Galvanized Steel Coil Market Forecasted to Reach US$ 38.2 Bn, Globally, by 2031 Registering at a CAGR of 5.0%

Rise in infrastructure activities globally and the increase in usage of galvanized steel coil for construction applications is augmenting the galvanized steel coil demand.

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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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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