Galvanized Steel Market - Post Pandemic Business Strategies and Processes Plan | Economic Growth in China and India to Boost Growth in the Materials Industry | Technavio

The galvanized steel market is expected to grow by 35.18 million MT during 2020-2024, expanding at a CAGR of almost 2%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Galvanized Steel Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Galvanized Steel Market 2020-2024 (Graphic: Business Wire)

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Galvanized Steel Market: Economic growth in China and India to drive growth

The strong economic growth in China and India has increased the number of infrastructure and construction projects such as roads, highways, and railways in these countries. Besides, the easy availability of raw materials and cost-effective labor has fueled the growth of the manufacturing industry in China and India. Moreover, these countries are among the largest crude steel manufacturers in the world, and India is expected to emerge as the second-largest producer of crude steel during the forecast period. All these factors are significantly contributing to the growth of the global galvanized steel market.

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As per Technavio, the rising demand for galvanized steel in industrial applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Galvanized Steel Market: Rising Demand for Galvanized Steel in Industrial Applications

Galvanized steel prevents corrosion and exhibits excellent resistance to mechanical damage. These benefits have increased its use across industries such as paper and pulp, chemicals and petrochemicals, food and beverage, automotive, wind and solar, energy, construction, and telecommunications. For example, in the automobile industry, galvanized steel is used in the manufacture of axle shafts, steering components, construction parts of chassis, automotive body structure, wheels, rims, airbag housing, and others. Therefore, the increasing demand for galvanized steel across industries is expected to fuel the growth of the market during the forecast period.

“Increase in demand from pre-engineered buildings and the growth of oil and gas and heavy industries will further boost market growth during the forecast period,” says a senior analyst at Technavio.

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Galvanized Steel Market: Segmentation Analysis

This market research report segments the galvanized steel market by Product (Sheets and strips, Structures, Pipes and tubes, and Others) and Geography (APAC, Europe, North America, MEA, and South America).

The sheets and strips segment led the galvanized steel market in 2019. The segment is mainly driven by the increased use of galvanized sheets and strips in construction and structural applications, marine and off-shore instruments, automotive, electrical appliances, renewable energy, and other applications. In addition, the rising demand for galvanized sheets and strips from the military sector is fueling the growth of the segment in the market.

The APAC region led the galvanized steel market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increased demand from the automobile and construction industries in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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