According to a recent report by Reports and Data, it is projected that the global coated steel market will reach a value of USD 34.90 Billion by 2027. The report highlights several factors driving the growth of the global coated steel market, including increased demand from sectors such as construction, automobile industries, and appliances; growing competition in the sector; cost advantages compared to the electro-galvanizing process; product quality and differentiation; superior durability; and the expanding use of fluoropolymer in the renovation and construction market.
The main driver for market demand is expected to be the growth in the construction industry. Additionally, the increased development of appliances in various regions, coupled with the emergence of a thriving mobile aftermarket industry, is anticipated to contribute to the growth of coated steel in the coming years. The use of automation and advancements in coating procedures are also expected to drive demand. Furthermore, extensive research and development efforts to manufacture advanced steel are predicted to boost market growth.
Coated steel products are in high demand, particularly in the construction industry. This strong demand is expected to have a positive impact on the global economy in the near future. Polyester resin, which forms a protective layer on the steel surface, is widely favored in manufacturing due to its oxygen-blocking properties. The demand for polyester resin is driven by these advantageous properties, further fueling the growth of the global coated steel market. Additionally, the increasing willingness of individuals to invest in roofing, kitchens, and general household improvements using steel-coated products is contributing to market growth.
The COVID-19 pandemic has had a significant impact on the market, causing a downturn that may persist in the coming months. The Asia Pacific region, particularly China, has been the most affected. Many initiatives in various countries have been disrupted, resulting in temporary halts in production and supply. This has led to losses for manufacturers, dealers, and consumers. While the market may face short-term challenges, the demand is expected to rebound as conditions improve, especially with the growth of the technology market.
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Key findings from the report include:
- The Asia Pacific region is expected to experience substantial growth with an estimated CAGR of 8.4%, driven by the booming construction industry and increasing demand in emerging countries like China and India. Government initiatives for urbanization and industrialization are significant factors contributing to regional growth.
- North America is the second-largest market, with the United States leading in the region due to the rapid growth of the semiconductor and electronics industries. The country's refurbishing business has also played a role in its market dominance.
- The construction industry is the largest application segment, valued at USD 5.16 billion in 2019.
- The furniture industry is witnessing increased competition and a shift towards wood as the preferred material. This has led to the entry of new competitors and a significant portion of demand being fulfilled by small businesses.
- Key market participants include ArcelorMittal S.A., SSAB AB, Salzgitter AG, OJSC Novolipetsk Steel, Voestalpine AG, ThyssenKrupp AG, Nippon Steel, Sumitomo Metal Corporation, Essar Steel Ltd., Tata Steel Ltd., and Jindal Steel Power Ltd., among others.
The report segments the global coated steel market based on product type, resin type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027):
- Color Coated
- Metallic Coated
Resin Type Outlook (Revenue, USD Billion; 2017-2027):
- Polyester Color Coated Steel
- Fluor
Coated Steel Market: Drive factors
The global coated steel market is being driven by several factors, as highlighted by a recent report. These driving factors include:
- Increasing demand from end-use sectors: The market is experiencing growing demand from sectors such as construction, automobile industries, and appliances. This demand is fueled by the need for coated steel in various applications within these industries.
- Growing competition in the sector: The coated steel market is becoming increasingly competitive, with more players entering the market. This competition is driving innovation, product development, and improvements in quality, further boosting market growth.
- Cost advantages over electro-galvanizing process: Coated steel offers cost advantages compared to the electro-galvanizing process. This affordability makes coated steel an attractive choice for various applications and contributes to its market growth.
- Product quality and differentiation: Coated steel products offer superior quality and performance compared to other materials. The ability of coated steel to meet specific requirements and provide enhanced durability and protection makes it a preferred choice in many industries.
These driving factors collectively contribute to the projected growth of the global coated steel market in the coming years.
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