NEW YORK, Aug. 2, 2022 /PRNewswire/ -- As per Zion Market Research study, the global color-coated steel market size was worth around USD 23,184.50 million in 2021 and is estimated to grow to about USD 29,505.44 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.10% over the forecast period.
Color-Coated Steel Market: Overview
Coated steel is steel with a layer of organic or metallic chemicals put \on it to stop rusting. The three primary varieties of coated steel are tinplate, organic (non-metallic), and metallic coated steel. Applications requiring corrosion protection, a beautiful aesthetic, or food safety can benefit from coated steel. Customers who want to protect steel from corrosive environments at a reasonable cost may want to consider coated steel. The zinc coating will sacrifice itself to protect the underlying steel by serving as a barrier between it and the elements. Items with metal coatings are made to withstand harsh environments, extending the useful life of the finished product by protecting the steel from corrosion.
Coated steel is the best material for many building uses, especially walls and roofs because it also offers good corrosion resistance. Coated steel can be roll-formed, pressed, punched, and connected to many structural and adorning components for various purposes. Food packaging applications, such as food cans and beverages, have seen tremendous growth in recent years, particularly in the Asia Pacific, due to shifting regional demographics, such as houses that are getting smaller in conjunction with the young generation's adoption of a fast-paced lifestyle.
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Key Industry Insights & Findings of the Color-Coated Steel Market Reports:
- As per the analysis shared by our research analyst, the Color-Coated Steel Market is expected to grow annually at a CAGR of around 4.10 % (2022-2028).
- Through the primary research, it was established that the Color-Coated Steel Market was valued at approximately USD 23184.50 million in 2021 and is projected to reach roughly USD 29505.44 million by 2028.
- The growing population and rising demand for infrastructure in nations like China, India, Japan, and South Korea, Asia Pacific is predicted to have a substantial CAGR in the global color-coated steel market during the forecast period.
- the significant presence of manufacturers in the area and the quick expansion of numerous end-use industries, the region is experiencing tremendous growth in office space, retail establishments, and public safety construction activities, which fuels the Asia Pacific market.
- Europe has a sizeable portion of the market due to the region's increased emphasis on infrastructure development and construction activities in Germany, the United Kingdom, and Russia during the forecast period.
- The market is being hampered by the tariffs that the U.S. government has imposed on most nations, including Canada, the European Union, India, and Mexico, for the trade of steel and aluminum.
Zion Market Research published the latest report titled "Color-Coated Steel Market By Type (Metallic Coated Steel, Organic Coated Steel, and Tinplate), By Application (Building & Construction, Appliances, Automotive, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Color-Coated Steel Market: Growth Drivers
- A rise in electric vehicle sales is driving the demand for color-coated steel.
One of the key factors propelling the growth of the global color-coated steel market is the rising demand for electric vehicles around the globe. The exteriors of electric cars frequently feature pre-painted galvanized steel. Additionally, the IEA (International Energy Association) reports that the global market for electric vehicles will reach 2.94 million units in 2020, up 40% from the previous year. The body of electric vehicles forms the entire vehicle construction and is coated steel. On the body of the electric automobile, ready-made coated steel is a cost-effective material. The market for color-coated steel is now experiencing significant demand from the electric vehicle sector.
Color-Coated Steel Market: Restraints
- Stringent regulatory framework imposed by the government to restrict market growth
The market is being hampered by the tariffs that the U.S. government has imposed on most nations, including Canada, the European Union, India, and Mexico, for the trade of steel and aluminum. In addition, the U.S. government has imposed tariffs on imported goods from China, including steel, which is hurting the steel industry. Transporting color-coated steel from one location to another necessitates vertical packaging and uploading & unloading. To prevent relative product movement or rolling during transportation and damage to the color-coated steel, the product must be fastened firmly in the truck or other vehicle. Additionally, the market is being constrained by high transportation costs to the manufacturers brought on by ongoing fuel price hikes.
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Color-Coated Steel Market: Opportunities
- Growing adoption of environment-friendly products to create growth prospects for market.
Environmentally friendly items are becoming more widely used, and steel production produces less CO2 than previous generations. Because non-ferrous metals like zinc and copper can contaminate soil and are quickly absorbed into the ground by rain, various governments around the world forbid their use. Steel sheets with colored coatings are recycled, melted, or processed to create different roofing materials. Because of this, the steel sheet or coil is completely eco-friendly. Steel is generally preferred in construction because it can be efficiently utilized again. Additionally, the global color-coated steel market is being opened up by investments in eco-friendly, efficient engineering projects, and increased funding for sustainable living.
