NEW YORK, Oct. 15, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global galvanized steel market size is estimated to grow by USD 51.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 5.34% during the forecast period. Economic growth in China and India is driving market growth, with a trend towards rising applications of galvanized steel pipes in oil and gas industry. However, volatility in raw material prices used for manufacturing galvanized steel poses a challenge. Key market players include Ansteel Group Corp. Ltd., ArcelorMittal SA, China BaoWu Steel Group Corp. Ltd., China Steel Corp., Cleveland Cliffs Inc., DANA Group of Companies, Gerdau SA, HBIS Group Co. Ltd., JFE Holdings Inc., Jiangsu Shagang International Trade Co. Ltd., JMT STEEL, JSW Group, Nippon Steel Corp., Nucor Corp., PAO Severstal, POSCO holdings Inc., SMS group GmbH, Tata Sons Pvt. Ltd., thyssenkrupp AG, and United States Steel Corp..
Technavio has announced its latest market research report titled Global galvanized steel market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
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Galvanized Steel Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.34% |
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Market growth 2024-2028 |
USD 51.2 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.81 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 79% |
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Key countries |
China, US, India, Japan, and South Korea |
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Key companies profiled |
Ansteel Group Corp. Ltd., ArcelorMittal SA, China BaoWu Steel Group Corp. Ltd., China Steel Corp., Cleveland Cliffs Inc., DANA Group of Companies, Gerdau SA, HBIS Group Co. Ltd., JFE Holdings Inc., Jiangsu Shagang International Trade Co. Ltd., JMT STEEL, JSW Group, Nippon Steel Corp., Nucor Corp., PAO Severstal, POSCO holdings Inc., SMS group GmbH, Tata Sons Pvt. Ltd., thyssenkrupp AG, and United States Steel Corp. |
Market Driver
Galvanized steel pipes are a popular choice in the oil and gas industry due to their durability and thermal stability. These pipes are designed to withstand harsh environmental and chemical conditions, making them ideal for use in exploration, refining, and transportation applications. Their excellent stress crack resistance against oil and gas, low permeation of hydrocarbon and methane, corrosion, and impact resistance make them a preferred option. In the oil and gas sector, galvanized steel pipes are primarily used in deep-water drilling and exploration to prevent damage caused by corrosion and moisture. With over 100 new crude oil and natural gas projects set to begin production in APAC by the end of 2022, the demand for galvanized steel pipes is expected to increase. Major projects such as Southern Gas Corridor in Europe, Johan Castberg Project in Norway, Coral South LNG in Mozambique, Clair Ridge in the UK, Tyra Field Redevelopment in Denmark, Jizzakh Oil Refinery in Uzbekistan, South Pars Gas Field in Iran, and Bahrain LNG Terminal in Bahrain are expected to commence during the forecast period. The growing consumption of galvanized steel pipes in the oil and gas industry is likely to drive the growth of the galvanized steel market during this period.
The Galvanized Steel market is thriving, with key applications including construction projects for fences, roofs, bridges, and metal pipes. Galvanized steel, made by coating iron or steel with zinc, offers superior corrosion resistance, making it ideal for electrical equipment, automotive parts, and residential and commercial construction. Electro-galvanizing steel, specifically designed for electrical applications, boasts conductivity and corrosion resistance for electrical components and enclosures. Price volatility in the market is driven by factors like raw material costs, particularly zinc. Hot-dip galvanized steel and electrical galvanized steel remain popular due to their long lifespan and structural integrity. Steel producers are focusing on environmentally friendly methods, such as recycling and low-carbon production, to meet growing demand for eco-friendly construction practices. Galvanized steel’s high-performing, corrosion-resistant properties make it a top choice for developers seeking green building construction materials. Its zinc coating ensures a longer lifespan and reduced environmental impact compared to stainless steel. With a wide range of product varieties and applications, galvanized steel continues to be a go-to choice for industries and construction sectors.
