New York, USA, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Coated Steel Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Coated Steel Market Information by Type, Coating, End-Use, And Region - Forecast till 2027”, the market is estimated to grow at a 5% CAGR to reach USD 30 Billion by 2027.
Market Synopsis
Applying an organic ornamental and protective coating on steel substrate delivered in coil form is called coating. Pre-painted steel is another name for coated steel. Color coatings are special compounds that provide long-term steel protection in various corrosive circumstances, ranging from atmospheric exposure to complete immersion in severely corrosive solutions. Color coatings are paint coatings. Steel composites are prone to corrosion, just like traditional metal matrix composites, frequently resulting in significant maintenance costs. Coated steel effectively and economically gives steel the qualities of strength, lightness, and anti-corrosive characteristics. Coated steels are also resilient to fire and long-lasting. Appliances, automobile parts, pipes and tubes, and outdoor leisure gear are mostly made from coated steel.
The demand for coated steel is expected to increase over the projected period due to the expansion of the appliance, automotive, and construction industries. The coated steel market is growing due to the goods' superior qualities and lower pricing compared to electro-galvanized steel. Transporting coated steel, however, continues to be a problem for the makers and restrains the market's expansion. However, the market for coated steel is projected to offer expansion prospects for skyscrapers in developing nations covered by steel and aluminum. Coated steel is steel with a layer of organic or metallic chemicals to stop corrosion. Coated steel is considered the best option for shielding steel from corrosive environments.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 30 Billion |
| CAGR | 5% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Coating, End-Use, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing ultimatum from the domestic and electrical appliance industry. |
| The building and construction components use is expected to dominate the world market. |
Market Competitive Landscape:
The renowned contenders in the coated steel market are:
- SW (India)
- ArcelorMittal (Luxembourg)
- Nippon Steel & Sumitomo Metal Corporation (Japan)
- Essar (India)
- Tata Steel (India)
- Thyssenkrupp AG (Germany
- SSAB (Sweden)
- POSCO (South Korea)
- JFE Steel Corporation (Japan
- NLMK (Russia
- Salzgitter Flachstahl GmbH (Germany)
- Uttam Galva Steels Limited (India)
Market U.S.P. Covered:
Market Drivers:
Due to its tremendous strength, coated steel is better suited for construction. Additionally, coated steel is more durable than other materials. Its distinctive qualities, including flexibility, tensile strength, ductility, and cost-effectiveness, produce favorable demand prospects for coated steels on the global market. These elements are anticipated to fuel the coated steel market's expansion on a global scale. In the building sector, coated steel is used to develop beautiful and practical structures that adhere to strict environmental and quality standards. The coated steel has tremendous strength, making it ideal for building construction. Coated steel has other qualities like tensile strength, ductility, flexibility, and cost-effectiveness.
Due to its tremendous strength, coated steel is better suited for construction. The rising demand for automotive components like coated steel closely correlates with the industry's expanding vehicle production. As a result, the market for coated steel is predicted to develop due to the rising demand for the manufacturing of vehicles, which is also expected to increase demand for coated steel since it has become a standard in all types of vehicles on the worldwide market.
Market Restraints:
The volatility of raw material prices and high maintenance costs are seriously impeding the expansion of the coated steel market. Additionally, unequal raw material supply in one area hinders market expansion and is a major market barrier.
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COVID 19 Analysis
The US-China trade dispute and COVID-19, which had a detrimental influence on the market for coated steel, are two reasons that have hurt the global auto sector. However, it is anticipated that the automobile sector will have rebounded from its downturn by the end of 2020. The industry also endured acute labor shortages due to frequent lockdowns that interfered with production and shifting operations. The viability of coated steel companies and suppliers has been under pressure due to the decline in business due to weaker demand from several primary markets. The negative effects on emerging market economies have intensified due to prolonged lockdowns in developed markets and local social isolation. Longer lockdowns have significantly impacted consumer spending, corporate liquidity, and banks' asset quality.
Market Segmentation
By end-use industry, the market includes electrical and electronics, automotive, and building & construction. By type, the market includes color-coated steel and metallic-coated steel. By coating, the market includes polyurethane, pure zinc, pure aluminum, polyester, epoxy, and aluminum zinc.
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Regional Insights
Due to rising consumption in nations like China, India, and Japan, the Asia-Pacific region has the largest market and is anticipated to grow at the fastest rate over the forecast period. Additionally, these businesses are rapidly digitizing their operations to achieve end-to-end operation convergence. This further motivates North American and European OEMs to outsource their manufacturing to Asia-Pacific. The demand for the product is driven by the region's expanding infrastructure projects and the desire for economically viable and aesthetically appealing building materials for use in interior and exterior applications. The market for coated steel is anticipated to be driven by the region's rising automotive sector and expanding automotive aftermarket.
In addition, the ASEAN region's electronics and electrical industry are expanding rapidly, which is anticipated to drive coated steel demand throughout the projection period. Due to the region's abundance of automotive OEMs and recovering steel demand from various end users, the European market is also anticipated to expand. Due to the increasing need for coated steel in important end-use industries like construction and automotive, the North American market is anticipated to experience a robust CAGR.
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