The coated steel market is set to expand at a substantial pace by 2027 owing to rising construction and infrastructure development activities across key regions.
Steel is an incredibly versatile material having applications in a wide range of products and industries. One factor that contributes to steel’s durability and adaptability is its ability to be coated with various treatments. Steel surfaces are coated for a variety of purposes as it gives improved wear and tear resistance, corrosion and element protection, and augmented visually appeal, among other benefits.
Different methods of manufacturing coated steel products are employed depending on the specific industry application of the product. Other factors, such as humidity, temperature, and salinity, also affect the production process. Rapid advances in the galvanizing technology to enhance protection from rusting due to various corrosion concerns has fueled market adoption in recent years.
Moreover, industry players are focusing on product development and innovation, which has positively impacted the overall business landscape. For instance, in April 2021, Nippon Steel Corporation, a leading manufacturer of steel products, launched its superior corrosion-resistant coated steel sheets named ZAM-EX for overseas market. The company launched the product to accommodate the surging need for corrosion-resistant coated steel sheets in the solar power industry.
To cite another instance, in November 2020, Tata Steel, an India-based multinational steel company, launched its novel coated steel dubbed Galvanova, a 55% aluminum-zinc alloy coated steel product for a wide range of applications across the automotive, home appliances, panel, HVAC, and solar industries. Galvanova is an eco-friendly and scratch- and corrosion-resistant product with a metallic sparkle finish. It offers double-layered protection, along with exceptional heat insulation capabilities, which can facilitate a four-fold increase in life span when compared to standard galvanised steel.
The coated steel market has been segmented on the basis of application, type, and region. With respect to type, the market has further been divided into metallic coated steel, organic coated steel, and tinplate.
The metallic coated steel segment has been categorized into electrogalvanized (EG), hot-dip galvanized (HDG), others (galfan, galvalume & aluminized). The others metallic coated steel type segment is projected to amass considerable gains by 2027, progressing at a CAGR of approximately 3.8% over the forecast period.
In terms of application, the coated steel market has been segregated into automotive, building & construction, appliances, and others. The others application segment is anticipated to exhibit notable growth at a CAGR of more than 3.3% through the study timeline.
From the regional point of view, the Latin America coated steel market is slated to expand at around 4.2% CAGR over the analysis period to garner a sizable share in the overall industry revenue by the end of 2027.