Southeast Asia Galvanized Steel Market Size, Share, Growth Analysis, By Application(building and construction, automobile, white goods, shipbuilding), By Type(hot-dipped and electro-galvanized steel), By Region - Industry Forecast 2024-2031

Geographically, Vietnam dominated the Southeast Asian galvanized steel market in 2021. A big portion of this market may be credited to the country's expanding industrial parks, warehouses, and logistics facilities, as well as to the population's rising spending power, which drives up demand for autos in the nation. VinFast, a Vietnamese manufacturer of electric vehicles, started constructing a battery manufacturing facility in the province of Ha Tinh in 2021. The first phase of the project is expected to cost USD 173.7 million. VinFast is doing this to capitalize on the growing consumer interest in electric vehicles. The market in Southeast Asia, however, was dominated by Indonesia in 2021, accounting for the second-largest share. The expanding steel sector and government efforts to enhance Indonesia's infrastructure are primarily responsible for this nation's substantial contribution. By 2028, Indonesia's government hopes to become one of the ten largest economies in the world. The core of this objective is the expansion of Indonesia's manufacturing industry.

Thailand is the fourth-largest vehicle export and assembly center in Asia. By the end of 2020, Thailand's car sector had a severe 21% fall in sales. The government's recent limitations in Thailand that were put in place in June 2021 to stop the spread of the delta variety resulted in a 30–40% decrease in the demand for steel in the building and construction industry. Due to the suspension, Tata Steel Thailand (TSTH) claimed a 20–30% reduction in sales. Due to a scarcity of parts brought on by the pandemic, Toyota Motors Thailand briefly halted vehicle manufacturing at its Ban Pho, Samrong, and Gateway facilities in July 2021. Galvanized steel is used in the production of a number of automobile components, including bumpers, body panels, and car frames. Consequently, the stoppage of vehicle production had a big impact.