Coated Steel Market Key Futuristic Trends and Opportunities 2030

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Coated Steel Market: Highlights

• Steel surface coated with an additional layer of organic or metallic materials to protect it from rusting is called coated steel. Usually, a coating layer is added to flat steel when it is in a coil form.
• Low carbon steel sheets tend to corrode when exposed to moisture and air. Corrosion of these sheet takes place in many forms. It can be uniform, spreading over the entire exposed surface of a metal sheet; or localized, occurring where special conditions create a corrosive environment. Coatings protect steel sheet from a corrosive attack by acting as a barrier to exclude air, water, and other corrosion promoters from contact with the steel substrate. Besides barrier protection, coatings have the ability to react at scratches and other damages.
• Coated steel is used in building & construction, appliances, and other industries

Key Drivers of Coated Steel Market

• Increase in demand for coated steel in the building & construction industry is boosting the global market. Construction activities have increased across the globe. According to Statistics Bureau Ministry of Internal Affairs and Communications of Japan, the country spent US$ 30,380 Bn on building & construction in 2017; of this, US$ 16,570 Bn was spent on residential buildings and US$ 13,810 Bn on non-residential buildings. Thus, growth in the construction industry is expected to propel the demand for coated steel in the near future.
• The U.S. also invests significantly in construction activities. According to the U.S. Census Bureau, the Government spent approximately US$ 1,303,469 Mn in overall construction activities in 2019.

Coated Steel Market: Application Segment

• Based on application, the global coated steel market can be segmented into building & construction, appliances, automotive, and others
• The building & construction segment is projected to account for major share of the global coated steel market by 2030
• Expanding at a healthy growth rate, the appliances and automotive segments are anticipated to create significant incremental opportunity during the forecast period
• In terms of demand, the others segment is estimated to expand at a moderate to high pace in the near future

Coated Steel Market: Covid-19 Impact

• The COVID-19 pandemic has had a negative impact on the global economy. It has affected various industrial sectors by hampering their supply chain. With months of consumer lockdown; and international supply chains and retail business shuttered, purchase and consumption behavior has changed significantly across various sectors. This has adversely impacted the global coated steel market.
• The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. Longer lockdowns have severely impacted household income, corporations' liquidity, and banks' asset quality.

Asia Pacific to be Key Region of Global Coated Steel Market

• In terms of region, the global coated steel market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Consumption of coated steel is higher in In Asia Pacific compared to that in other regions.
• In terms of demand, Asia Pacific holds prominent share of the market. It is followed by North America and Europe.
• China is the largest market for coated steel in Asia Pacific. The country accounted for major share of the market in terms of volume and value in 2019. The usage of coated steel in residential and commercial building applications is projected to drive the market in the country. In China, the overall investment in real estate has increased by 6% since 2015 to more than US$ 1.8 Trn in 2018.
• North America also held vital share of the global coated steel market in 2019. Growth of end-use industries and increase in numbers of domestic players in vertical market segments are key factors boosting the market in the region.
• The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period