Meticulous Research®— a leading global market research company, published a research report titled “Southeast Asia Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel), Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications), and Country - Forecast to 2028”.
Southeast Asia galvanized steel market is expected to grow at a CAGR of 13% from 2021 to reach $24.21 billion by 2028. By volume, this market is expected to grow at a CAGR of 12.4% from 2021 to reach 25.89 million tons by 2028. This market is majorly driven by factors such as increasing infrastructure investments in the Southeast Asian region and rising GDPs in the region. Moreover, rapid urbanization in the region, growing automotive markets in the region, and establishment of the ASEAN economic community provide attractive growth opportunities for players operating in this market.
However, The Impact of COVID-19 on steel consumption in Southeast Asia, the decline in the purchase of Chinese steel among southeast Asian countries, and ASEAN countries’ ban on induction furnaces manufactured in China obstruct the growth of this market to some extent.
The Southeast Asia galvanized steel market’s study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on product type, application, and country. The study also evaluates industry competitors and analyses the market at the country level.
Based on product type, the Southeast Asia galvanized steel market is mainly segmented into hot-dipped galvanized steel and electro-galvanized steel. In 2021, the hot-dipped galvanized steel segment accounted for the largest share of the Southeast Asia galvanized steel market. The large share of this segment is mainly attributed to their lower cost, extremely long life, low maintenance cost, tougher coating, and its compatibility with all types of adhesives. 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 various welding methods, including resistance, laser, and arc welding.
Based on application, the Southeast Asia galvanized steel market is mainly segmented into building and construction, automotive, white goods, shipbuilding, and other applications. In 2021, the building and construction segment accounted for the largest share of the Southeast Asia galvanized steel market. The large share of this segment is mainly attributed to numerous and measurable benefits such as low cost, low maintenance, and anti-corrosive nature. Galvanized steel is used for roofs, trusses, frames, purlins, pipes and ducts, interior walls, and many others.
Geographically, Vietnam accounted for the largest share of the Southeast Asia galvanized steel market in 2021. The large share of this market is mainly attributed to growing manufacturing facilities in the country, such as industrial parks, warehouses, and logistics facilities, and the growing purchasing power of the population leads to increasing demand for automobiles in the country. To tap the growing consumer interest in electric vehicles, in 2021, Vietnamese electric vehicle maker VinFast began the construction of a battery manufacturing plant in the province of Ha Tinh with a planned investment of USD 173.7 million in the first phase.
However, Indonesia accounted for the second-largest share of the Southeast Asia galvanized steel market in 2021. The large share of this country is mainly attributed to the growing steel industry and government initiatives for the infrastructure development of Indonesia. The government of Indonesia has plans to become the top ten biggest economies in the world by 2030. The development of the manufacturing sector in Indonesia is at the center of this goal.
The key players operating in the Southeast Asia galvanized steel market are Nippon Steel Corporation (Japan), POSCO (South Korea), JFE Holdings, Inc. (Japan), JTL Infra Ltd. (India), NS BlueScope steel limited (Singapore), Hoa Sen Group (Vietnam), Hoa Phat Group (Vietnam), DONGKUK Steel Group (South Korea), Nam Kim Steel Joint Stock Company (Vietnam), Chinh Dai Industrial Co., Ltd (Vietnam), FIW Steel Sdn. Bhd. (Malaysia), and Galvaco Industries Sdn. Bhd. (Malaysia).
Key Questions Answered in the Report-
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