Coated Steel Market to Experience Hike in Growth by 2024

Coated Steel Market

Global Coated Steel Market: Overview

Coated steel is widely used in various industries including automotive, appliances, building & construction, and others. Of which, the building & construction industry makes use of coated steel in high amounts and has the highest demand for coated steel as compared to others.

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Global Coated Steel Market: Growth Factors

Coated steel is witnessing high demand from end-use industries, mainly building and construction industry. This high demand is anticipated to boost the global market in the near future. In addition, polyester resin—a type of coated steel—is highly preferred in the industries owing to its property of strongly getting repressed by oxygen, which leaves the surface of the steel coated with polyester sticky and soft. Owing to all these properties, the polyester resin is witnessing high demand, which in turn boosts the global coated steel market. Furthermore, high demand from end-use industries is also propelling the global coated steel market. Moreover, growing potential of people to spend on up gradation of roofing, kitchens, and on basic household improvements in which steel-coated products are used is further fostering the global market growth.

Global Coated Steel Market: Segmentation

The global coated steel market is segmented based on its resin type, application, and region. Based on the resin type, the global market is categorized as Polyester, siliconized polyester, fluoropolymer, plastisol, and others. Of which, the polyester segment is the largest type segment in the global market. On the basis of application, the global coated steel market is diversified as appliances, building & construction, automotive, and others. Geographically, the global market is segmented as Asia Pacific, North America, Europe, and rest of the World (RoW).

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Global Coated Steel Market: Regional Analysis

Owing to high domestic demand and low cost of production, China and India are major are the producers of refrigerators. Hence, increasing demand from these end-use industries is, in turn, boosting the global coated steel market. Furthermore, Asia Pacific is anticipated to be one of the largest markets for coated steel as far as volume and value are concerned. This trend is followed by North America and Europe. India, China, Russia, South Korea, and the U.S., and the Middle Eastern countries are some of the key markets for coated steel, mainly owing to growing demand on the domestic front, rising income levels, and easy availability of resources. Asia Pacific has also emerged as the major coated steel market player globally.

Global Coated Steel Market: Competitive Players

Major players in the global coated steel market are SSAB AB, Jindal Steel & Power Ltd., Voestalpine AG, OJSC Novolipetsk Steel, ArcelorMittal S.A., United States Steel, and OJSC Magnitogorsk Iron & Steel Works. Other key players influencing the global market include Nippon Steel & Sumitomo Metal Corporation, Essar Steel Ltd., ThyssenKrupp AG, Tata Steel Ltd., and Lysvenskii Metallurgicheskii Zavod Zao.

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