– The growth of the coated steel market is propelled by the increasing number of building & construction activities, expanding industrial sector in the Asia Pacific region, and rapid industrialization.
SELBYVILLE, Del., Oct. 11, 2021 /PRNewswire/ — As per the latest report by Global Market Insights Inc., the Coated Steel Market was estimated at $50 billion in 2020 and is slated to exceed USD 65 billion by 2027, registering a CAGR of 4.4% from 2021 to 2027. The report offers an in-depth analysis of major investment pockets, market size & estimations, wavering market trends, drivers & opportunities, competitive scenario, and top winning strategies.
Coated steel products have gained prominence across varied applications, which has supported the growth of the industry in key regions across the globe. Technological advancements in the coated steel manufacturing process have helped reduce production time, lowering the overall costs. Manufacturers in the sector are engaging and investing in R&D projects to develop cost-efficient coated steel using different composite materials that are highly effective in wide-ranging applications. Several benefits of the product, such as improved superior strength, durability, resilience, and corrosion resistance, are projected to boost the revenue growth of the coated steel market over the forecast period. Moreover, increased availability and versatility of coated products are speculated to further drive industry expansion in the coming years.
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Organic coated steel typically comprises a steel substrate with surface treatment layer, paint primer coating, and topcoat. Surging utilization of these products in appliance applications is likely to fuel segmental growth through the review period. In 2020, the organic coated steel segment was valued at around USD 8 billion and is estimated to deliver steady growth over the assessment timeframe.
Key reasons for coated steel market growth:
- Rising number of new housing and commercial building constructions.
- Soaring product adoption in home appliances.
- Mounting product uptake in automotive and construction industries.
- Surging emphasis on R&D to develop cost-efficient products.
2027 forecasts show Europe’s construction sector retaining its dominance:
In terms of region, Europe accounted for more than 45% of the coated steel market in 2020 and is slated to observe profitable growth over 2021-2027. In 2020, the demand for coated steel in Europe was adversely affected, mainly due to increasing COVID-19 cases and lockdown restrictions imposed in the region. However, growing focus on infrastructure development and construction activities in Germany, the UK, and Russia, has played a vital role in enhancing the coated steel market sales in the region.
Asia Pacific to maintain top status with respect to revenue:
Asia Pacific is expected to be the fastest-growing region in the global coated steel industry. The COVID-19 pandemic pushed stringent lockdowns in the region and caused massive losses on account of manufacturing units shutting down, thereby negatively impacting the coated steel demand in APAC in 2020. However, key countries in the region, including Japan, India, and China, contributed substantially to product demand in the region in 2020. Moreover, technological innovation and development, along with the booming industrial sector in APAC, are slated to facilitate market growth.
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Impact of COVID-19 pandemic on coated steel market:
The COVID-19 outbreak brought building & construction projects to a halt owing to the stringent lockdown restrictions prevalent worldwide. This led to a decline in the demand for coated steel during the pandemic. However, with successful vaccination drives across the globe and increased emphasis of governments on post-COVID economic recovery, the market has been regaining its pre-pandemic momentum. Furthermore, the ongoing pandemic has also promoted product development to tackle the novel coronavirus.
For instance, in March 2021, Dongkuk Steel Mill Co., a South Korean steelmaker, introduced its improved Luxteel Bio – South Korea’s first anti-bacteria coated steel sheet that claims to destroy 99.9% of coronavirus agents in 30 minutes. As a result, product innovation has played a vital role in bolstering business growth during the pandemic.
Leading market players:
Prominent companies in the coated steel industry include ArcelorMittal, POSCO, Essar Steel, JFE Steel Corporation, Voestalpine AG, Nippon Steel Corporation, Kobe Steel Ltd, Baosteel Group, OJSC Novolipetsk Steel, SSAB AB, ChinaSteel, Severstal, JSW, Nucor, and Tata Steel, among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.