Galvanized Steel Market Size to Reach USD 321.4 Billion by 2032 growing at 7.2% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

According to Acumen Research & Consulting, the global Galvanized Steel Market was valued USD 163.1 Billion in 2022 and is estimated to be worth USD 321.4 Billion by 2032, rising at a CAGR of 7.2% over the forecast period

The galvanized steel sector is critical to the overall steel market, providing a method to improve the durability and corrosion resistance of steel. This is accomplished by the galvanization process, which involves depositing a zinc coating. The resultant galvanized steel is widely used in a variety of industries, including construction, automotive, infrastructure, manufacturing, and others.

The continual requirement for corrosion-resistant materials is one of the key drivers of the Galvanized Steel business. The protective zinc layer helps prevent rust and corrosion in outdoor and severe conditions, increasing the lifespan of steel buildings. Galvanized steel has a significant impact on the construction industry since it is used in building frames, roofing, and numerous structural components. The automobile sector also relies on its lightweight qualities and corrosion resistance.

Among the major factors responsible for this astounding growth are the increasing applications of galvanized steel in the manufacturing of home appliances and building construction. Globally, the demand for galvanized steel has steeply risen due to the booming automobile and construction industries. Both commercial and residential construction projects are on the rise, driven by strengthening economic conditions and an elevated spending capacity.

The growing demand for steel in emerging economies, such as China, is expected to drive market growth. China stands as the largest producer and exporter of steel on the global level. The region is anticipated to maintain its dominance throughout the study period while also witnessing the highest growth rate. As urbanization, industrialization, disposable income, and awareness for high-quality products increase, the domestic, commercial, and industrial expenditures are rising in the region.

Galvanized Steel Market Trend

Galvanized Steel Market Statistics

  • The global galvanized steel market revenue is estimated to reach USD 163.1 Billion in 2022, with a (CAGR) of 7.2% from 2023 to 2032
  • In 2022, Asia-Pacific held the largest share of the galvanized steel market, accounting for over 40% of the total market share
  • The Asia-Pacific region is expected to witness substantial growth, with a CAGR of over 8% between 2023 and 2032
  • Sheets & strips was the dominant product type in 2022, representing more than 40% of the market share
  • Among the end-users, the construction contributed approximately US$ 73 billion to the market in 2022
  • Innovation in coating techniques is a prominent trend in the galvanized steel market

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Galvanized Steel Market Dynamics

Galvanized Steel Strips Are Available In Various Thickness and Are Strong and Durable Compared To Galvanized Coils

The Galvanized Steel industry encompasses various product types, including galvanized steel coils, galvanized steel strips, and others. Among these options, galvanized steel strips have emerged as the most preferred and rapidly growing segment in the galvanized steel market. In the context of the domestic steel market, there has been a noticeable shift in consumer demand concerning products and materials.

Modern consumers are increasingly inclined to adopt galvanized steel due to its commendable attributes such as high strength, durability, and superior protection against rusting. This preference stems from the fact that galvanized steel, particularly in strip form, aligns with these desirable characteristics. It is no surprise, then, that the demand for galvanized steel strips is experiencing accelerated growth when compared to other products within the galvanized steel category.

This trend underscores the evolving preferences of consumers who seek materials that not only fulfill functional requirements but also offer longevity and resistance to environmental degradation. The appeal of galvanized steel strips lies in their ability to satisfy these criteria, driving their prominence and robust growth in the galvanized steel market.

Construction is a Major Application of Galvanized Steel

Galvanized steel products find a wide range of applications in construction, automobiles, home appliances, and other sectors. The construction industry stands as a major application segment within the galvanized steel market. Not only is galvanized steel utilized in crafting building frames, but it also serves in the creation of awnings, balconies, canopies, ductwork, handrails, fences, industrial walkways, ladders, staircases, street furniture, support beams, and verandas. Consequently, the escalating industrialization and construction activities in developing economies are expected to propel the growth of the galvanized steel market in the near future.

Furthermore, the burgeoning automobile production landscape has exerted a significant influence on this market. The rise in income among middle-class groups and increasing disposable incomes contribute to the global expansion of the automotive industry.

Globally, economic downturns have compelled cutbacks in galvanized steel technology budgets, resulting in downsizing of research and development facilities for certain producers. These changes necessitate heightened attentiveness within the galvanized steel technology community to sustain the increasingly price-sensitive steel supply and galvanized sales markets.

Galvanized Steel Market Segmentation

The global market has been categorized into product type, coating method, application, and region

  • The product type is divided into three categories: sheets and strips, structures, pipes and tubes, and others
  • The coating method segment is divided into electrical galvanized steel and hot-dip galvanized steel
  • The end-user segment is divided into construction, automobile, home appliances, and others
  • North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa (MEA) are the market's five regions.

Galvanized Steel Market Share

According to the galvanized steel market forecast, the sheets and strips product type sub-segment will have the biggest market share between 2023 and 2032.

According to galvanized steel industry analysis, hot-dip galvanized steel held a major market share in 2022 and is expected to do so in the future.

The construction end-user industry occupied utmost shares in 2022, whereas automotive industry is gaining significant traction in the industry in the coming years.

Galvanized Steel Market Regional Outlook

The Asia-Pacific region is a prominent force in the galvanized steel market. Galvanized steel is in high demand due to the region's growing industrialization, expanding urbanization, and large expenditures in infrastructure projects. Countries such as China, India, and Japan play critical roles, with China leading the world in steel production and export. The region's industrial strength, along with an expanding middle class and rising disposable incomes, drives both the construction and automobile industries. As a result, Asia-Pacific is likely to retain its market domination, demonstrating solid development and considerably contributing to overall global demand for galvanized steel.

North America has a significant position in the galvanized steel market, owing to its expanding industrial sectors, infrastructural development, and automotive industry. The need for galvanized steel in the region is significant in building, industry, and oil and gas applications. Urbanization and redevelopment initiatives also help to sustain demand. Furthermore, strict corrosion-resistance criteria in several industries drive the usage of galvanized steel. While North America's development may be slower than that of Asia-Pacific, it remains an important player in the worldwide industry.

Galvanized Steel Market Players

Some prominent galvanized steel companies covered in the industry include Ansteel, ArcelorMittal, Baosteel, CSC (China Steel Corporation), JFE Steel, JSW Steel, Ma Steel (Magang Group), Nippon Steel Sumitomo Metal, Nucor, POSCO, Severstal, Shandong Iron & Steel Group, ThyssenKrupp, United States Steel (USS), and Wuhan Iron and Steel (WISCO).

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Mr. Frank Wilson

Acumen Research and Consulting

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