Coated Steel Market: Highlights
- Steel surface coated with an additional layer of organic or metallic materials to protect it from rusting is called coated steel. Usually, a coating layer is added to flat steel when it is in a coil form.
- Low carbon steel sheets tend to corrode when exposed to moisture and air. Corrosion of these sheet takes place in many forms. It can be uniform, spreading over the entire exposed surface of a metal sheet; or localized, occurring where special conditions create a corrosive environment. Coatings protect steel sheet from a corrosive attack by acting as a barrier to exclude air, water, and other corrosion promoters from contact with the steel substrate. Besides barrier protection, coatings have the ability to react at scratches and other damages.
- Coated steel is used in building & construction, appliances, and other industries
Key Drivers of Coated Steel Market
- Increase in demand for coated steel in the building & construction industry is boosting the global market. Construction activities have increased across the globe. According to Statistics Bureau Ministry of Internal Affairs and Communications of Japan, the country spent US$ 30,380 Bn on building & construction in 2017; of this, US$ 16,570 Bn was spent on residential buildings and US$ 13,810 Bn on non-residential buildings. Thus, growth in the construction industry is expected to propel the demand for coated steel in the near future.
- The U.S. also invests significantly in construction activities. According to the U.S. Census Bureau, the Government spent approximately US$ 1,303,469 Mn in overall construction activities in 2019.
Coated Steel Market: Application Segment
- Based on application, the global coated steel market can be segmented into building & construction, appliances, automotive, and others
- The building & construction segment is projected to account for major share of the global coated steel market by 2030
- Expanding at a healthy growth rate, the appliances and automotive segments are anticipated to create significant incremental opportunity during the forecast period
- In terms of demand, the others segment is estimated to expand at a moderate to high pace in the near future
Coated Steel Market: Covid-19 Impact
- The COVID-19 pandemic has had a negative impact on the global economy. It has affected various industrial sectors by hampering their supply chain. With months of consumer lockdown; and international supply chains and retail business shuttered, purchase and consumption behavior has changed significantly across various sectors. This has adversely impacted the global coated steel market.
- The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. Longer lockdowns have severely impacted household income, corporations' liquidity, and banks' asset quality.
Asia Pacific to be Key Region of Global Coated Steel Market
- In terms of region, the global coated steel market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Consumption of coated steel is higher in In Asia Pacific compared to that in other regions.
- In terms of demand, Asia Pacific holds prominent share of the market. It is followed by North America and Europe.
- China is the largest market for coated steel in Asia Pacific. The country accounted for major share of the market in terms of volume and value in 2019. The usage of coated steel in residential and commercial building applications is projected to drive the market in the country. In China, the overall investment in real estate has increased by 6% since 2015 to more than US$ 1.8 Trn in 2018.
- North America also held vital share of the global coated steel market in 2019. Growth of end-use industries and increase in numbers of domestic players in vertical market segments are key factors boosting the market in the region.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period
Key Manufacturers Operating in the Market
The global coated steel market was highly fragmented in 2019. Key manufacturers operating in the global market include:
- ArcelorMittal S.A.
- Salzgitter Flachstahl GmbH
- Voestalpine AG
- NIPPON STEEL CORPORATION
- United States Steel
- Tata Steel Ltd.
Global Coated Steel Market: Research Scope
Global Coated Steel Market, by Type
- Metallic Coated Steel
- Hot-dip galvanized (HDG)
- Electrogalvanized (EG)
- Organic Coated Steel
Global Coated Steel Market, by Application
- Building & Construction
Global Coated Steel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.