South East Asia Galvanized Steel Market Expected to Reach $25.9 Billion by 2031
Meticulous Research® reveals that the South East Asia galvanized steel market is projected to reach $25.9 billion by 2031, growing at a robust compound annual growth rate (CAGR) of 14.6% from 2023 to 2031. By volume, the market is anticipated to achieve 27.6 million tons by 2031, with a CAGR of 13.8% during the same period. This growth is driven by increasing infrastructure investments, rising demand in the construction industry, and economic growth in the region. However, factors such as volatile raw material prices, regulatory compliance, and a decline in the purchase of Chinese steel due to shifting trade dynamics may constrain market expansion.
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Key Drivers and Challenges:
The market benefits from advancements in galvanized steel manufacturing technology and the formation of the ASEAN Economic Community, which offers substantial growth opportunities. Nonetheless, high manufacturing costs and challenges such as recycling multilayer films and a shortage of skilled personnel pose significant obstacles.
Market Segmentation Insights:
• Product Type: The market is divided into hot-dipped galvanized steel and electro-galvanized steel. The hot-dipped galvanized steel segment is expected to dominate with over 76.9% of the market share in 2024 due to its superior corrosion resistance, maintenance-free durability, and versatile applications. This segment is also projected to experience the highest CAGR during the forecast period.
• Application: Segmented into building & construction, shipbuilding, automotive, white goods, and other appliances, the building & construction segment is expected to account for over 70.4% of the market share in 2024. This is due to galvanized steel's durability and low maintenance, which are ideal for construction in humid or coastal areas. However, the white goods segment is projected to grow at the highest CAGR, driven by the use of electro-galvanized steel in manufacturing appliances.
• Country: The market is segmented into Indonesia, Vietnam, Singapore, Thailand, Malaysia, the Philippines, and the Rest of South East Asia. Vietnam is expected to lead with over 37.7% of the market share in 2024, driven by rapid industrialization and extensive infrastructure development. Indonesia is anticipated to achieve the highest CAGR of 16.7% during the forecast period, fueled by growth in the automotive sector and the country's role as a manufacturing hub.
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