openPR Logo
Press release

Southeast Asia Galvanized Steel Market Worth $24.21 Billion by 2028

03-21-2024 09:42 AM CET | IT, New Media & Software

Press release from: Meticulous Research

/ PR Agency: Meticulous Research
According to a new market research report titled "Southeast Asia Galvanized Steel Market by Product Type (Hot-dipped Galvanized Steel, Electro-galvanized Steel); Application (Building and Construction, Automotive, White Goods, Shipbuilding, Other Applications); and Country - Forecast to 2028," published by Meticulous Research®, the Southeast Asia galvanized steel market is expected to grow at a CAGR of 13% from 2021 to 2028 to reach $24.21 billion by 2028. By volume, this market is expected to grow at a CAGR of 12.4% from 2021 to reach 25.89 million tons by 2028.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5019

Galvanized steel is steel coated with a protective layer of zinc to prevent rusting and increase the durability of steel structures. Galvanizing is done primarily through two methods, hot-dipped galvanizing and electro-galvanizing. In hot-dipped galvanizing, steel sheets are dipped in a bath of molten zinc at 460⁰C. A zinc oxide layer is formed on the steel, which prevents the steel from corrosion. In the electro-galvanizing method, steel sheets are dipped in a zinc ion solution, and current is passed through it so that zinc ions get uniformly spread over the steel sheets. Hot-dipped galvanizing is the most commonly used technique for galvanizing steel due to its low cost compared to electro-galvanizing.

The major factors driving the Southeast Asia galvanized steel market include increasing infrastructure investments in the Southeast Asian region and rising GDPs in the region. Moreover, rapid urbanization in the region, growing automotive markets, and establishment of the ASEAN economic community provide attractive growth opportunities for players operating in this market.

The Impact of COVID-19 on the Southeast Asia Galvanized Steel Market

The COVID-19 pandemic severely impacted several sectors in Southeast Asia, including construction, automotive, shipbuilding, and white goods. Infrastructure development and construction activities in the region came to a standstill due to the lockdowns imposed by governments across the region to contain the spread of the virus. The steel industry, a major raw material supplier for the automotive, construction, shipbuilding, and white goods industries, was severely affected due to the slowdown in these sectors during the peak of the COVID-19 pandemic in 2020. Steelmakers across the region reported that the demand for steel products during the COVID-19 pandemic had decreased by 90% compared to pre-COVID times. This crisis caused structural shifts with significant implications for the market.

In Southeast Asia, halted construction projects severely impacted the steel market, with the demand for steel recording a decline of 11.9% in 2020. The production and supply of galvanized steel, one of the most important raw materials for the construction, automotive, shipbuilding, and electrical appliances industries, were also severely impacted. The steel markets in Malaysia and the Philippines were the most severely impacted, while Vietnam and Indonesia saw only a modest decline in demand. According to the Indonesia Iron and Steel Industry Association (IISIA), in Indonesia, the pandemic had reduced the demand for steel products by 50%. The pandemic severely disrupted the cash flow of steelmakers in the country as major clients closed businesses. Some of the steelmakers in the country also faced business continuity challenges. Recovery is expected to be driven by a gradual resumption of construction activities, which will accelerate by 2022.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5019

Thailand is Asia's fourth-largest auto assembly and export hub. The automotive industry in Thailand recorded a significant sales decline of 21% by the end of 2020. In Thailand, recent restrictions imposed by the government in June 2021 to contain the spread of the delta variant caused a decline of 30-40% in demand for steel in the building & construction sector. Tata Steel Thailand (TSTH) reported a 20-30% sales decline due to the shutdown. In July 2021, Toyota Motors Thailand temporarily suspended vehicle production at its Ban Pho, Samrong, and Gateway plants due to a shortage of parts caused by the pandemic. Various automotive parts such as car skeleton structures, body panels, bumpers, etc., are manufactured using galvanized steel. Hence, the suspension of automotive production significantly affected the galvanized steel market in Thailand.

