Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Wilmington, Delaware, United States, Transparency Market Research Inc. - The global galvanized steel coil market is projected to flourish at a CAGR of 5.0% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 38.2 billion is anticipated for the market in 2031. As of 2023, the market for galvanized steel coil is expected to close at US$ 24.8 billion.
Rapid urbanization and growth in construction industries globally with an increase in the need for new residential properties, apartments, and commercial complexes primarily drive the galvanized steel coil business growth as galvanized steel coils are used in various construction applications, such as roofing, wall panels, structural framing, and more.
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Competitive Landscape
The galvanized steel coil market is highly fragmented with the presence of several local and global players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global galvanized steel coil market report
- JFE Steel Corporation
- Baosteel Co.Ltd.
- ArcelorMittal
- Gerdau S/A
- Nippon Steel Corporation
- POSCO
- JSW Steel Ltd
- Essar Steel
- Thyssenkrupp AG
- United States Steel Corporation
Key Developments in the Galvanized Steel Coil Market
- Baosteel introduces High strength and ultra-high-strength steels for construction machinery in 2000. This series of high-strength steel is low carbon low alloy steel with good weldability, cold formability, and high toughness at low temperatures, which is widely used in the field of construction machinery, automobile structure, and marine container industries.
- In February 2022 - JFE Steel Corporation and Tohoku University jointly announced that they established the Collaborative Research Laboratory for Green Steel on February 1 to research eco-friendly steel materials and production methods for the carbon-neutral era. The lab will provide an environment for interdisciplinary industrial-academic collaboration between industry engineers and university researchers from February 2022 to March 2025.
The increasing government investments in infrastructure projects, such as roads, bridges, railways, and public utilities, are also expected to drive the demand for galvanized steel coils. The increasing application in manufacturing industries, including machinery, appliances, and equipment production, due to galvanized steel coils for their corrosion-resistant properties, boosts the market growth.
Key Takeaways from the Market Study
- As of 2022, the galvanized steel coil market was valued at US$ 23.5 billion
- Based on galvanizing method, the hot-dip galvanizing segment is estimated to lead the global market during the forecast period.
- Based on type, the hot rolled steel coil segment accounts for the highest market share
- Based on the end-user, the construction segment accounts for a high share of the galvanized steel coil market, as galvanized steel is widely used in the construction sector owing to its durability.
Galvanized Steel Coil Market: Key Trends and Opportunistic Frontiers
- The demand for galvanized steel coils is high in the renewable energy sector, particularly solar and wind energy, for mounting structures, support systems, and other components
- The demand for galvanized steel coils tends to rise owing to the increased construction activities due to urbanization, infrastructure development, and housing projects.
- Growing technological advancements in galvanization processes and coating technologies can lead to improved product quality and performance. Innovations that enhance the efficiency of galvanized steel coils production or create even more durable coatings can drive market growth.
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Galvanized Steel Coil Market – Regional Analysis
- North America is expected to account for a significant market share in galvanized steel coil market owing to the increased application in construction, automotive manufacturing, and appliances. The increased number of infrastructural projects in the United States and Canada, contribute to the demand for galvanized steel coils in the region
- Asia Pacific is expected to dominate the galvanized steel coil market during the forecast period owing to rapid urbanization, population growth, and industrialization in the region. The increasing infrastructure development, such as transportation networks and residential construction in countries like China and India have fueled significant demand for galvanized steel coils. The automotive industry in countries like Japan and South Korea also influences the demand for galvanized steel.
Galvanized Steel Coil Market
Type
- Hot Rolled Steel Coil
- Cold Rolled Steel Coil
Thickness
- Below 0.5 mm
- 0.5 – 1 mm
- 1 – 1.5 mm
- 1.5 – 2 mm
- 2 – 2.5 mm
- 2.5 – 3 mm
- Above 3 mm
Galvanizing Method
- Hot-dip Galvanizing
- Electroplating
- Thermal Spray
- Zinc Rich Paint
- Others (In-line Galvanizing, Sherardizing, etc.)
End-use
- Wind & Solar
- Automotive
- Construction
- Telecommunication
- Others (Agriculture, General Engineering, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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