Meticulous Research®– leading global market research company published a research report titled “Southeast Asia Galvanized Steel Market by Product (Hot-dip galvanizing (Zinc Coating, Zinc Aluminum Coating), Electroplating Steel (Zinc electroplating, Nickel plating), and Application (Building & Construction, Automotive, White Goods)- Forecast to 2025”. According to this latest publication from Meticulous Research®, Southeast Asia galvanized steel market is expected to grow at a CAGR of 8.5% from 2019 to reach $17.5 billion by 2025. The high growth of galvanized steel market in the region is mainly attributed to increasing infrastructure development and public spending by the governments of different countries in the region. In addition, emerging automobile industry and urbanization of the region offer significant growth opportunities for the players operating in this market. However, underutilized production capacity of steel, dumping of Chinese steel, and use of outdated induction furnaces of China for production of steel are the key factors expected to hinder the growth of galvanized steel market in this region.
Galvanized steel is majorly utilized in automotive industry for different applications such as hoods, fenders, oil pans, roofing, body panel, chassis frame, spring housing, and parking brakes. Apart from this, galvanized steel is also used in various other applications such as telecommunication towers, power transmission towers, steel furniture industry, white goods, and building & construction industry. Factors such as increasing infrastructure projects, urbanization of the region, and growth in automotive and white goods industry are driving the growth of galvanized steel market in Southeast Asia region.
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Southeast Asia galvanized steel market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-by product (hot-dipped galvanized steel, and electro-galvanized steel), and application (building & construction, automotive, white goods, shipbuilding, and other applications). The study also evaluates industry competitors and analyzes the market at a country level.
Based on product, the hot-dipped galvanized steel segment accounted for the largest share of this market in 2018. The large share of this segment is mainly attributed to the cost effectiveness, low life-cycle cost, durability, longevity, sustainability, and simplicity of the manufacturing process. Among hot-dipped galvanized steel segment, the zinc-aluminum-silicon coated steel segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the rising requirements of light weight and high strength material for automotive and structural applications.
Based on application, building & construction accounted for the largest share of the Southeast Asia galvanized steel market in 2018. Increase in public spending by the governments of different countries in the region to develop world-class infrastructure is ensuring faster and smoother movement of goods and human capital across the region. On the other hand, white goods segment is expected to grow at the highest CAGR in the forecast period.
A report into the projected growth of the current Southeast Asia Galvanized Steel Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2025, it’s expected to have grown at a CAGR of 8.5%, reaching over $ 17.5 billion.
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This research report analyzes major countries in the region and provides comprehensive analysis for Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore, and RoSEA. Thailand commanded the largest share of Southeast Asia galvanized steel market in 2018, followed by Vietnam and Indonesia. The large share of this country is mainly attributed to its market leading position in the production of automotive and white goods in the region. Moreover, big-ticket projects like the Eastern Economic Corridor, high-speed rail network, and U-Tapao aviation city are driving the infrastructural development in the country, which in turn is, fueling the growth of galvanized steel market. However, Indonesia is expected to grow at a higher CAGR during the forecast period, driven by growing infrastructure projects, manufacturing sector, and automotive industry.
The major players operating in Southeast Asia galvanized steel market are Nippon Steel Corporation (Japan), POSCO (South Korea), JFE Holdings Inc. (Japan), NS BlueScope Steel Ltd. (Australia), Essar Steel India Ltd. (India), Hoa Phat Group (Vietnam), Hoa Sen Steel Ltd. (Vietnam), Dongkuk Steel Mill Co. Ltd. (South Korea), FiW Steel Sdn. Bhd. (Malaysia), JTL Infra Ltd. (India), Chinh Dai Industrial Co. Ltd. (Vietnam), and Galvaco Industries Sdn. Bhd. (Malaysia) among others.
The key Companies Analyzed in this Report
Here are the Top 10 Companies in Southeast Asia Galvanized Steel :
- Essar Steel India Limited
- Nippon Steel Corporation
- JFE Holdings, Inc.
- JTL Infra Limited
- NS BlueScope Steel Limited
- Hoa Sen Steel Limited
- Hoa Phat Group
- Dongkuk Steel Mill Co. Ltd
- Chinh Dai Industrial Co. Ltd.
Key questions answered in the report-
- Which are the high growth market segments in terms of product, application, and countries?
- What was the historical market for galvanized steel in Southeast Asia?
- What are the market forecasts and estimates for the period 2019-2025?
- What are the major drivers, restraints, opportunities, and challenges in the Southeast Asia galvanized steel market?
- Who are the major players in Southeast Asia galvanized steel market?
- How the competitive landscape in Southeast Asia is galvanized steel market?
- What are the recent developments in Southeast Asia galvanized steel market?
- What are the different strategies adopted by the major players in Southeast Asia galvanized steel market?
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This post was originally published on Space Market Research