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Market Challenges
The global galvanized steel market faces significant challenges due to the volatility in raw material prices. The production of galvanized steel relies on various commodities and metals, including iron ore, steel, and zinc. The prices of these raw materials are influenced by global economic conditions and price elasticity, leading to uncertainty and impacting profit margins for market stakeholders. The pricing structure of iron ore varies by region due to import and export tariffs, creating challenges for the galvanized steel industry. Additionally, the closure of zinc mines, such as Brunswick Mine in New Brunswick, has caused an increase in zinc prices, reducing global production and leading to higher demand and prices. The volatility in raw material prices also squeezes manufacturers’ profit margins, hindering their growth during the forecast period. Galvanized steel prices are unstable due to the volatile nature of raw material prices and excess steel production. Furthermore, the decline in oil prices impacts steel prices, making it difficult for galvanized steel makers to predict and manage raw material costs. Overall, high volatility in the cost of raw materials is a major challenge for the global galvanized steel market during the forecast period.
The Galvanized Steel market faces challenges in conductivity for electrical components and enclosures, requiring superior properties from hot-dip galvanized steel and electrical galvanized steel. Price volatility impacts steel and iron producers, affecting the cost of corrosion-resistant materials like zinc-coated steel used in conduit fittings. Superior properties, longer lifespan, and structural integrity are essential for high-performing steel in home appliances and automobiles. Steel producers must adopt environmentally friendly methods, such as green building practices, to meet the growing demand for low-carbon, recyclable, and eco-friendly materials. Developers and architects in the construction sector prioritize corrosion-resistant materials for green building construction, contributing to the green building movement. The galvanizing process ensures the environmental impact is minimized while maintaining product variety and the use of coating technologies.
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Segment Overview
This galvanized steel market report extensively covers market segmentation by
Type
1.1 Hot-dip galvanized steel
1.2 Electrical galvanized steel
Product
2.1 Sheets and strips
2.2 Structures
2.3 Pipes and tubes
2.4 Others
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Hot-dip galvanized steel- Hot-dip galvanized steel is produced by coating steel with a thin layer of zinc during the galvanizing process. This protective barrier enhances the steel’s resistance to corrosion, making it suitable for various applications, including construction, home appliances, automobiles, and light industrial uses. The process involves dipping the steel in a molten zinc bath at high temperatures. The growing infrastructure development in China and India is driving the demand for hot-dip galvanized steel due to its durability in ground and water conditions. The increasing use of galvanized steel in infrastructure projects, such as roads, highways, and railways, is expected to boost the market’s growth during the forecast period. The per capita consumption of galvanized steel is projected to rise due to the ongoing construction boom.
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Research Analysis
Galvanized steel, a vital alloy of steel coated with zinc, offers exceptional corrosion resistance, making it an ideal choice for various applications. Zinc acts as a protective shield against environmental elements, extending the lifespan of structures and ensuring structural integrity. In construction projects, galvanized steel is widely used for fences, roofs, bridges, and metal pipes due to its high-performing and corrosion-resistant properties. Additionally, it is employed in electrical equipment and automotive parts for conductivity and reliability. For residential and commercial construction, electro-galvanizing steel is a popular choice for green building practices, as it is environmentally friendly and offers a longer lifespan compared to traditional materials. The product variety of corrosion-resistant materials continues to expand, catering to diverse industries and applications. Coatings and advanced technologies further enhance the performance and sustainability of galvanized steel, making it a preferred choice for infrastructure development and industrial applications.
Market Research Overview
Galvanized steel, a type of steel coated with zinc, offers superior properties including corrosion resistance and conductivity, making it ideal for various applications. In construction projects, it is commonly used for fences, roofs, bridges, metal pipes, and electrical equipment due to its long-lasting nature and ability to withstand harsh environments. Galvanized steel is also essential in the automotive industry for parts production. Electro-galvanizing steel is specifically used in electrical applications, such as components and enclosures, due to its conductivity and corrosion resistance. The galvanizing process involves immersing steel or iron in molten zinc, resulting in a high-performing, corrosion-resistant material. Price volatility is a factor in the galvanized steel market, driven by the cost of zinc and the production process. Other corrosion-resistant materials, such as stainless steel, and green building practices are gaining popularity, influencing the market. Steel producers are adopting environmentally friendly methods to reduce the environmental impact of galvanizing. The construction sector, including developers and architects, are embracing green building practices and low-carbon, recyclable materials, further driving demand for galvanized steel in the residential and commercial construction industries. The automobile industry and electrical applications also contribute significantly to the market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Hot-dip Galvanized Steel
Electrical Galvanized Steel
Product
Sheets And Strips
Structures
Pipes And Tubes
Others
Geography
APAC
Europe
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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