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Galvanized steel is steel coated with a protective layer of zinc to prevent rusting and increase the durability of steel structures. Galvanizing is done primarily through two methods, hot-dipped galvanizing and electro-galvanizing. In hot-dipped galvanizing, steel sheets are dipped in a bath of molten zinc at 460⁰C. A zinc oxide layer is formed on the steel, which prevents the steel from corrosion. In the electro-galvanizing method, steel sheets are dipped in a zinc ion solution, and current is passed through it so that zinc ions get uniformly spread over the steel sheets. Hot-dipped galvanizing is the most commonly used technique for galvanizing steel due to its low cost compared to electro-galvanizing.
In its latest publication on the Southeast Asia galvanized steel market, Meticulous Research states that the market will grow at a CAGR of ~13% from 2021 to 2028 to reach $24.21 billion. By volume, this market is expected to grow at a CAGR of ~12% to Reach 25.9 million tons by 2028.
The growth of this market is backed by factors such as increasing infrastructure investments in the Southeast Asian region and rising GDPs in the region. Moreover, rapid urbanization in the region, growing automotive markets in the region, and establishment of the ASEAN economic community provide significant opportunities in this market.
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However, rapid urbanization in the region, growing automotive markets in the region, and the establishment of the ASEAN economic community obstruct this market’s growth to some extent.
To provide efficient analysis, Meticulous Research® has segmented this market based on product type (hot-dipped galvanized steel {hot-dipped zinc-coated galvanized steel, hot-dipped aluminum-coated galvanized steel, hot-dipped zinc-aluminum-silicon alloy coated galvanized steel, hot-dipped zinc-magnesium-aluminum alloy coated galvanized steel, and hot-dipped zinc-aluminum-magnesium-silicon alloy coated galvanized steel}, and electro-galvanized steel {electrolytic zinc-coated galvanized steel, electrolytic zinc-nickel alloy-coated galvanized steel, electrolytic zinc-sn-nickel alloy-coated galvanized steel, electrolytic nickel-coated galvanized steel, and electrolytic phosphate-treated galvanized steel}), application (building and construction {trusses, roofs, frames, exterior wall, interior wall, pipes and ducts, purlins, decking, and other building and construction applications}, automotive, white goods{refrigerators, washing machines, air-conditioning, microwave ovens, and other appliances}, shipbuilding, and other appliances {electrical transmission towers, telecom towers, steel furniture, office equipment, and miscellaneous applications}), and country. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product type, the hot-dipped galvanized steel segment is accounted for the largest share of the Southeast Asia galvanized steel market in 2021. The large share of this segment is mainly attributed to their lower cost, extremely long life, low maintenance cost, tougher coating, and its compatibility with all types of adhesives. Hot-dipped galvanized coatings are considered highly ductile since they can maintain their full corrosion protection even after being heavily formed. Moreover, hot-dipped galvanized steel can be welded using various welding methods, including resistance, laser, and arc welding.
Based on application, the building & construction segment is accounted for the largest share of the Southeast Asia galvanized steel market in 2021. The large share of this segment is mainly attributed to numerous and measurable benefits such as low cost, low maintenance, and anti-corrosive nature. Galvanized steel is used for roofs, trusses, frames, purlins, pipes and ducts, interior walls, and many others.
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Geographically, Vietnam is accounted for the largest share of the Southeast Asia galvanized steel market in 2021. The large share of this market is mainly attributed to the growing manufacturing facilities in the country, such as industrial parks, warehouses, and logistics facilities, and the growing purchasing power of the population leads to increasing demand for automobiles in the country. To tap the growing consumer interest in electric vehicles, in 2021, Vietnamese electric vehicle maker VinFast began the construction of a battery manufacturing plant in the province of Ha Tinh with a planned investment of USD 173.7 million in the first phase.
However, Indonesia is accounted for the second-largest share of the Southeast Asia galvanized steel market in 2021. The large share of this country is mainly attributed to the growing steel industry and government initiatives for the infrastructure development of Indonesia. The government of Indonesia has plans to become the top ten biggest economies in the world by 2030. The development of the manufacturing sector in Indonesia is at the center of this goal.
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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including 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), FIW Steel Sdn. Bhd. (Malaysia), and Galvaco Industries Sdn. Bhd. (Malaysia).
Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- [email protected]
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