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.’
Galvanized Steel Market to Reach $216.2 Billion by 2031, Driven by Infrastructure Investments and Construction Demand
According to a recent report by Meticulous Research®, the galvanized steel market is projected to reach $216.2 billion by 2031, growing at a 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 fueled 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 and Market Challenges
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. Its large market share is attributed 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 the market growth in this region. The Asia-Pacific market is projected to register the highest CAGR of 11.5% during the forecast period.
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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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