The COVID-19 pandemic has also significantly affected the building & construction sector in Southeast Asia. For instance, in April 2020, The Public Works and Public Housing Ministry of Indonesia suspended several housing development projects across the country and announced the reallocation of budget funds towards efforts to mitigate the impacts of the COVID-19 pandemic. This budget diversion affected various public infrastructure projects in Indonesia, such as the development of Way Sekampung Dam in Lampung, the Jragung Dam in Central Java, the Temef Dam in East Nusa Tenggara, the Kuningan East Ring Road in West Java, and the construction of the Brebes Ring Road in Central Java. The COVID-19 crisis also affected other infrastructure projects in Indonesia, including the Jakarta-Bandung high-speed railway project. Galvanized steel is one of the major raw materials used in the building & construction sector for various applications such as frames, roofs, and interior & exterior walls. Thus, the slowdown in the building & construction sector significantly affected the galvanized steel market in Southeast Asia.

The shipbuilding and ship repair industry in Southeast Asia has been greatly affected by the restrictions imposed due to the COVID-19 pandemic. In Singapore, two major shipyards-Sembawang Shipyard and Keppel, which were kept open as essential services, felt the impact as several laborers tested positive for COVID-19, raising concerns about the safety of workers. Shipyard orders in Southeast Asian countries declined by approximately 38.8% in 2020 compared to 2019, with only 2.7 million deadweight tons (dwt) worth of new orders placed. Shipyard orders in the Philippines decreased by approximately 17%, with only 30 new orders placed (weighing 2 million dwt). New orders for shipyards in Vietnam decreased by approximately 44% to 0.7 million dwt (16 new orders). Shipyards in Singapore, Indonesia, etc., did not receive any new orders in 2020. The slowdown in the shipbuilding industry has had significant effects on the galvanized steel market in these countries since galvanized steel is used for various components such as the hull, stern frame, rudder pintles, deck plating, etc.

Southeast Asia Galvanized Steel Market Overview

The Southeast Asia galvanized steel market is segmented based on product type, application, and country. The study also evaluates industry competitors and analyzes the market at the country level.

Based on product type, the Southeast Asia galvanized steel market is mainly segmented into hot-dipped galvanized steel and electro-galvanized steel. In 2021, the hot-dipped galvanized steel segment accounted for the largest share of the Southeast Asia galvanized steel market. The large share of this segment is mainly attributed to their lower cost, extremely long life, low maintenance cost, tougher coating, and its compatibility with all types of adhesives. Hot-dipped galvanized coatings are considered highly ductile since they can maintain their full corrosion protection even after being heavily formed. Moreover, hot-dipped galvanized steel can be welded using various welding methods, including resistance, laser, and arc welding.

Quick Buy - Southeast Asia Galvanized Steel Market Research Report: https://www.meticulousresearch.com/Checkout/97803858

Based on application, the Southeast Asia galvanized steel market is mainly segmented into building and construction, automotive, white goods, shipbuilding, and other applications. In 2021, the building and construction segment accounted for the largest share of the Southeast Asia galvanized steel market. The large share of this segment is mainly attributed to numerous and measurable benefits such as low cost, low maintenance, and anti-corrosive nature. Galvanized steel is used for roofs, trusses, frames, purlins, pipes and ducts, interior walls, and many others. However, the white goods segment is expected to record the highest CAGR during the forecast period. White goods include stoves, refrigerators, freezers, washing machines, tumble driers, dishwashers, and air conditioners. In such appliances, galvanized steel is mainly used due to its corrosion-free and highly ductile properties.

Geographically, Vietnam accounted for the largest share of the Southeast Asia galvanized steel market in 2021. The large share of this market is mainly attributed to growing manufacturing facilities in the country, such as industrial parks, warehouses, and logistics facilities, and the growing purchasing power of the population leads to increasing demand for automobiles in the country. To tap the growing consumer interest in electric vehicles, in 2021, Vietnamese electric vehicle maker VinFast began the construction of a battery manufacturing plant in the province of Ha Tinh with a planned investment of USD 173.7 million in the first phase. However, Indonesia accounted for the second-largest share of the Southeast Asia galvanized steel market in 2021. The large share of this country is mainly attributed to the growing steel industry and government initiatives for the infrastructure development of Indonesia. The government of Indonesia has plans to become the top ten biggest economies in the world by 2030. The development of the manufacturing sector in Indonesia is at the center of this goal.

