Galvanized steel strip is a form of steel strip that is corrosion resistant & rust-free. It is manufactured by a specific process called galvanization. It comprises applying a protective coating of zinc to prevent rusting or corrosion. It is highly preferred in several constructional purposes such as residential and commercial buildings. The key features are included Fine edges, impeccable finish and Durable.
According to study, “Global Galvanized Steel Strip Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global galvanized steel strip market areArcelorMittal, United States Steel (USS), NSSMC, ThyssenKrupp, POSCO, Rautaruukki, Nucor, Wuhan Iron and Steel, JFE Steel, Shandong Iron & Steel, Severstal, Shagang Group, JSW Steel, Shougang Group, Essar, Dongkuk Steel, Baosteel, Dongbu Steel, Ansteel, Valin Steel, Ma Steel, Kerui Steel, Bohai Steel, CSC. Manufacturers are steadily focusing on product development in the emerging markets as there are many opportunities to expand & increase their market share globally.
Based on type, the galvanized steel strip market is segmented into the electrical galvanized strip, hot-dip galvanized strip and others. The electrical galvanized steel strip is a kind of strip that has been electrically coated with zinc to protect against corrosion and used for commercial purposes like light fixtures and office furnishings. Hot-dip galvanized strip segment dominates the market owing to the rise in use in automobile structures such as the wheel, frames, and other parts as well as welding and construction trades among others. In addition, based on application, the market is segmented into construction, automotive, home appliance, general industrial and others. The home appliances segment is further sub-segmented into door frames, switchboards, washing machines, acoustic ceiling tiles, and others.
The galvanized steel strip market is driven by the rapid growth of the electronics industry, followed by a rise in need for workers’ safety in volatile &electric environment, recent improvements in power efficiencies & process technology, increase in application in manufacturing of home appliances & the agricultural building, lowered the price of zinc, rise in per capita income, increase in renovation activities skilled & cost-effective labor, easy availability of raw materials and increase in benefits, for instance, electrical and shock resistance. However high cost and limited availability of raw materials may impact the market. Moreover, the increase in demand for galvanized steel in emerging markets along with various technological needs is a key opportunity for the market.
Based on geography, the Asian-Pacific is a leading region in the global galvanized steel strip market owing to the increase in the building & construction industry and reduced or the low maintenance costs in the region. Whereas, the European and North-American regions are anticipated to exhibit considerable growth rate due to widespread application across laboratories, high-tech manufacturing, utility plants, hospitals, and car manufacturing over the forecast period. In upcoming years, it is estimated that the future of the market will be bright as a result of investments in construction and infrastructural projects by the governments in the developing nations during the forecast period.
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Ankur Gupta, Head Marketing & Communications