(MENAFN- EIN Presswire) Hot-Dip Galvanized Steel Market: Segmentation and Application Forecast, 2023-2032
PORTLAND, OREGON, UNITED STATES, May 22, 2024 /EINPresswire / -- Allied market Research has released a report titled "Hot-Dip Galvanized Steel Market by Product Type (Sheet and Coil, Tubes and Pipes, Wires, and Others) and End-use industry (Construction, Automotive, Home Appliances, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." The report indicates that the global hot-dip galvanized steel market was valued at $46.9 billion in 2022 and is predicted to reach $83.6 billion by 2032, with a CAGR of 6.1% from 2023 to 2032.
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Key Growth Drivers:
Construction Boom: A significant increase in construction activities worldwide, especially in emerging economies, due to urbanization and infrastructure development, is a primary driver.
Demand for Corrosion-Resistant Materials: Various industries, including automotive, agriculture, and manufacturing, are witnessing a rise in demand for durable and corrosion-resistant materials, further propelling market growth.
Technological Advancements: Continuous advancements in galvanizing processes are enhancing efficiency and sustainability, contributing to market expansion.
Environmental Regulations: Stringent regulations promoting environmental sustainability and the recyclability of galvanized steel are boosting market demand.
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Segment Insights:
Sheet and Coil Dominance: In 2022, the sheet and coil segment held the largest market share, driven by its versatility in applications such as roofing, cladding, and automotive parts.
Tube and Pipe Growth: The tube and pipe segment is expected to register the highest CAGR of 6.4%, owing to increased adoption across sectors like water and gas distribution, construction, and industry.
End-use Industry Trends:
Construction Sector Lead: The construction sector dominated the market in 2022, attributed to the versatility of hot-dip galvanized steel in various applications like roofing and framing.
Home Appliances Surge: The home appliances segment is projected to register the highest CAGR of 6.5% from 2023 to 2032 due to increased demand for durable, corrosion-resistant materials in appliance manufacturing.
Regional Outlook:
Asia-Pacific Dominance: Asia-Pacific held the highest market share in 2022 and is expected to maintain its dominance by 2032, driven by increased construction ventures, automotive manufacturing, and investments in renewable energy initiatives.
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Key Players
JMT Steel
Jain Steel Industries
Manaksia Steels Limited
Dana Steel
Sanghvi Metal
YIEH
Steel Tubes India
Tianjin Tianyingtai Steel Pipe Co. Ltd.
Hebei Shengtian Group Seamless Steel Pipe Co., Ltd
ThyssenKrupp AG
Dinesh Metal Industries
The report provides an extensive analysis of major players in the global hot-dip galvanized steel market, highlighting their business performance, product portfolio, and strategic moves to maintain market dominance across various regions.
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Allied Market Research
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