Dublin, March 18, 2022 (GLOBE NEWSWIRE) -- The "Southeast 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 2028" report has been added to ResearchAndMarkets.com's offering.
The Southeast Asia Galvanized Steel Market is expected to reach $24.21 billion by 2028, at a CAGR of 13.0% during the forecast period, 2021-2028. By volume, this market is expected to reach 25.9 million tons by 2028, at a CAGR of 12.4% during the forecast period 2021-2028.
The growth of this market is mainly attributed to factors such as increasing infrastructure investments in the Southeast Asian region and rising GDPs in the region. Rapid urbanization in the region, growing automotive markets in the region, and establishment of the ASEAN economic community provide significant growth opportunities for market players.
Based on product type, the Southeast Asia galvanized steel market is mainly segmented into hot-dipped galvanized steel and electro-galvanized steel. The hot-dipped galvanized steel segment is expected to grow at the highest CAGR during the forecast period.
This hot-dipped galvanized steel segment has a high growth rate during the forecast period mainly because hot-dipped galvanized steel provides numerous environmental and economic benefits to achieve sustainable designs. Also, hot-dipped galvanized steel can prevent costly and damaging corrosion protection inspections and maintenances. Hot-dip galvanized steel can withstand the effects of corrosion for decades, is maintenance-free, and ensures these structures will stand strong long into the future.
Based on application, the Southeast Asia galvanized steel market is segmented into building and construction, automotive, white goods, shipbuilding, and other applications.
The white goods segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment during the forecast period is attributed to a large portion of steel used to manufacture white goods. An electro-galvanized steel sheet with a coating weight of 20 g/m2 is normally used for white goods. The purpose of this is to restrain red rust on steel by taking advantage of the preferential corrosion of zinc under general conditions.
Geographically, the market is segmented into countries: Vietnam, Indonesia, Singapore, Thailand, Malaysia, the Philippines, and the Rest of Southeast Asia. Indonesia is expected to witness the fastest growth during the forecast period.
The factors attributed to the high growth of this country are the rich resource availability of raw steel and government support for the automotive sector. The government policies of Thailand support the automotive industry, which encourages OEMs from around the globe to establish their production bases and set up research and development departments in the country. In EV production, galvanized steel is used for various applications such as car skeleton structures, front and rear bumpers, body panels, etc.
However, Thailand is expected to witness the second-fastest growth during the forecast period. The factors attributed to this country's growth are the government support policies of the automotive industry, which encourages OEMs from around the globe to establish their production bases and set up research and development departments in the country.
Market Dynamics
Drivers
- Increasing Infrastructure Investments in the Region
- Rising GDPS in the Region
Restraints
- The Impact of COVID-19 on Steel Consumption in Southeast Asia
- Decline in the Purchase of Chinese Steel Among Southeast ASIAN Countries
- ASEAN Countries' Ban on Induction Furnaces Manufactured in China
Opportunities
- Rapid Urbanization in the Region
- Growing Automotive Markets in the Region
- Establishment of the ASEAN Economic Community
The key players operating in the Southeast Asia galvanized steel market are
- Nippon Steel Corporation (Japan)
- POSCO (South Korea)
- JFE Holdings Inc. (Japan)
- JTL Infra Ltd. (India)
- NS BlueScope steel limited (Singapore)
- Hoa Sen Group (Vietnam)
- Hoa Phat Group (Vietnam)
- DONGKUK Steel Group (South Korea)
- Nam Kim Steel Joint Stock Company (Vietnam)
- Chinh Dai Industrial Co. Ltd (Vietnam)
- FIW Steel Sdn. Bhd. (Malaysia)
- Galvaco Industries Sdn. Bhd. (Malaysia)
Scope of the Report:
Southeast Asia Galvanized Steel Market, by Product Type
- Hot-dipped Galvanized Steel
- Hot-dipped Zinc Coated Galvanized Steel
- Hot-dipped Aluminum Coated Galvanized Steel
- Hot-dipped Zinc-Aluminum-Silicon Alloy Coated Galvanized Steel
- Hot-dipped Zinc-Magnesium-Aluminum Alloy Coated Galvanized Steel
- Hot-dipped Zinc-Aluminum-Magnesium-Silicon Alloy Coated Galvanized Steel
- Electro-galvanized Steel
- Electrolytic Zinc-coated Galvanized Steel
- Electrolytic Zinc-Nickel Alloy-coated Galvanized Steel
- Electrolytic Zinc-Sn-Nickel Alloy-coated Galvanized Steel
- Electrolytic Nickel-coated Galvanized Steel
- Electrolytic Phosphate-treated Galvanized Steel
Southeast Asia Galvanized Steel Market, by Application
- Building and Construction
- Trusses
- Roofs
- Frames
- Exterior Wall
- Interior Wall
- Pipes and Ducts
- Purlins
- Decking
- Other Building and Construction Applications
- Automotive
- White Goods
- Refrigerators
- Washing Machines
- Air-Conditioning
- Microwave Ovens
- Other Appliances
- Shipbuilding
- Other Appliances
- Electrical Transmission Towers
- Telecom Towers
- Steel Furniture
- Office Equipment
- Miscellaneous Applications
Southeast Asia Galvanized Steel Market, by Geography
- Vietnam
- Indonesia
- Singapore
- Thailand
- Malaysia
- Philippines
- Rest of Southeast Asia
For more information about this report visit https://www.researchandmarkets.com/r/cduyeo