Color-Coated Steel Market: Challenges
- The availability of inexpensive substitutes is impeding the expansion of market.
The affordability of low-cost alternatives like aluminum and galvanized aluminum is a significant obstacle to expanding the global color-coated steel market. Galvanized aluminum products provide many benefits over coated steel items, including being lighter, more accessible, and more inexpensive. The U.S. Geological Survey estimates that compared to November 2020, aluminum output grew by 16 percent to 77,000 metric tonnes in December 2020.
Global Color-Coated Steel Market: Segmentation
- The type, application, and region categories are used to segment the global color-coated steel market.
Tinplate, organically coated steel, and metallically coated steel make up the three varieties of the market based on type. In 2021, the metallic coated sector had the biggest market share in the coated steel industry. The metals are coated through various procedures, including hot-dip galvanization and the annealing of steel sheets. Metallic steel coat offers great defense for metal surfaces against oxidation, corrosion, and other forms of obsolesce. One of the main reasons metallic coating is chosen over other types of coating, such as organic coating and tin coating, is that it also offers the benefit of quick assembly and disassembly. The demand for metallic coated steel in the color-coated steel industry is primarily driven by it.
Automotive, appliances, building & construction, and other industries are included in the application-based area. The building & construction industry held the largest share in the color-coated steel market. The demand for coated steel goods like pipe and tubular is primarily driven by the rise in construction activity worldwide. The World Bank projects that the cost of spending in the construction industry will reach US$11.9 trillion by 2023, an increase of 4.2 percent over the previous year's cost. This major factor driving the building and construction industry's need for coated steel.
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List of Key Players in Color-Coated Steel Market:
- Essar Steel
- Voestalpine AG
- JFE Steel Corporation
- Nippon Steel Corporation
- OJSC Novolipetsk Steel
- Baosteel Group
- SSAB AB
- Kobe Steel Ltd.
- Tata Steel.
Key questions answered in this report:
- What are the growth rate forecast and market size for Color-Coated Steel Market?
- What are the key driving factors propelling the Color-Coated Steel Market forward?
- What are the most important companies in the Color-Coated Steel Market Industry?
- What segments does the Color-Coated Steel Market cover?
- How can I receive a free copy of the Color-Coated Steel Market sample report and company profiles?
Market size value in 2021
USD 23184.50 Million
Revenue forecast in 2028
USD 29505.44 Million
CAGR of almost 4.10 % 2022-2028
2016 – 2021
2022 – 2028
By Product Type, By Application, And By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
ArcelorMittal, Essar Steel, POSCO, Voestalpine AG, JFE Steel Corporation, Nippon Steel Corporation, OJSC Novolipetsk Steel, Baosteel Group, SSAB AB, Severstal, JSW, ChinaSteel, Kobe Steel Ltd., Nucor, and Tata Steel.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- To introduce their new premium color coated steel product lines, "KALASH" and "KALASH GOLD," ArcelorMittal and Nippon Steel Corporation formed a joint venture in March 2021.
- Tata Steel launched two new coated product names in June 2020 in partnership with ECAs: GalvaRoS and Colornova (Emerging Corporate Accounts). These products were released to satisfy the ECAs' expanding needs (Emerging Corporate Accounts).
- Asia Pacific dominated the color-coated steel market in 2021.
Due to the growing population and rising demand for infrastructure in nations like China, India, Japan, and South Korea, Asia Pacific is predicted to have a substantial CAGR in the global color-coated steel market during the forecast period. Due to the significant presence of manufacturers in the area and the quick expansion of numerous end-use industries, the region is experiencing tremendous growth in office space, retail establishments, and public safety construction activities, which fuels the Asia Pacific market.
Europe has a sizeable portion of the market due to the region's increased emphasis on infrastructure development and construction activities in Germany, the United Kingdom, and Russia during the forecast period. Pre-painted metal is created by continuously applying a paint coating to strip metals, such as steel and aluminum, and was initially utilized in Europe, where it is anticipated that demand for color-coated steel will increase. Further, in the markets like Latin America and the Middle East & Africa witnessed consistent growth. The market is anticipated to be stimulated by the increasing use of color-coated steel in various regional industries.
Global Color-Coated Steel Market is segmented as follows:
Color-Coated Steel Market: By Type Outlook (2022-2028)
- Metallic Coated Steel
- Organic Coated Steel
Color-Coated Steel Market: By Application Outlook (2022-2028)
- Building & Construction
Color-Coated Steel Market: By Region Outlook (2022-2028)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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