AI Drives Growth in Galvanized Steel Market, Expected to Increase by USD 51.2 Billion (2024-2028) Amid Economic Expansion in China and India

Oct 15, 2024, 19:54 ET

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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..

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Galvanized Steel Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.34%

Market growth 2024-2028

USD 51.2 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.81

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 79%

Key countries

China, US, India, Japan, and South Korea

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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This galvanized steel market report extensively covers market segmentation by

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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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.

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.

1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation

7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix

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.

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio