Coated Steel Market Size Worth USD 34.90 billion By 2027 |...

Coated Steel Market Size Worth USD 34.90 billion By 2027

Posted 2023-12-29 06:56:18

Market Overview: The global Coated Steel market is anticipated to experience a growth rate of 5.2%, increasing from USD 23.90 billion in 2019 to USD 34.90 billion in 2027. Key drivers for this growth include a surge in construction activities and heightened demand in the automobile industry. Significant expansions are expected, particularly in Mexico, owing to an expanded supply base.

Furthermore, advancements in methods, driven by automation technology, are poised to contribute to market growth. Automation minimizes human intervention, leading to improved performance. Consequently, the market is expected to witness notable development in the coming years.

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The demand for coated steel is predicted to be primarily fueled by the growth in construction activities. Additionally, the rise of electronic innovations in various regions, coupled with the emergence of an outstanding electronic reseller, is projected to support the material's development in the foreseeable future. Coated steel enhances the longevity of steel by augmenting its corrosion-resistant properties and providing robust rust protection, coupled with an aesthetically pleasing appearance.

Applications of coated steel span various industrial sectors, including renovation and construction, manufacturing, automotive, household appliances, among others. The building and construction sector, in particular, is lucrative, contributing significantly to the anticipated expansion of coated steel. The automotive industry is another major application area, where electro-galvanizing and paint coating command a significant market share. Color-coated sheets find widespread use across diverse industrial applications.

Product Type Overview: Metallic coated sheets, characterized by their corrosion-resistant steel coated in plain or alloyed forms, primarily with zinc, held a market share of 47.75% in 2019. On the other hand, color-coated sheets dominated the market with revenue reaching USD 12.49 billion in 2019. These composites are preferred for their corrosion resistance, lightweight attributes, superior strength, and fire-resistant properties.

Resin Type Overview: Polyester-coated steel experiences significant demand, particularly in the building and construction sector, despite limitations due to curing issues. Silicone Polyester Color Coated Steel held the second-largest market share in 2019 at 23.77%, offering enhanced gloss longevity and weather resistance.

Application Overview: The building segment secured the largest market share (21.59%) in 2019, driven by increased demand for coated steel products in industrial, manufacturing, and residential buildings. The automotive sector is growing at a CAGR of 5.4%, with increasing emphasis on industrialization in emerging economies leading to market escalation. The packaging segment is expected to grow at a CAGR of 5.2%, offering protective coatings for metal packaging to prevent chemical reactions with food and beverages.

Regional Overview: The Asia Pacific dominated the market in 2019, with China and India serving as leading producers of refrigerators, contributing to increased global market demand. Brazil has also emerged as a significant destination for producers, with high anticipated demand and its proximity to the U.S.

Europe is experiencing growth with a CAGR of 1.9%, driven by increasing awareness among producers in the region about the properties of coated steel components.

Market-O-Nomics: Initiatives in GCC countries to develop domestic manufacturing, reducing dependence on imports, are expected to accelerate industrialization and positively impact market growth.

Emerging economies, led by China and India, are experiencing market growth due to changing industrial sectors. Government initiatives, such as Make in India, are contributing to rapid expansion in manufacturing sectors.

Companies like Nucor are expanding their regional scope and product range to cater to a broader market group.

Zero Emission Vehicle (ZEV) initiatives are driving the expansion of the U.S. electric car industry, with a focus on preventing rust and corrosion through the use of coated steel.

Companies Profiled: Key players in the market include ArcelorMittal S.A., SSAB AB, Salzgitter AG, OJSC Novolipetsk Steel, Voestalpine AG, ThyssenKrupp AG, Nippon Steel, Sumitomo Metal Corporation, Essar Steel Ltd., Tata Steel Ltd., and Jindal Steel & Power Ltd.

Start-up Traction: Several startups are entering the market with innovative products and technologies, including VgS Enterprise, Tata Bluescope Steel, True Colours PEB LLP, AVR Trading, and J.K. Steel Strips LLP.

Deals Landscape: Mergers and acquisitions are integral to the Coated Steel industry. Tata Steel's acquisition of Bhushan Steel and Nippon Steel's arrangement with Kobelco Engineered Construction Materials Co., Ltd. are examples of strategic moves within the industry.

Expert Insights: Industry experts forecast increased adoption of Coated Steel technology, with new manufacturers expected to enter the market. The focus on innovation and advanced technology in developing nations is identified as a crucial area of growth. The growing emphasis on urbanization, industrialization, and increased demand for vehicles is expected to drive market growth.

Segments Covered: The report segments the global Coated Steel market based on product type, resin type, application, and region.

Product Type Outlook: Color Coated, Metallic Coated
Resin Type Outlook: Polyester Color Coated Steel, Fluro-Polymer Color Coated Steel, Siliconized Polyester Color Coated Steel, Plastisol Color Coated Steel, Others
Application Outlook: Automotive Industry, Domestic Appliances, Construction Industry, Furniture, Packaging, Fabrication, Others
Regional Outlook: North America, Europe, Asia Pacific, MEA, Latin America

The report forecasts revenue growth at a global, regional, and country level from 2017 to 2027.

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