What is the global market size of the Southeast Asia Galvanized Steel Market?

Southeast Galvanized Steel Market size was USD 10.29 billion in 2021 and USD 11.633 in 2022 and it is expected to reach a valuation of USD 30.91 billion in 2030, at a CAGR of 13% during the forecast period (2023-2030).

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

Report ID: SQMIR15O2029 | Region: Regional | Published Date: February, 2024
Pages: 242 | Tables: 63 | Figures: 65

Southeast Asia Galvanized Steel Market Dynamics

Southeast Galvanized Steel Market Drivers

Rapid Industrialization to Boost Market Demand

The expansion of this industry is primarily driven to regional economic growth and growing infrastructure spending in Southeast Asia. Market companies have enormous development potential due to the region's rapid urbanization, expanding automobile markets, and the creation of the ASEAN economic community.

Southeast Galvanized Steel Market Restraints

Stringent Regulations to Hinder Market Growth

The region's fast urbanization, expanding automobile markets, and the development of the ASEAN economic community somewhat restrain the expansion of this industry. Southeast Asian nations reduce their purchases of Chinese steel. Chinese-made induction furnaces are prohibited in ASEAN nations.

Southeast Asia Galvanized Steel Market Report Snapshots

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Southeast Galvanized Steel Market size was USD 10.29 billion in 2019 and USD 11.633 in 2019 and it is expected to reach a valuation of USD 30.91 billion in 2019, at a CAGR of 13% during the forecast period (2024-2031).

The market for galvanized steel is fragmented and has several well-established companies. Malaysia, Japan, Thailand, and China are the primary nations with the largest market share. JFE Steel, ArcelorMittal, Baosteel, Gerdau, NSSMC, and POSCO Nucor are significant market participants. To enhance their market share, these businesses are concentrating on strategic partnerships, mergers, and acquisitions. 'Nippon Steel Corporation (Japan)', 'POSCO (South Korea)', 'JFE Holdings Inc. (Japan)', 'JTL Infra Ltd. (India)', 'NS BlueScope steel limited (Singapore)', 'Hoa Sen Group (Vietnam)', 'Hoa Phat Group (Vietnam)', 'DONGKUK Steel Group (South Korea)', 'Nam Kim Steel Joint Stock Company (Vietnam)', 'Chinh Dai Industrial Co. Ltd (Vietnam)'

The expansion of this industry is primarily driven to regional economic growth and growing infrastructure spending in Southeast Asia. Market companies have enormous development potential due to the region's rapid urbanization, expanding automobile markets, and the creation of the ASEAN economic community.

The market for galvanized steel will have potential opportunities to grow considerably as a consequence of increased product consumption in the building sector. Initially, this form of steel was not often employed for structural reasons in structures due to its expensive cost. The availability and pricing of this steel have, however, significantly grown over the past 10 years due to technological advancements that have also improved its corrosion resistance and endurance.

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.

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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

Southeast Asia Galvanized Steel Market Dynamics

Southeast Asia Galvanized Steel Market Report Snapshots

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