Galvanized Steel Market to be Worth $216.2 Billion by 2031

Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel), Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel), Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the galvanized steel market is expected to reach $216.2 billion by 2031, at a CAGR of 9.9% from 2024–2031, while in terms of volume, the market is expected to reach 240.8 million tons by 2031, at a CAGR of 9.2% from 2024–2031. The growth of the galvanized steel market is driven by increasing infrastructure investments and rising demand in the construction industry. However, the volatility in raw material prices and regulatory compliance and standards may restrain market growth.

Furthermore, technological advancements in the galvanized steel manufacturing process are expected to create market growth opportunities. However, high manufacturing costs pose a significant challenge to the market’s growth.

The galvanized steel market is segmented into product type (hot-dipped galvanized steel {hot-dipped zinc coated galvanized steel, hot-dipped aluminum coated galvanized steel, hot-dipped Sn-zinc coated galvanized steel, hot-dipped zinc-magnesium-aluminum alloy coated galvanized steel, hot-dipped zinc-aluminum-silicon alloy coated galvanized steel, hot dipped zinc-aluminum-magnesium-silicon alloy coated galvanized steel} and electro-galvanized steel {electrolytic zinc-coated galvanized steel, electrolytic zinc-nickel alloy-coated galvanized steel, electrolytic nickel-coated galvanized steel, electrolytic zinc-Sn-nickel alloy-coated galvanized steel, electrolytic phosphate-treated galvanized steel}) and application (building and construction {trusses, roofs, frames, exterior wall, interior wall, pipes and ducts, purlins, decking, other building and construction applications}, shipbuilding, automotive, white goods {refrigerators, washing machines, air-conditioning, microwave ovens, other white goods appliances}, and other appliances {electrical transmission towers, telecom towers, steel furniture, office equipment, miscellaneous applications}). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product type, the galvanized steel market is segmented into hot-dipped galvanized steel and electro-galvanized steel. In 2024, the hot-dipped galvanized steel segment is expected to account for the larger share of above 75.0% of the galvanized steel market. This segment's large market share can be attributed to the various factors as 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 maintenance. 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.

Hot-dipped galvanizing facilitates tight bonding of zinc coating with the steel, and it has a low peeling tendency due to its low-friction surface. Due to such factors, hot-dipped galvanized coatings are considered highly ductile since they can maintain their full corrosion protection even after being heavily formed. Moreover, hot-dipped galvanized steel can be welded using a variety of welding methods, including resistance, laser, and arc welding.

Moreover, the hot-dipped galvanized steel segment is projected to register the highest CAGR during the forecast period.

Based on application, the galvanized steel market is segmented into building and construction, shipbuilding, automotive, white goods, and other appliances. In 2024, the building and construction segment is expected to account for the largest share of above 45.0% of the galvanized steel market. This segment's large market share can be attributed to the various factors of galvanized steel having numerous measurable benefits when it’s used as a crucial ingredient in buildings and construction purposes. Not only does it protect the building’s unique structural components from corrosion due to moisture, the elements, and other environmental factors, but it is also an affordable, low-maintenance option that’s suitable and durable for metal buildings.

Additionally, galvanized steel can be much more cost-effective than other coatings for steel. It has low maintenance costs and saves labor hours after your construction project is in service. There is no need to treat a galvanized steel surface with harsh chemicals to prevent corrosion. Wiping it down a few times a year is enough to make the surface corrosion-free.

However, the white goods segment is projected to register the highest CAGR during the forecast period. This segment's high growth is attributed to the large portion of steel used for its manufacture. An electro-galvanized steel sheet with a coating weight of 20 g/m2 is normally used for white goods. This is to restrain red rust on steel by taking advantage of the preferential corrosion of zinc under general conditions.

Based on geography, the galvanized steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 47.0% of the galvanized steel market. The high growth of this market is driven by factors as various countries in the Asia-Pacific region continue to industrialize and urbanize rapidly, there's a growing demand for construction materials like galvanized steel for infrastructure projects, residential buildings, and commercial structures. The construction industry in countries like China, India, and Southeast Asian nations is booming, driving the demand for galvanized steel in applications such as roofing, fencing, beams, and structural components.

The automotive sector is a significant consumer of galvanized steel for manufacturing vehicle bodies and components. The Asia-Pacific region is a hub for automotive production, with countries like China, Japan, South Korea, and India leading the way. Additionally, advances in galvanizing technology have led to improved quality, efficiency, and cost-effectiveness, making galvanized steel more attractive to industries across the Asia-Pacific region.

Furthermore, various key players are launching various galvanized steel. For instance:

In June 2022, Nippon Steel Corporation (Japan) announced a joint venture between and ArcelorMittal S.A. (Luxembourg) and announced a spending of roughly USD 1.1 billion (YEN 140 billion) to build advanced steel processing lines in India, with the potential for expanding capacity further to tap the country's growing demand for steel. The new lines will be installed at AM/NS India's Hazira plant, an integrated steelworks in the western state of Gujarat. They include a cold-rolling mill and a hot-dip galvanizing line, with a combined annual processing capacity of 2 million tons.
In January 2022, POSCO (South Korea), the world's fifth-largest steelmaker by output, announced that it had started the construction of a plant in China that will produce galvanized steel sheets for cars. The plant, which will be located in Tangshan in northern China's Hebei Province, will have a production capacity of 900,000 tons.

Moreover, the Asia-Pacific market is projected to register the highest CAGR of 11.5% during the forecast period.

Key Players

The key players operating in the galvanized steel market include ArcelorMittal S.A. (Luxembourg), POSCO (South Korea), Nippon Steel Corporation (Japan), JFE Holdings, Inc. (Japan), ThyssenKrupp AG (Germany), NS Bluescope Steel Limited (Australia), JTL Infra Ltd. (India), Hesteel Group Company Limited (China), Hyundai Steel Co., Ltd (South Korea), Dongkuk Steel Group (South Korea), NLMK Group (Russia), Tata Steel Limited (India), FIW Steel Sdn. Bhd. (Malaysia), Anshan Iron and Steel Group Corporation (China), and Galvaco Industries Sdn. Bhd. (Malaysia).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of product type and application?
What is the historical market size for the galvanized steel market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the galvanized steel market?
Who are the major players in the galvanized steel market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the galvanized steel market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the galvanized steel market, and how do they compete with other players?