Posted on 04 Apr 2022
The Southeast Asia Galvanized Steel Market is expected to reach $24.21 billion by 2028, at a CAGR of 13.0% during the forecast period, 2021-2028. By volume, this market is expected to reach 25.9 million tons by 2028, at a CAGR of 12.4% during the forecast period 2021-2028.
The growth of this market is mainly attributed to factors such as increasing infrastructure investments in the Southeast Asian region and rising GDPs in the region. Rapid urbanization in the region, growing automotive markets in the region, and establishment of the ASEAN economic community provide significant growth opportunities for market players.
Based on product type, the Southeast Asia galvanized steel market is mainly segmented into hot-dipped galvanized steel and electro-galvanized steel. The hot-dipped galvanized steel segment is expected to grow at the highest CAGR during the forecast period.
This hot-dipped galvanized steel segment has a high growth rate during the forecast period mainly because hot-dipped galvanized steel provides numerous environmental and economic benefits to achieve sustainable designs. Also, hot-dipped galvanized steel can prevent costly and damaging corrosion protection inspections and maintenances. Hot-dip galvanized steel can withstand the effects of corrosion for decades, is maintenance-free, and ensures these structures will stand strong long into the future.
Based on application, the Southeast Asia galvanized steel market is segmented into building and construction, automotive, white goods, shipbuilding, and other applications.
The white goods segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment during the forecast period is attributed to a large portion of steel used to manufacture white goods. An electro-galvanized steel sheet with a coating weight of 20 g/m2 is normally used for white goods. The purpose of this is to restrain red rust on steel by taking advantage of the preferential corrosion of zinc under general conditions.
Geographically, the market is segmented into countries: Vietnam, Indonesia, Singapore, Thailand, Malaysia, the Philippines, and the Rest of Southeast Asia. Indonesia is expected to witness the fastest growth during the forecast period.
The factors attributed to the high growth of this country are the rich resource availability of raw steel and government support for the automotive sector. The government policies of Thailand support the automotive industry, which encourages OEMs from around the globe to establish their production bases and set up research and development departments in the country. In EV production, galvanized steel is used for various applications such as car skeleton structures, front and rear bumpers, body panels, etc.
However, Thailand is expected to witness the second-fastest growth during the forecast period. The factors attributed to this country's growth are the government support policies of the automotive industry, which encourages OEMs from around the globe to establish their production bases and set up research and development departments in the country.
Market Dynamics
Drivers
Increasing Infrastructure Investments in the Region
Rising GDPS in the Region
Restraints
The Impact of COVID-19 on Steel Consumption in Southeast Asia
Decline in the Purchase of Chinese Steel Among Southeast ASIAN Countries
ASEAN Countries' Ban on Induction Furnaces Manufactured in China
Opportunities
Rapid Urbanization in the Region
Growing Automotive Markets in the Region
Establishment of the ASEAN Economic Community
The key players operating in the Southeast Asia galvanized steel market are
Nippon Steel Corporation (Japan)
POSCO (South Korea)
JFE Holdings Inc. (Japan)
JTL Infra Ltd. (India)
NS BlueScope steel limited (Singapore)
Hoa Sen Group (Vietnam)
Hoa Phat Group (Vietnam)
DONGKUK Steel Group (South Korea)
Nam Kim Steel Joint Stock Company (Vietnam)
Chinh Dai Industrial Co. Ltd (Vietnam)
FIW Steel Sdn. Bhd. (Malaysia)
Galvaco Industries Sdn. Bhd. (Malaysia)
Scope of the Report:
Southeast Asia Galvanized Steel Market, by Product Type
Hot-dipped Galvanized Steel
Hot-dipped Zinc Coated Galvanized Steel
Hot-dipped Aluminum Coated Galvanized Steel
Hot-dipped Zinc-Aluminum-Silicon Alloy Coated Galvanized Steel
Hot-dipped Zinc-Magnesium-Aluminum Alloy Coated Galvanized Steel
Hot-dipped Zinc-Aluminum-Magnesium-Silicon Alloy Coated Galvanized Steel
Electro-galvanized Steel
Electrolytic Zinc-coated Galvanized Steel
Electrolytic Zinc-Nickel Alloy-coated Galvanized Steel
Electrolytic Zinc-Sn-Nickel Alloy-coated Galvanized Steel
Electrolytic Nickel-coated Galvanized Steel
Electrolytic Phosphate-treated Galvanized Steel
Southeast Asia Galvanized Steel Market, by Application
Building and Construction
Trusses
Roofs
Frames
Exterior Wall
Interior Wall
Pipes and Ducts
Purlins
Decking
Other Building and Construction Applications
Automotive
White Goods
Refrigerators
Washing Machines
Air-Conditioning
Microwave Ovens
Other Appliances
Shipbuilding
Other Appliances
Electrical Transmission Towers
Telecom Towers
Steel Furniture
Office Equipment
Miscellaneous Applications
Southeast Asia Galvanized Steel Market, by Geography
Vietnam
Indonesia
Singapore
Thailand
Malaysia
Philippines
Rest of Southeast Asia
Source:Yahoo Finance
