelmakers find it difficult to predict raw material prices due to constant price fluctuations. Therefore, high volatility in the cost of raw materials is one of the major challenges for the market during the forecast period.
Key Galvanized Steel Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Galvanized Steel Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ansteel.cn: The company offers steel such as low-carbon and ultra-low-carbon hot steel. Also, the company offers steel production, mining, ore dressing, sintering, ironmaking, steelmaking, rolling, coking and utility, and transportation products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the sheets and strips segment will be significant during the forecast period. Steel strips and sheets are flat-rolled steel products mainly produced from the hot-rolled strip using pickling. Subsequently, cold rolling is used to reduce the thickness of strips to the required size. These strips are later galvanized by using hot-dip galvanization or other galvanizing techniques. Steel sheets and strips are widely used for construction and structural applications, marine and offshore instruments, automotive, electrical appliances, renewable energy, thermal, hydro, and atomic power stations, military, and pressure valves. These factors will facilitate market growth during the forecast period.
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The sheets and strips segments were valued at 197.87 million tons in 2017 and continue to grow by 2021. In military applications, steel sheets and strips are used in the manufacturing of military buildings and vehicles, such as jeeps, tanks, trucks, and other ground vehicles. Generally, high-grade steel sheets and strips are used to offer sustainable protection. For naval applications, these are used in shipbuilding and repair to provide corrosion-free characteristics. Thus, the increasing demand for steel sheets and strips used in bridges, buildings, sports stadiums, prefabricated buildings, airports, railway stations, and warehouses will spur the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 89% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the dominant and fastest-growing market for steel. China, India, and Japan are among the key contributing countries in the region. China is the leading steel manufacturer and exporter of steel products globally. The measures taken by the government to curb the oversupply of steel and to reduce the carbon footprint of the industry are expected to influence the growth of the steel industry.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. However, the market regained momentum by the end of 2021 due to the large-scale COVID-19 vaccination drives carried out across APAC. The expectation of growth in the regional market is based on the increased government funding for various industries. Countries in the region have announced economic stimulus packages to bail out their economies from the negative effects of the pandemic. Such relief packages would help different industries that use steel on a large scale, including automotive and construction. This would increase the demand for steel. Hence, it is expected that the market for steel in the region is likely to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Sheets and strips, Structures, Pipes and tubes, and Others), Type (Electrical galvanized steel and Hot-dip galvanized steel), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
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Galvanized Steel Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.11% |
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Market growth 2023-2027 |
86.6 million tons |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.87 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 89% |
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Key countries |
US, China, India, Japan, and South Korea |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ansteel Group Corp. Ltd., ArcelorMittal SA, China Baowu Steel Group Corp. Ltd., China Steel Corp., Cleveland Cliffs Inc., DANA Group of Companies, Gerdau SA, HBIS Group Co. Ltd., JFE Holdings Inc., Jiangsu Shagang International Trade Co. Ltd., JMT STEEL, JSW STEEL Ltd., Nucor Corp., PAO Severstal, POSCO holdings Inc., SMS group GmbH, Tata Sons Pvt. Ltd., thyssenkrupp AG, United States Steel Corp., and Nippon Steel Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and the Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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