New York (US), June 07, 2023 (GLOBE NEWSWIRE) -- Coated Steel Market Overview
The research documents by MRFR indicate that the “Coated Steel Market Research Report Information by Coating, Region, Type, and End-User - Forecast Till 2032”, the Coated Steel market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 5.00%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 33.81 Billion by the end of 2032. As per the study documents, the market was worth around USD 21.8 Billion in 2022.
The primary aspect causing a surge in the performance of the market is the escalating demand from the building components and construction sectors.
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Competitive Analysis
The catalogue of the top leaders across the global Market for Coated Steel includes players such as:
- JSW (India)
- JFE Steel Corporation (Japan)
- ArcelorMittal (Luxembourg)
- NLMK (Russia)
- SSAB (Sweden)
- NIPPON STEEL & SUMITOMO METAL CORPORATION (Japan)
- POSCO (South Korea)
- Uttam Galva Steels Limited (India)
- Essar (India)
- Salzgitter Flachstahl GmbH (Germany)
- ThyssenKrupp AG (Germany)
- Tata Steel (India)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2022 | USD 33.81 Billion |
| CAGR | 5.00% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Coating, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increased innovation in steel products and growing automobile manufacturing |
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Market USP Covered
Market Drivers
The global Coated Steel industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand from the building components and construction sectors. Furthermore, the R&D to enhance functionality, development of advanced coating formulations, and rising demand for eco-friendly products is also projected to boost the market's growth over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
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COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Coated Steel industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. The numerous measures taken by the Government to combat the adversities and impact of the pandemic on the Coated Steel market will help it to expand.
Segment Analysis
Among all the types, the metallic-coated steel segment is anticipated to ensure the leading position across the global market for coated steel over the assessment period, given mainly to the frequent use of electro-galvanized coated steel. On the other hand, the color-coated steel segment will likely showcase the maximum growth rate over the coming years. Appliances such as washing machines, refrigerators, and ovens are commonly made with color-coated steel.
Among all the coating types, the polyester category is anticipated to ensure the leading position across the global market for coated steel over the assessment period, given mainly to increased corrosion resistance and endurance. The polyester coating is a desirable alternative to coated steel as it is simple to use, offers superior protection against weathering, and is affordable. On the contrary, the polyvinylidene fluoride segment will likely showcase the maximum growth rate over the coming years.
Among all the end-use industries, the building & construction segment is anticipated to ensure the leading position across the global market for coated steel over the assessment period, given mainly to coated steel's expanding use in construction and building. On the contrary, the automotive segment will likely showcase the maximum growth rate over the coming years.
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Regional Analysis
The Global Market for Coated Steel is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the North American region is anticipated to hold the leading position across the global Coated Steel industry over the coming years. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Coated Steel Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the expansion of end-use industries. Furthermore, the increase in domestic competitors in certain vertical market segments is also believed to be one of the crucial parameters enhancing the regional market's growth.
The European Region is anticipated to secure the second position across the global Coated Steel industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Coated Steel Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is the regulations and policies being implemented by governments to encourage green building techniques and reduce carbon emissions. Furthermore, products assembled of coated steel, specifically those built from recycled components, are utterly popular since they support these sustainability objectives.
Asia-pacific Region carried a substantial position across the global Coated Steel industry in 2021. India, China, and Indonesia are the leading development contributors in the region. Further, the China Coated Steel Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the significant presence of manufacturers in the region given to the growing end-use industries. Office space, building work, and retail sales for public safety are all expanding in this region. Furthermore, the demand for the products given to the significant population migration from rural to urban areas is also likely to influence the market’s development over the coming years positively.
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