Global Galvanized Steel Market Forecast to 2031: Analysis by Product Type (Hot-dipped, Electro-galvanized), Application (Building & Construction, Automotive, White Goods, Shipbuilding, Others), and Geography
Meticulous Research®, a leading global market research company, has published a 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." Ss Sheet Coil
According to 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, at a CAGR of 9.2% during the same period. This growth is driven by increasing infrastructure investments and rising demand in the construction industry. However, market expansion may be hindered by volatility in raw material prices and regulatory compliance requirements.
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Technological advancements in the galvanized steel manufacturing process are anticipated to create new growth opportunities, while high manufacturing costs present significant challenges.
The galvanized steel market is segmented by product type into hot-dipped galvanized steel and electro-galvanized steel. The hot-dipped galvanized steel segment, which includes various coatings such as zinc, aluminium, and magnesium alloys, is expected to account for over 75.0% of the market share in 2024. This segment's dominance is due to the environmental and economic benefits it offers, including long-lasting corrosion protection and low maintenance requirements. Hot-dipped galvanized steel is highly ductile and suitable for various welding methods, enhancing its appeal.
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In terms of application, the market is divided into building and construction, shipbuilding, automotive, white goods, and other applications. The building and construction segment is projected to hold the largest share, over 45.0%, in 2024. This is due to galvanized steel's numerous benefits, such as corrosion resistance, affordability, and low maintenance. It is widely used in structural components and roofing, making it a cost-effective choice for construction projects. However, the white goods segment is expected to register the highest CAGR during the forecast period, driven by the extensive use of electro-galvanized steel sheets in manufacturing appliances.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to dominate, accounting for over 47.0% of the market share in 2024. The region's rapid industrialization and urbanization, especially in countries like China and India, are driving demand for galvanized steel in infrastructure and automotive applications. Advances in galvanizing technology are also enhancing the quality and cost-effectiveness of galvanized steel in the region. The Asia-Pacific market is projected to achieve the highest CAGR of 11.5% during the forecast period.
Key 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), and Galvaco Industries Sdn. Bhd. (Malaysia).
Recent developments in the industry include Nippon Steel Corporation's joint venture with ArcelorMittal to build advanced steel processing lines in India and POSCO's construction of a plant in China for producing galvanized steel sheets for cars.
To gain more insights into the market with a detailed table of content and figures, click here: www.meticulousresearch.com/product…04-06-2024
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