Meticulous Research®—a leading global market research company, published a research report titled, ‘Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel), Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications), and Geography - Global Forecast to 2031.’
According to a recent report by Meticulous Research, the galvanized steel market is projected to reach $216.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031. In terms of volume, the market is expected to reach 240.8 million tons by 2031, with a CAGR of 9.2% during the same period. This growth is primarily driven by increasing infrastructure investments and rising demand in the construction industry. However, market growth may be hindered by the volatility in raw material prices and stringent regulatory compliance and standards.
Technological advancements in the manufacturing process of galvanized steel are anticipated to offer growth opportunities. Nevertheless, high manufacturing costs remain a significant challenge for the market.
Market Segmentation and Key Insights
Product Type
The galvanized steel market is segmented into:
Hot-dipped galvanized steel:
Hot-dipped zinc coated galvanized steel
Hot-dipped aluminum coated galvanized steel
Hot-dipped Sn-zinc coated galvanized steel
Hot-dipped zinc-magnesium-aluminum alloy coated galvanized steel
Hot-dipped zinc-aluminum-silicon alloy coated galvanized steel
Hot-dipped zinc-aluminum-magnesium-silicon alloy coated galvanized steel
Electro-galvanized steel:
Electrolytic zinc-coated galvanized steel
Electrolytic zinc-nickel alloy-coated galvanized steel
Electrolytic nickel-coated galvanized steel
Electrolytic zinc-Sn-nickel alloy-coated galvanized steel
Electrolytic phosphate-treated galvanized steel
In 2024, hot-dipped galvanized steel is expected to dominate the market, accounting for over 75.0% of the share. This is due to its environmental and economic benefits, such as durability, corrosion resistance, and low maintenance costs. This segment is also projected to register the highest CAGR during the forecast period.
Application
The market is segmented by application into:
Building and construction: trusses, roofs, frames, exterior walls, interior walls, pipes and ducts, purlins, decking, and other applications.
Shipbuilding
Automotive
White goods: refrigerators, washing machines, air-conditioning units, microwave ovens, and other appliances.
Other appliances: electrical transmission towers, telecom towers, steel furniture, office equipment, and miscellaneous applications.
In 2024, the building and construction segment is expected to lead with over 45.0% market share, driven by the material’s cost-effectiveness, low maintenance, and durability. The white goods segment is expected to register the highest CAGR due to the substantial use of galvanized steel in manufacturing these products.
Regional Insights
The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is anticipated to hold the largest market share at over 47.0%. This region’s rapid industrialization and urbanization, particularly in China, India, and Southeast Asia, are driving the demand for galvanized steel in various infrastructure and construction projects. The automotive sector also contributes significantly to market growth in this region. The Asia-Pacific market is projected to register the highest CAGR of 11.5% during the forecast period.
Key Market Players
Major players in the galvanized steel market include:
ArcelorMittal S.A. (Luxembourg), POSCO (South Korea), Nippon Steel Corporation (Japan), JFE Holdings, Inc. (Japan), ThyssenKrupp AG (Germany), NS Bluescope Steel Limited (Australia), JTL Infra Ltd. (India), Hesteel Group Company Limited (China), Hyundai Steel Co., Ltd (South Korea), Dongkuk Steel Group (South Korea), NLMK Group (Russia), Tata Steel Limited (India), FIW Steel Sdn. Bhd. (Malaysia), Anshan Iron and Steel Group Corporation (China), Galvaco Industries Sdn. Bhd. (Malaysia)
Recent Developments
Notable developments include:
Nippon Steel Corporation and ArcelorMittal S.A. announced a $1.1 billion investment to build advanced steel processing lines in India.
POSCO started constructing a plant in China to produce galvanized steel sheets for the automotive industry, with a capacity of 900,000 tons annually.
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Key Questions Answered in the Report:
• What are the high-growth market segments in terms of product type and application?
• What is the historical market size for the galvanized steel market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the galvanized steel market?
• Who are the major players in the galvanized steel market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the galvanized steel market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the galvanized steel market, and how do they compete with other players?
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