The Pre-painted Steel Coil Market: Exploring Market Segments, Regional Trends, and Future Opportunities
The global pre-painted steel coil market is expected to reach USD 23.12 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.0% over the forecast period. The market is projected to be driven by its rising penetration in the commercial segment, along with growing investments in the development of residential buildings in the region. The surge in modular construction activities is also expected to positively influence the demand for global pre-painted steel coils over the forecast period.
Pre-painted steel coil has gained significance because of its lifespan of 60 years and more, owing to excellent corrosion resistance as a result of dual-layer protection. Another important aspect of pre-painted steel is its reflective property, which reduces heat absorption in buildings. The steel sheet acts as a barrier, which prevents heat transfer between the exterior and interior of the building.
The global market is projected to be driven by investments in commercial and residential construction sectors. For instance, in May 2023, construction spending in the U.S. increased, boosted by investment in the non-residential sector. However, single-family housebuilding remained sluggish on account of higher mortgage rates.
Growing commercial and warehousing activities across the world hold more than half the share of building construction and pre-painted steel coil usage. Asia Pacific offers the highest growth potential for the market during the forecast period. The demand in countries such as China, India, and Japan is expected to keep the positive momentum for the product.
Asia Pacific is the fastest-growing region of the global market. This is due to an increase in construction spending by the prominent countries. For instance, the Japanese construction market offers investors stable leveraged returns along with attractive opportunities. At the same time, Japan’s economy is benefiting from a weaker yen, with major companies and exporters enjoying recovered capital and overall business sentiment.
Furthermore, in many markets, labor shortages have led to significant construction costs and operational costs due to higher salaries. This is mainly affected by the unpopularity of construction work in the emerging middle-class population. Thus, labor shortages are now driving the shift to prefabricated buildings, with factory-made components procured to sites for assembly. A growing trend in modularization has also been observed, where complete sections of the buildings (e.g., bathrooms) are manufactured off-site. The costs of modularization are high; however, they are now decreasing as adoption is increasing.
Companies are adopting strategic initiatives to stay ahead in the market. For instance, in November 2021, South-Korea based Dongkuk Steel Mill Co., announced it plans to grow the revenue of its color-coated steel business to USD 1.7 billion, with an annual production capacity of 1 million tons by 2030. Further, it also plans to expand its international capacity from three to eight factories and sales offices in seven countries.
Pre-painted Steel Coil Market Report Highlights
- Based on application, metal buildings is expected to grow at a CAGR of 8.2% in terms of revenue across the forecast period. The high demand for warehousing, commercial buildings, and industrial facilities is propelling the segment's growth over the forecast period
- Based on region, Asia Pacific dominated the market with more than 40.0% of the global revenue in 2022. The increasing investments in the development of affordable housing units, construction of smart cities, upgradation of existing infrastructures and development of new ones, and promotion of tourism are expected to surge the demand for pre-painted steel coil in the region during the forecast period
- The market in Middle East & Africa is anticipated to register a CAGR of 6.7%, in terms of revenue, across the forecast period. Countries in the Middle East & Africa are developing at a fast pace owing to the ongoing rapid industrialization and urbanization in the region. For example, the government of the UAE plans to increase the contribution of the manufacturing industry to its economy by diversifying its investments in other industries
- Due to intense competitive rivalry, leading market players invest in mergers & acquisitions and expansion to remain competitive. For instance, in March 2021, the UAE invested USD 81.68 billion for the expansion of its manufacturing industry as a part of its economic diversification plan into non-oil sectors
Pre-painted Steel Coil Market Segmentation
Grand View Research has segmented the global pre-painted steel coil market based on application, product, and region:
Pre-painted Steel Coil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Metal Buildings, By Product
- Automotive Buildings
- Agriculture Buildings
- Aviation Buildings
- Commercial Buildings
- Residential Buildings
- Others
- Post-Frame Buildings, By Product
- Automotive Buildings
- Agriculture Buildings
- Aviation Buildings
- Commercial Buildings
- Residential Buildings
- Others
Pre-painted Steel Coil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
Key Players of Pre-painted Steel Coil Market
- ArcelorMittal
- Alucosuper New Materials Co., Ltd.
- Dana Steel Industry LLC
- Nippon Steel Coated Sheet Corporation
- NLMK
- POSCO
- UNICOIL
- Shanghai Metal Corporation
- Tata BlueScope Steel
Order a free sample PDF of the Pre-painted Steel Coil Market Intelligence Study, published by Grand View Research.
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