(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 26, 2021 (GLOBE NEWSWIRE) -- The 'U.S. Coated Steel Market Size, Share & Trends Analysis Report By Product (Galvanized, Pre-painted), By Application (Building & Construction, Appliances, Automotive), By Region, And Segment Forecasts, 2021 - 2028' report has been added to ResearchAndMarkets.com's offering.
The U.S. coated steel market size is expected to reach USD 36.71 billion by 2028, expanding at a CAGR of 4.4% over the forecast period. Increasing demand for lightweight automotive parts coupled with a rising trend toward the aesthetic appearance of steel products is anticipated to drive market growth across the projected period.
Steel is coated with various materials such as zinc and tin to prevent it from corrosion and increase its life cycle. Coated steel is vastly used in applications where food safety, aesthetic appearance, and corrosion resistance are of vital significance. The product thus finds applications in construction, automotive, appliances, packaging, furniture, and many other industries.
Based on product, the market is segmented into galvanized, pre-painted, and others. Galvanized constituted the largest share in 2020 and is expected to maintain its dominance over the forecast period. The product owing to its characteristics is widely used for doors and windows. Benefits of steel profiles with galvanized coating are high structural characteristics, high strength, low coefficient of expansion, and modern as well as traditional designs.
Moreover, the growing significance of metal roofing in U.S. houses in extreme climates has propelled the demand for galvanized steel as it offers better and long-lasting performance. The benefits of installing a metal roof are easy installation, fire resistance, lightweight, and low heat conduction. These benefits are propelling demand for a metal roof in the U.S. and thus, are anticipated to positively influence galvanized steel consumption over the forecast period.
Growing demand product demand in the U.S. is attracting international players to set up new plants in the country. For instance, as of September 2021, Australia-based BlueScope is eyeing to construct a new steel painting and coating facility in the eastern U.S. to pursue downstream opportunities. Other players such as Nucor and Steel Dynamics Inc. are also planning to expand their production capacities.
U.S. Coated Steel Market Report Highlights
- Based on product, galvanized held the largest revenue share of over 82% in 2020. The share is mainly attributable to galvanized steel's ability to avert erosion, easy maintenance, and self-healing characteristics
- Based on application, building and construction dominated the market with a revenue share of over 43.0% in 2020. The growing construction activities in the U.S. and large-scale infrastructure projects are propelling product demand
- Based on region, Northeast U.S. is anticipated to register a CAGR of 5.5%, in terms of revenue, over the forecast period, on account of increasing construction of private homes in the region
- Increasing product demand as a lightweight material in industries including automotive and aerospace is propelling its production, thus, eventually benefitting market growth
- Cleveland-Cliffs Inc.
- Nippon Steel Corporation
- Salzgitter Ag
- Steel Dynamics, Inc.
- United States Steel Corporation
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Tags Galvanized Steel Iron and Steel Steel
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