Hot Dip Galvanized Steel Market Sees Strong Growth Prospects Amidst Rising Demand for Corrosion-Resistant Solutions
Global Hot Dip Galvanized Steel Market Set for Robust Growth: Automobile Sales and Construction Industry Fuel Demand
A comprehensive study analyzing various facets of the global hot dip galvanized steel market reveals promising growth prospects over the forecast period. The insights provided in this report are expected to be instrumental in examining market growth trends and opportunities.
Spike in Automobile Sales Creates Tailwinds
The world has witnessed a consistent rise in the demand for automobiles, driven by increasing global population levels and higher disposable incomes. As globalization expands, more individuals now have access to a wider range of products at varying price points. Recent years have seen a surge in sales of hybrid and fully electric vehicles, along with a sustained demand for these eco-friendly options, contributing significantly to the automotive sector’s demand for hot dip galvanized steel. This trend is poised to have a profound impact on the growth of the hot dip galvanized steel market in the coming years.
- Electric and hybrid electric vehicle sales to boost market prospects
- Construction industry’s continuous growth supports the hot dip galvanized steel market
- Pricing volatility remains a long-standing growth challenge
- Asia Pacific emerges as a lucrative region with increasing domestic production
- Construction Industry’s Growth Keeps Uptake of Hot Dip Galvanized Steel Afloat
The ongoing need for infrastructure development and the renovation of existing structures continue to be a priority for many nations worldwide. Similar to the automotive industry, the construction sector’s expansion is expected to significantly influence the global hot dip galvanized steel market. This is attributed to the favorable characteristics of galvanized steel, including corrosion resistance, high reliability, temperature resistance, and availability, which are poised to bolster revenues for industry players.
Price Volatility and Availability of Substitutes Pose Challenges
The pricing of galvanized steel products exhibits volatility due to the nature and availability of raw materials required for production, potentially hindering market growth. Additionally, the presence of various substitutes globally may impact the hot dip galvanized steel industry’s growth trajectory.
The onset of the COVID-19 pandemic resulted in government-imposed restrictions on movement, disrupted supply chains, and operational challenges. These factors led to a decline in revenues across various industries, including the hot dip galvanized steel market. However, with the gradual easing of restrictions following the third and fourth waves, the industry has returned to pre-pandemic levels of operation.
Asia Pacific Will Emerge Lucrative Despite North America’s Dominance
North America, particularly the United States, is expected to hold the majority share of the global hot dip galvanized steel market due to the presence of numerous galvanizing plants and industry players. However, the Asia Pacific region is set to achieve a substantially high Compound Annual Growth Rate (CAGR) over the forecast period. Factors driving this growth include increased demand from the power industry, rising domestic production, and the availability of necessary raw materials for hot dip galvanized steel manufacturing.
Hot Dip Galvanized Steel Market: Competitive Landscape
Major players in the hot dip galvanized steel market include AK Steel Holding Corporation, Ansteel Group, ArcelorMittal S.A., China Baowu Steel Group Corp. Ltd., Gerdau, JFE Steel, Jiangsu Shagang Group Company Limited, Nippon Steel Corporation, POSCO, and Tata Steel, among others. To gain a competitive edge, established industry players are increasingly focusing on new product launches, partnerships, collaborations, acquisitions, and alliances.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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This press release first seen on Brilad