Global Galvanized Steel Market to Grow Over $283 Billion by 2025: Acumen Research and Consulting
Author: Acumen Research and Consulting
According to a new report published by Acumen Research and Consulting titled “Galvanized Steel Market
(Type: Galvanized Steel Coils, Galvanized Steel Strips, Others; Application: Construction, Automobile, Home Appliances, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018-2025”, the global market for galvanized steel is estimated to grow at a significant rate and reach the market value of over $283 billion by 2025. Among the major factors responsible for this astounding growth are the increasing applications of galvanized steel in manufacturing of home appliances and building construction. Globally, the demand for galvanized steel has steeply risen with booming automobile and construction industries. Commercial and residential constructions are on rise owing to strengthening economic condition and elevating spending capacity.
Growing demand for steel in emerging economies such as China is expected to drive the market growth. China is the largest producer and exporter of steel at global level. The region is anticipated to maintain its dominance throughout the study period and also witness highest growth rate. With increasing urbanization, industrialization, disposable income and rising awareness for high quality products, the domestic, commercial and industrial expenditure is rising in the region.
Galvanized Steel Strips Are Available In Various Thickness And Are Strong And Durable Compared To Galvanized Coils
The different galvanized steel types include galvanized steel coils, galvanized steel strips and others. Among these, galvanized steel strips are the most preferred growing types in galvanized steel. The domestic market for steel has undergone a demand-shift with respect to products and material. Consumers want to adopt galvanized steel that offer high strength, durability, and enhanced protection against rusting. This is supported by the fact that demand for galvanized steel strips is growing at a higher pace in comparison to other products.
Construction is a major application of galvanized steel
Galvanized steel products have a wide range of application in construction, automobile, home appliances, and others. Construction industry is the major application in galvanized steel market. It is not only used in making building frames but is also used in awnings, balconies, canopies, ductwork, handrails, fences, industrial walkways, ladders, staircases, street furniture, support beams, and verandas. Thus, increasing industrialization and construction in developing economies is anticipated to boost the growth of galvanized steel market in the near future. Additionally, the increasing number of automobile production has posed a great influence on this market. Rising middle class income groups and increasing disposable incomes is attributing to the growth of automotive industry worldwide.
Globally, the economic down turn has compelled cutbacks in the galvanized steel technology budgets resulting in some producer R&D facilities being downsized. These changes require increased attentiveness within the galvanized steel technology fraternity in order to sustain the ever increasingly price sensitive steel supply and galvanized sales markets.
Some of the leading companies operating in galvanized steel market include Arcelor Mittal, Ma Steel, Baosteel, Shandong Iron & Steel Group, POSCO, Nippon Steel Corp, CSC and ThyssenKrupp, JFE Holding among others.
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