Earlier, corrosion and repair of corrosion damages was the huge problem which resulted in high costs and also led to the waste of natural resources and many other indirect costs. Thus, the specification of galvanization was introduced and evolved as new emerging market. Galvanization which was once considered only as a means of corrosion protection is now specified for an array of reasons such as longevity, sustainability, lower initial costs, availability, durability, and even aesthetics. One of the most common methods for galvanizing is hot-dip. Galvanized steel has wide range of applications in automobile, construction, home appliances, furniture, and other industries.
The market research study on “Galvanized Steel Market (Product Type: Galvanized Steel Coils, Galvanized Steel Strips, Others; Application: Construction, Automobile, Home Appliances, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 – 2025” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global galvanized steel market. The report also analyzes the key players operating in galvanized steel market and identifies the key strategies deployed by them along with the market share of leading players. The global galvanized steel market is segmented as below:
Galvanized Steel Market by Product Type
- Galvanized Steel Coils
- Galvanized Steel Strips
Galvanized Steel Market by Application
- Home Appliances
Galvanized Steel Market by Geography
- North America
- Southeast Asia
- South America
- Middle East and Africa
Some of the leading companies operating in the global galvanized steel market include
- Arcelor Mittal
- Nippon Steel Sumitomo Metal
- United States Steel (USS)
- JSW Steel
- JFE Steel
- Wuhan Iron and Steel
- Shandong Iron & Steel Group
- Ma Steel
The global galvanized steel market was valued around $185 Billion in 2017 and is expected to grow at a CAGR of over 5% to reach over $283 Billion by 2025. Some of the major factors driving the growth of this market include the upsurge in population, consumer awareness, changing consumer lifestyle & preferences, urbanization, and development in economy that drives the demand for related products. In addition, the increasing application of galvanized steel in manufacturing of home appliances and agricultural buildings also supports the growth of this market. Commercial and residential constructions are on rise owing to strengthening economic condition and elevating spending capacity.
Galvanized steel includes product types such as galvanized steel coils and galvanized steel strips. Over the last few decades, the galvanized steel market has considerably grown both in terms of product development and usage. Availability of diversified products empowers the allied industry stakeholders with better and economical solutions. Yet, the industry faces several challenges in terms of new product development, product approval and standardization.
Currently, China is the largest market for galvanized steel and is expected to maintain its dominance throughout the forecast period. The region has high potential due to increasing investments in infrastructure and construction sectors. The prime expenditure of investment was consumed on residential construction.