Press release
Thailand Hot-dip Galvanized Steel Products Market Overview and status 2030
Thailand Hot-dip Galvanized Steel Products Market
The hot-dip galvanized steel products market in Thailand was valued at over US$ 2.4 Bn in 2019 and is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The construction industry in Thailand has been expanding since the last few years. This has been fueling the demand for hot-dip galvanized metal that can resist corrosive environments. In turn, this has been propelling the hot-dip galvanized steel market in Thailand.
Share of Prominent Players in Thailand Hot-dip Galvanized Steel Products Market
Key players operating in the hot-dip galvanized steel market in Thailand are POSCO Coated Steel (Thailand) Co. Ltd, NS-Siam United Steel Co. Ltd. and JFE Steel Galvanizing (Thailand) Ltd., BJC Heavy Industries PCL, Thai Scandic Steel Co. Ltd., and Ajikawa & SCI Metal Tech Co. Ltd. POSCO Coated Steel (Thailand) Co. Ltd and JFE Steel Galvanizing (Thailand) Ltd. hold more than 20% share of the hot-dip galvanized steel market in Thailand in 2019.
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Research Methodology - Thailand Hot-dip Galvanized Steel Products Market
The research methodology adopted by analysts for compiling the report on the hot-dip galvanized steel products market in Thailand is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the hot-dip galvanized steel products market in Thailand.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the hot-dip galvanized steel products market in Thailand.
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Major Restraints of Thailand Hot-dip Galvanized Steel Products Market
In terms of quality, hot-dip galvanization provides 10 times more corrosion resistance as compared to that offered by electro-galvanization. However, hot-dip galvanization usually is five times more expensive than electro-galvanization. Hence, a moderate threat from substitute technology exists in the hot-dip galvanized steel products market in Thailand. This offers significant opportunities for hot-dip galvanization processors.
Thailand Hot-dip Galvanized Steel Products Market - Segmentation
TMR's research study segments the hot-dip galvanized steel products market in Thailand in terms of product type. This report presents extensive market dynamics and growth trends associated with different market segments and explains how they are influencing the hot-dip galvanized steel products market in Thailand.
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Thailand Hot-dip Galvanized Steel Products Market: Segmentation
Thailand Hot-dip Galvanized Steel Products Market, by Product Type
Hot-dip Galvanized Steel Pipes
Hot-dip Galvanized Steel Products
Hot-dip Galvanized Steel Structures
Hot-dip Galvanized Steel Plates
Conventional Hot-dip Galvanized Products
Major Drivers of Thailand Hot-dip Galvanized Steel Products Market
Currently, Thailand is the 13th largest exporter of automotive parts and the sixth largest manufacturer of commercial vehicles in the world. It is the largest in ASEAN. According to a study conducted by the International Energy Agency, the number of EVs across the globe is projected to rise to account for 35% of all vehicles by 2040. On the other hand, popularity of EVs is still low in Thailand. However, hybrid electric vehicles (HEVs) were launched in around 2010.
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Key Opportunities in Thailand Hot-dip Galvanized Steel Products Market
According to a survey conducted by the American Chamber of Commerce, in May 2019, 40% of U.S.-based companies were planning to relocate or had already relocated their manufacturing facilities outside China. Several importers were planning to procure auto components and other manufactured goods from other countries in Asia, such as Thailand, Vietnam, and India, due to recent economic and political developments.
This provides an opportunity for domestic hot-dip galvanizers to establish a strong presence by increasing their capacity. The U.S.-China trade war has diminished China's cost advantage, owing to increased tariffs imposed by the U.S. and several other countries such as India and Japan. Minimum wages in China almost doubled from 2009 to 2014, making them just 4% cheaper than the manufacturing labor cost in the U.S.
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