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The Galvanized Steel Market size is estimated to grow at a CAGR of 4.11% between 2022 and 2027 with the market size forecast to increase by 86.6 million T.
This galvanized steel market 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). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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.
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Galvanization is the method of applying a protective zinc layer to steel to prevent rust and corrosion. Galvanized steel is used in applications such as building and construction, automotive, engineering, consumer durables, and electrical.
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.
Based on type, the electrical galvanized steel segment holds the largest market share. The demand for electro-galvanized steel sheets and strips that 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, is increasing. Thus, owing to the increasing applications of electro-galvanized steel, the market segment will grow during the forecast period.
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.
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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.
Steel holds strategic importance for nations, and China and India rank among the world's top crude steel producers. India is projected to become the second-largest producer in the near future.China's galvanized steel market has surged due to rapid economic and infrastructure changes, while India's market has grown thanks to increasing construction activities. Both nations are significant consumers of galvanized steel, driven by their expanding infrastructures.
China dominates global galvanized steel manufacturing, and the strong economic growth in China and India, along with their infrastructural development, is expected to boost demand for galvanized steel in the foreseeable future. This growth is further facilitated by the abundant raw materials and cost-effective labor in the Asia-Pacific region.
Rising applications of galvanized steel pipes in the oil and gas industry is a key trend influencing the market growth. Galvanized steel pipes are vital in the oil and gas industry, offering durability and thermal stability in harsh conditions. They resist stress cracking, corrosion, and impact while preventing hydrocarbon permeation. India is expanding its gas pipeline network, and the Asia-Pacific region expects over 100 new oil and gas projects by 2022.
Globally, major projects are underway, including the Southern Gas Corridor in Europe, Johan Castberg in Norway, Coral South LNG in Mozambique, and others. The increasing use of galvanized steel pipes in this sector will drive the galvanized steel market's growth.
Volatility in raw material prices is a key challenge hindering the market growth. Volatile raw material prices pose a key challenge for the global galvanized steel market. This market relies on diverse commodities and industrial materials like iron ore, steel, and zinc, whose prices are tied to global economic conditions and elasticity. This uncertainty affects the market and the profitability of value chain stakeholders. Global economic conditions, along with varying iron ore pricing across regions due to import/export tariffs, complicate market growth.
The closure of zinc mines, such as the Brunswick Mine in New Brunswick, has raised zinc prices and reduced global production. This has prompted users to deplete their stockpiles and will increase demand, further boosting prices. These fluctuations in raw material prices will squeeze manufacturers' profit margins and make it challenging to predict costs, posing a significant hurdle for the global galvanized steel market in the forecast period.
Companies 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 galvanized steel such as low carbon and ultra low carbon hot galvanized steel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research 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
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.
Galvanized Steel Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.11% |
Market growth 2023-2027 |
86.6 mn t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.87 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 89% |
Key countries |
US, China, India, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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, Market condition analysis for forecast period |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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
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