The global coated steel market was estimated at 282. 49 million ton in 2022, and is expected to record an estimated CAGR of 3. 67% from 2022 to 2027. The high price volatility of raw materials are hindering the growth of the market.
New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coated Steel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271897/?utm_source=GNW
The unfavorable conditions occur due to the COVID-19 outbreak has impacted the market but it is expected to recover in the forecast period.
The primary factor, driving the coated steel market is growing demand from the electrical and domestic appliance industry.
The construction and building components application is expected to dominate the global coated steel market over the forecast period.
Asia-Pacific region is expected to dominate the coated steel market over the forecast period.
Key Market Trends
Growing Demand from the Construction and Building Components Application
Coated steel finds various uses in the construction industry to create attractive and functional buildings that meet high environmental and quality requirements.
The coated steel offers immense strength that makes it suitable for constructing buildings. In addition to this, coated steel possesses other characteristics, such as tensile, ductile, flexible, and cost-effective.
The worldwide construction sector is predicted to reach USD 8 trillion by 2030, with countries such as India, China, and the United States driving the growth.
North America and Europe are progressing in the construction sector. The country is also planning to develop a Fehmarn Belt Fixed Link Project, which includes the construction of an 18 km tunnel between Germany and Denmark. The project is estimated to attract an investment of about EUR 7.4 billion and is expected to be completed by 2028.
Additionally, the construction sector in the Middle East and Africa region is expected to grow at the fastest pace in the upcoming years, as regional governments are investing in infrastructure projects.
According to U.S. Census Bureau, total construction spending in January 2022 was estimated to be USD 1,677.2 billion on a seasonally adjusted yearly basis.
Therefore, construction and building components application is expected to witness strong growth during the forecasted period.
The Asia-Pacific Region to Dominate the Market
The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to increasing consumption from countries like China, India, and Japan.
The companies in the region provide manufacturing and assembling services to companies in Germany, France, and the United States.
In China, in February 2022, the government agencies have proposed an NTD 180 billion (USD 6.47 billion) infrastructure development plan, as per the National Development Council (NDC), which includes that the proposed budget for the fourth stage of the Forward-looking Infrastructure Development Program would be used from 2023-2024.
Further, these companies are rapidly digitizing their business to achieve end-to-end integration of their operation. This is further encouraging the OEMs from Europe and North America to outsource their production to Asia-Pacific.
India’s FDI in the construction development sector (townships, construction development projects, housing, and built-up infrastructure) accounted for USD 26.16 billion, and construction (infrastructure) activities accounted for USD 25.95 billion between April 2000 and September 2021.
Coated steel is used in coatings of electric vehicle batteries. The production of electric vehicles in India is supported by government subsidies and favorable policies supporting manufacturing practices. The electric vehicles market in the country is majorly driven by the 2-wheeler segment, which accounted for over 48% in 2021. According to the Ministry of Road Transport & Highways (MoRTH), 3,29,190 electric vehicles were sold in the country, representing an increase of 168% as compared with the sales in 2020.
Thus owing to aforementioned factors, Asia-Pacific region is expected to dominate the market for coated steel during the forecast period.
The global coated steel market is fragmented in nature. Some of the major players include (in no particular order) NIPPON STEEL CORPORATION, PJSC MMK, JSW Steel, United States Steel, and ArcelorMittal among others.
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