#GalvanizedSteelMarket

[bhavanameti]

Southeast Asia Galvanized Steel Market Projected to Reach $25.9 Billion by 2031

Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel), Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications), and Country - Forecast to 2031.’

According to the latest publication from Meticulous Research®, the Southeast Asia galvanized steel market is projected to reach $25.9 billion by 2031, growing at a CAGR of 14.6% from 2023 to 2031. By volume, the market is expected to reach 27.6 million tons by 2031, at a CAGR of 13.8% during the same period.

The market's growth is driven by increasing infrastructure investments, rising demand in the construction industry, and growing GDPs in the region. However, volatility in raw material prices, regulatory compliance, and a decline in the purchase of Chinese steel due to changing international trade dynamics may restrain growth.

Technological advancements in galvanized steel manufacturing and the establishment of the ASEAN Economic Community are expected to create growth opportunities. Conversely, high manufacturing costs pose significant challenges.

The Southeast Asia galvanized steel market is segmented by product type and application. The product type segment includes hot-dipped galvanized steel (hot-dipped zinc coated, hot-dipped aluminum coated, hot-dipped Sn-zinc coated, hot-dipped zinc-magnesium-aluminum alloy coated, hot-dipped zinc-aluminum-silicon alloy coated, and hot-dipped zinc-aluminum-magnesium-silicon alloy coated) and electro-galvanized steel (electrolytic zinc-coated, electrolytic zinc-nickel alloy-coated, electrolytic nickel-coated, electrolytic zinc-Sn-nickel alloy-coated, and electrolytic phosphate-treated). Applications include building and construction (trusses, roofs, frames, exterior walls, interior walls, pipes and ducts, purlins, decking, and other applications), shipbuilding, automotive, white goods (refrigerators, washing machines, air-conditioning units, microwave ovens, and other appliances), and other appliances (electrical transmission towers, telecom towers, steel furniture, office equipment, miscellaneous applications). The study also evaluates industry competitors and analyzes the market at regional and country levels.

In 2024, hot-dipped galvanized steel is expected to account for the larger market share, over 76.9%, due to its numerous environmental and economic benefits, such as corrosion resistance and low maintenance. This segment is also projected to register the highest CAGR during the forecast period.

The building and construction segment is expected to account for the largest market share, over 70.4%, due to galvanized steel's durability and low maintenance. The white goods segment is projected to register the highest CAGR during the forecast period due to the large portion of steel used in manufacturing.

By country, Vietnam is expected to hold the largest market share, over 37.7%, driven by rapid industrialization and extensive infrastructure development. Indonesia is projected to register the highest CAGR of 16.7%, driven by its large automotive sector and role as a manufacturing hub.

Key players in the Southeast Asia galvanized steel market include Essar Steel India Limited (India), Nippon Steel Corporation (Japan), POSCO (South Korea), JFE Holdings, Inc. (Japan), JTL Infra Limited (India), NS BlueScope Steel Limited (Australia), Hoa Sen Group (Vietnam), Hoa Phat Group (Vietnam), Dongkuk Steel Group (South Korea), Chinh Dai Industrial Co. Ltd (Vietnam), FiW Steel Sdn. Bhd. (Malaysia), Galvaco Industries Sdn. Bhd. (Malaysia), Nam Kim Steel Joint Stock Company (Vietnam), Tata Steel Limited (India), and Hyundai Steel Co., Ltd. (South Korea).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of product type and application?

What is the historical market size for galvanized steel in South East Asia?

What are the market forecasts and estimates for 2024–2031?

What are the major drivers, restraints, opportunities, challenges, and trends in the South East Asia galvanized steel market?

Who are the major players in the South East Asia galvanized steel market, and what are their market shares?

What is the competitive landscape like?

What are the recent developments in the South East Asia galvanized steel market?

What are the different strategies adopted by major market players?

What are the trends and high-growth countries?

Who are the local emerging players in the South East Asia galvanized steel market, and how do they compete with other players?

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[priyanka25universe-blog]

Galvanized Steel Market to Receive Overwhelming Hike in Revenues by 2025

Galvanized steel is a type of steel that is corrosion resistant and rust free. It is manufactured by following a specific process called galvanization. It involves applying a protective coating of zinc to prevent rusting and corrosion. The global galvanized steel market can be segmented into application, end products, and geography.

In terms of application, the galvanized steel market can be segmented into buildings and construction, automotive, consumer durables, high voltage electrical equipment, platforms, stairs, handrails, pipe fittings and engineering among others. In terms of end products, the galvanized steel market can be segmented into bolts, nuts, steel main frames, and cable support systems among others. Moreover, in terms of geography, the market can be segmented into Asia Pacific (APAC), Europe, North America, Middle East & Africa (MEA), and South America.

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Rapid Industrialization coupled with increasing population have led to the increase in sales of home, houses and construction expenditures. Governments of various developing nations are focusing on infrastructural developments which, in turn, has led to the rise in demand for galvanized steel. This is acting as a driver in the expansion of the galvanized steel market. Properties and characteristics of galvanized steel are also the major factors that are fuelling the expansion of the market. These characteristics include corrosion resistant, rust free and high reliability. Galvanized steel is cheap, thus it is highly preferred in various constructional purposes such as residential and commercial buildings. Cost effectiveness and increased usage of galvanized steel in various industry-based applications in comparison to conventional steel are further contributing to the expansion of the galvanized steel market. Moreover, lowered price of zinc is playing a vital role in driving the expansion of the galvanized steel market. This trend is persuading manufacturers to explore new business opportunities in the galvanized steel market. This, in turn, is fuelling the expansion of the market globally. Increasing awareness and popularity of galvanized steel in the building & construction industry is a key factor boosting the expansion of the market. Furthermore, reduced or low maintenance cost is another major factor playing vital role in the expansion of the galvanized steel market. 

The engineering industry is a rapidly expanding end-user segment where galvanized steel has found numerous applications. Increase in demand of galvanized steel in emerging markets of Asia Pacific along with various technological needs are acting as opportunities of the galvanized steel market. Latest Galvanized Steel in place of conventional steel is further propelling the expansion of the galvanized steel market. These factors are playing a vital role and are simultaneously affecting and contributing to the expansion of the galvanized steel market significantly. The galvanized steel market is expanding significantly, as there is considerable expansion in the construction and engineering sector and large-scale industries globally. This, in turn, is increasing the demand for galvanized steel in the market. Manufacturers are consistently focusing on product development in the emerging markets as there are opportunities to expand and increase their market share globally.

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Geographically, APAC is a prominent market for galvanized steel, followed by North America. Europe is a rapidly expanding market for galvanized steel. North America is the second largest market, and in terms of market share, the U.S.is the leading contributor in the region. China and Japan are among the leading contributors in Asia Pacific. The major reason behind this significant expansion of the galvanized steel market in the region is the considerable investments in construction and infrastructural projects by the governments in the developing nations. This, in turn, has fuelled the demand of galvanized steel in the market in the developing nations of APAC.

The global galvanized steel market is fragmented with many established players. The major players in the market are primarily from Malaysia, Japan, Thailand, China, U.S., and Europe. Key players in the market are JFE Steel, Arcelor Mittal, Baosteel, Gerdau, NSSMC, and POSCO Nucor. Other prominent vendors in the market are Hebei Iron and Steel, AK Steel, Ansteel, United States Steel (USSC), Shagang Group, and Tata Steel.

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