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), and Galvaco Industries Sdn. Bhd. (Malaysia) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/southeast-asia-galvanized-steel-market-5019

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
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5019

About Us
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.

Address
Office No-202, 203,204,205,206
2nd Floor, Pushpak Business Hub,
Wakad, Pimpri-Chinchwad,
411057, India.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Southeast Asia Galvanized Steel Market Worth $24.21 Billion by 2028 here

News-ID: 3438905 • Views:

More Releases from Meticulous Research

Direct-to-Consumer (DTC) Pet Food Market Worth $8.16 Billion by 2028
Direct-to-Consumer (DTC) Pet Food Market Worth $8.16 Billion by 2028
According to a new market research report titled "Direct to Consumer Pet Food Market by Type (Meal [Standard, Customized], Treats, Supplements), Pet Type (Dogs, Cats), Health Condition (Nutrition), Distribution Channel (Online, Offline), and Geography - Global Forecasts to 2028", published by Meticulous Research®, the DTC pet food market is expected to grow at a CAGR of 25.2% from 2021-2028 to reach $8.16 billion by 2028. Download Free Sample Report Now @
Nut Ingredients Market to Reach $10.2 Billion by 2030
Nut Ingredients Market to Reach $10.2 Billion by 2030
Meticulous Research®-a leading global market research company, published a research report titled, 'Nut Ingredients Market by Type (Almond, Cashew, Walnut, Hazelnut, Others), Form (Roasted, Raw, Powdered, Cut), Application (Confectionary, Snacks & Bars, Dairy Products, Beverages, Bakery Products), and Geography - Global Forecast to 2030.' According to this latest publication from Meticulous Research®, the global nut ingredients market is projected to reach $10.2 billion by 2030, at a CAGR of 6.1% from
Wireless Electric Vehicle Charging Systems Market to be Worth $2.5 Billion by 2030
Wireless Electric Vehicle Charging Systems Market to be Worth $2.5 Billion by 20 …
According to a new market research report titled, 'Wireless Electric Vehicle Charging Systems Market by Type (Dynamic, Static), Component (Base Pads, Vehicle Pads), Technology, Application, Vehicle Type (BEV, PHEV), Power Supply, End User, Distribution Channel and Geography-Global Forecasts to 2030', the wireless EV charging systems market is projected to reach $2.5 billion by 2030, at a CAGR of 50.1% from 2023 to 2030. Wireless electric vehicle charging systems are charging systems
Solid-State Battery Market to Reach $3.81 Billion by 2029
Solid-State Battery Market to Reach $3.81 Billion by 2029
According to a new market research report titled "Solid-State Battery Market by Type (Thin Film Batteries, Bulk Batteries, and Other Batteries), Capacity (Less than 20mAh, 21mAh to 500mAh, and Above 500mAh), Application, and Geography - Global Forecasts to 2029", published by Meticulous Research®, the overall solid-state battery market is expected to grow at a CAGR of 58% from 2022-2029 to reach $3.81 billion by 2029. By volume, this market is

All 5 Releases


More Releases for Steel

Miscellaneous Steel Detailing | Steel Detailer | Steel Detailing Services
We provide the highest quality of finished projects in the industry. Boasting unmatched turnaround times, and superb accuracy. WorldSteel Detailings has onboard team of experienced steel detailers and engineers with a wide range of experience from industrial and commercial projects to high rise buildings. By using innovative technologies and latest softwares, our structural steel detailing team provides accurate services as per your requirements based on country standards.Our steel detailing professionals
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in
What's driving the Structural Steel market Share? Gerdau S.A, ArcelorMittal, Tat …
This Global Structural Steel market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years. According to this study, over the next five years the Structural Steel market will register a 5.1% CAGR in terms of revenue, the global market size will reach US$ 79700 million by 2024, from