Covina, July 31, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global galvanized steel market size and share is projected to grow from USD 102.1 Billion in 2024 to reach USD 172.1 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2024 - 2034).
Galvanized Steel Market Report Overview & Introduction
Galvanized steel is simply steel that has been coated with zinc to improve its corrosion resistance. This coating protects the iron steel substrate from moisture, saturated conditions, and humidity. For protection of this steel from moisture and other corrosive elements, it is dipped in a bath of molten zinc, which binds to the surface of the steel. This cathodic protection not only serves to cover the basic steel physically but the zinc coating corrodes faster than the steel. It is owing to the enhanced strength and durability that galvanized steel finds a place in the industrial field of applications, automotive manufacturing, and construction. The spangle or crystalline appearance on galvanized surfaces is created as the zinc coating solidifies when cooled.
Galvanized steel is an anti-corrosion material used in outdoor infrastructure, appliances, automobile, and construction industries. Some of the main advantages are excellent corrosion resistance, long service life, low maintenance costs, and cost-effectiveness. Galvanization includes cleaning the object, fluxing, then dipping in molten zinc, followed by cooling. The thickness of the zinc coating varies about lifespans and environmental factors. Painting or powder coating provides additional protection, but it also improves the appearance. These can be damaged by extreme pH values or long exposure time to chemicals, and welding needs special care because fumes of zinc are formed.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Galvanized Steel Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- ArcelorMittal
- Nippon Steel
- Sumitomo Metal Mining Co., Ltd.
- Nucor
- United States Steel (USS)
- ThyssenKrupp
- Severstal
- JSW Steel
- Essar Steel
- Rautaruukki
- Baosteel
- Ansteel
- Wuhan Iron and Steel
- Shagang Group
- Shandong Iron & Steel Group
- Ma Steel
- Bohai Steel
- Shougang Group
- CSC
- Valin Steel
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Analyst View:
Zinc-coated and galvanized steel resists corrosion, working in various fields, from construction to appliances and outdoor infrastructural works. It gives a long service life and inexpensive maintenance with good value. The thicknesses of the zinc coating differ depending on environmental conditions and lifespan. The building industry needs more buildings, bridges, and pipes. The motor vehicle industry is also growing as a result of fuel efficiency and low emissions. Galvanized steel is also used in farming because of its high strength, long life, and resistance to bad weather. Application areas are air conditioners, pipes, pipelines, protective fencing, light machinery, walling, roofing, and renewable energy sources. North America presents immense demand for galvanized steel, driven by sprawling infrastructure projects, a flourishing automobile industry, and a building industry.
Market Dynamics:
Drivers:
Growth of the Automobile Industry
- As the automobile industry moves towards reducing emissions and increasing fuel economy, it puts more focus on vehicle weight reduction. Galvanized steel, because of its remarkable strength-to-weight ratio, provides an answer that allows the auto manufacturer to decrease weight sizably without much loss in structural integrity and safety. Consequently, it lessens the impact on the environment, as it improves the fuel economy of vehicles and allows them to carry fewer loads. Given this, galvanized steel forms a very paramount resistance to corrosion, especially in high saline and humid environments. Due to its coating of zinc that protects the inner steel from rusting or corroding, car components are more durable and have a longer life with reduced maintenance.
Large Construction Sector
- Large investments in the infrastructure development course of global government initiatives, thereby enhancing the demand for galvanized steel in the construction of buildings, bridges, and pipes. Galvanized steel is used in the building of bridges due to the high strength-to-weight ratio that makes it resistant to corrosion and long-lasting, able to withstand severe weather conditions and large volumes of traffic. Galvanized steel is also used in pipe-making, as it provides the strength to hold up leakage substances and is resistant to corrosion; therefore it's suitable for underground pipes. Being a strong, inexpensive, and fire-resistant material, galvanized steel is widely used in roofing, wall panels, framing systems, and other building structure components.
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Market Trends:
Major uses in the Farming sector
- Galvanized steel could be used in many farm applications due to its high strength, long service life, and resistance in bad weather. Galvanized steel is applied for irrigation systems in sprinklers, pipes, and other parts that provide water to the crops. It is rust-resistant, hence will serve for a longer time and will not leak or break, causing loss of crops or disrupting watering schedules. Besides, galvanized steel goes into making storage tanks for farm products like cereals, fertilizer, and insecticides. Such tanks provide a weather-tight and secure storage space for all these important supplies, protecting them from decay due to sunlight, rainwater, and pests. The lower frequency of galvanized steel replacement reduces the maintenance needs for the storage tanks, thus saving money for the farmers.
Segmentation:
Galvanized Steel Market is segmented based on Product Type, Coating Type, Application, and Region.
Product Type Insights
- Galvanized sheets and coils find major industrial applications due to the need for strength, resistance, and zinc coating, which stops corrosion. They find extensive application in roofs, vehicle body chassis, and building constructions due to an increasing requirement for quality materials. Due to their strength and resistant capacity against corrosion, galvanized pipes and tubes are used significantly in the automotive and building sectors. Galvanized wires are manufactured for use in various engineering applications, including wire ropes and springs; these wires have excellent serviceability in fencing, cabling, and agriculture. Other products, like strips, rods, and bars, find a diversified usage in industries related to their increased resistance to surrounding factors.
Coating Type Insights
- For example, hot-dip galvanized steel is used in heavy industrial applications such as construction due to its thick and robust layer of steel resulting from its immersion in molten zinc. Electro-galvanized steel is more homogeneous and thinner, hence suitable for appliances and automotive uses that require very fine dimensional tolerances and smooth surfaces. Galvannealed steel has a matte finish that results from the combination of hot-dip galvanizing and annealing. Better paint adhesion and weldability make it very favorable in industries related to construction, appliance making, and automotive manufacturing.
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Recent Development:
- In July 2024, iSTEEL Zinc, the next generation of galvanized XLS TMT bars, has been launched. Viki Industries, which produces iSTEEL, a premium TMT bar brand known throughout South India, has introduced iSTEEL Zinc, a breakthrough zinc-coated TMT bar with a threefold longer construction life than ordinary TMT bars. Buildings constructed with iSTEEL Zinc, galvanized XLS TMT bars can last up to 150 years, compared to 50 years for standard TMT bars. iSTEEL Zinc galvanized XLS TMT bars are essential for coastal construction and various applications such as foundations, industries, and water tanks, providing unrivaled durability and resilience.
Regional Insights
- North America: In North America, there is strong demand for galvanized steel due to building construction activities, robust manufacturing of autos under construction, and infrastructure projects. It is the high degree of sustainability and modern infrastructure that prevail in this region, contributing to the accelerated expansion of the market for upscale galvanized steel products.
- Asia Pacific: High industrialization speed, coupled with rapidly growing demand for galvanized steel from the urbanization and infrastructure sectors, is recording new levels of rise in demand for galvanized steel, majorly in China, India, and Japan. Boosted expansion in the construction and automotive industries further fuels the market growth.
Browse Detail Report on "Galvanized Steel Market Size, Share, By Product Type (Sheets & Coils, Tubes & Pipes, Wires, and Other Products), By Coating Type (Hot-Dip Galvanized, Electro-Galvanized, and Galvannealed), By Application (Construction, Automotive, Appliances, and Other Applications), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/galvanized-steel-market-5525
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