Coated Steel Market

Coated Steel Market Overview:

The global coated steel market was valued at USD 48.95 billion in 2022 and is likely to reach USD 66.89 billion by 2030, at a CAGR of 4.6%. Steel surface coated with an additional layer of metallic or organic material to protect it from rusting is referred to as coated steel. Usually, a coating layer is added to flat steel when it is in a coil form. Low carbon steel sheets are likely to corrode when exposed to air and moisture. Corrosion of these sheets can be uniform, which is spread over the entire exposed surface of the metal sheet; or localized at a specific site, where special condition create a corrosive environment. Coatings offer a protective layer from a corrosive attack by acting as a barrier to exclude water, air, and other corrosion promoters from contact with the steel substrate. In addition, these coatings protect from scratches and damages. Rising number of construction & building activities is increasing the demand for coated steel, as it is preferred due to its benefits such as durability, protective coating, ease of inspection, hygienic, economic and others. 

Coated Steel Market Segmentation:

By product, the global coated steel market is classified into galvanized, pre-painted, and others. The galvanized segment held the largest market share of more than 75% in 2022. Galvanization is the most popular option for averting the erosion of steel. The product is obtained by coating steel sheets with zinc. Galvanized steel has a long life and requires less maintenance, thus makes its suitable in residential homes. The pre-painted is likely to register a healthy CAGR during the review period. Pre-painted steel is widely used in garage doors, metal roofing, appliances, lighting fixtures, refrigerator cabinets & doors, HVAC, freezers, washing machines, microwaves, coolers, and dishwashers. Growing demand for consumer goods both in the developed and developing economies is likely to bolster the coated steel market segment growth in the coming years.

Based on resin type, the global coated steel market has been classified into siliconized polyester, polyester, fluoropolymer, plastisol, and others. The siliconized polyester segment witnessed the highest market share in 2022 owing to its increasing usage in the building & construction industry. In siliconized polyester resin, silicone enhances the weather resistance and gloss retention of polyester coatings. Fluoropolymer coatings are blends of high-performance resins and fluoropolymer lubricants. These coatings consists of an excellent dry film lubricant. The final product offers a smooth, slick, hard coating which offers superior corrosion and chemical resistance.

On the basis of application, the global coated steel market has been segmented into building & construction, appliances, automotive, others. The building & construction segment witnessed the largest share of more than 42% in 2022. Coated steel finds widespread usage in the construction sector to create attractive and functional buildings that meet high environmental and quality requirements. The coated steel offers immense strength that makes it suitable for constructing buildings. In addition to this, coated steel possesses other characteristics, such as tensile, ductile, flexible, and cost-effective. The automotive segment is likely to grow at a healthy CAGR during the review period. Growing preference of lightweight materials for automotive manufacturing is likely to boost the segment growth. Furthermore, critical issues such as environmental pollution and corrosion propensity in coastal areas have propelled the coated steel market demand.

Coated Steel Market Dynamics and Factors:

Significant growth in the construction sector is likely to augment the global coated steel product demand in the coming years. Coated steel is widely used in various applications such as laundry appliances, air conditioners, refrigerators, vehicle parts, roofing, and decks to protect them against the corrosive environment. Additionally, it is widely used for aesthetic appearance specifically required in architectural applications. Further, surging demand from electric vehicles, consumer goods, and residential construction are thus, expected to augment the global coated steel industry growth during the forecast period. The bolstering coated steel market demand from automotive & electrical appliances coupled with the growing need for color-coated steel sheets in the building & construction sector, where it is majorly used as industrial cladding and roofing will increase the coated steel market share in the coming years. However, application challenges in transportation as well as cost reduction to sustain quality are likely to hamper the global coated steel industry growth.

Coated Steel Market Geographical Analysis:

The Asia Pacific coated steel market garnered the highest market share in 2020 and is likely to garner the highest CAGR more than 5% during the review period. China, India, and Japan are the key contributors in the regional market mainly due to rising consumption of coated steel in a myriad range of industries such as automotive, construction, consumer appliances, and among others. Rising construction activities in India and China are likely to bolster the coated steel market growth. Moreover, strong sales of passenger vehicles in India and other South East Asian countries further augment the product demand. The European market held a substantial market share in 2020 due to strong automotive base as well as presence of steel manufacturers in the region.

Coated Steel Market Report Scope

Key Market Segmentation

Coated Steel Market - By Product 

o   Galvanized

o   Pre-Painted

o   Others

Coated Steel Market - By Resin Type 

o   Siliconized Polyester

o   Polyester

o   Fluoropolymer

o   Plastisol

o   Others

Coated Steel Market - By Application

o   Building & Construction

o   Appliances

o   Automotive

o   Others

Coated Steel Market - By Region

North America

o   US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Benelux

o   Nordics

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America