The galvanized steel market is segmented on the basis of type, application and geography. Based on the type of steel, the market is classified into steel coils, galvanized steel strips and others. The most popular type of steel used currently is that of galvanized steel strips. Their pace of the growth of demand has surpassed the demand for other products. With respect to products and materials, the domestic market has undergone a shift in its demand. Consumers prefer galvanized steel for high strength, enhanced protection against rusting and durability.
Based on the application of galvanized steel, the market is distributed amongst construction, home appliances, and automobile among others. The demand for galvanized steel is significantly high for construction industries. Their requirement for it is not just limited to build frames but it extends up to balconies, awnings, verandas, support beams, street furniture, canopies, ductwork, handrails, fences, walkways, ladders, etc. In the coming times, with increasing urbanization and industrialization this market is all set to grow. Moreover, the rising middle class and their disposable income have pushed the production of automobiles consequently influencing the galvanized steel market positively.
In all, the growth of booming automobiles, commercial and residential constructions has augmented the market scope of galvanized steel significantly. By 2025, the market is expected to reach a value of over $283 billion.
However, there have been several cutbacks in galvanized steel technology budgets leading to some producer R&D facilities being downsized globally pertaining to the economic down turn in the world.
Here are some more points to explain about the global galvanized steel market:
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