Coated Steel Market Worth 26.68 Billion USD by 2020
PUNE, India, February 26, 2016 /PRNewswire/ --
The report "Coated Steel Market by Resin Type (Polyester, Fluoropolymer, Siliconized Polyester, Plastisol, and Others), by Application (Building & Construction, Appliances, Automotive, and Others) - Global Forecast to 2020", published by MarketsandMarkets, The Global Coated Steel Market is projected to reach USD 26.68 Billion by 2020 registering a CAGR of 5.30% between 2015 and 2020.
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The coated steel market is estimated to grow from USD 20.62 billion in 2015 to USD 26.68 billion by 2020, at a CAGR of 5.30% between 2015 and 2020. The major driver identified for the global coated steel market is growing demand from end-use industries such as construction, automotive, and appliances; stiff competition in the coated steel industry; inexpensive than electro-galvanizing process; product quality and differentiation; durability of cut edges; and fluoropolymer continue to grow in the building & construction market.
Growing demand from end-use industries is driving the demand for coated steel
The growth of the downstream industries is the key driving force for the coated steel market. For example, in the refrigerator market, the sales in the Asia-Pacific region have witnessed a steady growth in the past few years. China and India are the key production hubs of refrigerators due to huge domestic demand and low production costs. The great demand from such end-use industry has driven the market for coated steel. The increasing potential to spend on upgrades for kitchens, roofing, and basic home improvements and additions most of which include steel coated products are driving the coated steel market.
Polyester the largest resin type for coated steel
In 2015, the polyester resin segment accounted for the largest market share, in terms of value. Polyester resins form highly durable structures and coatings are cross-linked with a vinylic reactive monomer, which is most commonly styrene. The current industry trend highlights the use of polyester resin above all other resin types. In addition, it has limited use in the coatings industry primarily because curing is strongly inhibited by oxygen, leaving the surface of the polyester-coated steel soft and sticky. Due to these properties, the polyester-coated steel are the most broadly used coated steel, globally.
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Asia-Pacific is the largest market for coated steel market, both in terms of volume and value, followed by Europe and North America. Countries such as the China, India, South Korea, Russia, and the U.S. and the Middle Eastern countries are the major markets of coated steel. Due to increasing demand on the domestic front, increasing income levels and easy access to resources, Asia-Pacific has emerged as the leading market of coated steel.
Brazil has also emerged as a key market for coated steel manufacturers. Not only is the demand for coated steel expected to be strong in Brazil, but its proximity to the U.S. is also expected to turn it as a hot spot for setting up production facilities.
Key market players in coated steel market
The key players in this market are ArcelorMittal S.A. (Luxembourg), SSAB AB (Sweden), Salzgitter AG (Germany), OJSC Novolipetsk Steel (NLMK) (Russia), Voestalpine AG (Austria), OJSC Magnitogorsk Iron & Steel Works (MMK) (Russia), ThyssenKrupp AG (Germany), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel (U.S.), Essar Steel Ltd. (India), Tata Steel Ltd. (India), Lysvenskii Metallurgicheskii Zavod Zao (Russia), and Jindal Steel & Power Ltd. (India), and others.
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