Hot-Dip Galvanizing Market Overview
The key driver impacting the hot-dip galvanizing market is the expansion of end-user industries across the globe. The rapidly growing development in the construction industry is expected to create more demand for hot-dip galvanizing steel in the forecast period. For instance, According to the Global Construction Perspectives and Oxford Economics estimates, the construction volume output will grow by 85% to $15.5 trillion globally by 2030, with three countries China, the US, and India. These countries are accounting for 57% of all worldwide growth.
Moreover, the growing demands for hot-dip galvanization, due to various factors such as its low initial cost, easy availability, and high durability, longevity, and sustainability are also estimated to be key determinants that add growth to the market.
According to Value Market Research, the global Hot-dip galvanizing market was valued at around USD 85 billion in 2019 and is estimated to grow at a CAGR of about 5% during the forecast period of 2020-2026.
In addition to this, the rapidly growing automotive sector is anticipated to offer opportunities to the hot-dip galvanization globally are anticipated to increase the hot-dip galvanizing market demand under the forecast period. It is majorly needed for the passenger cars construction as it is used in manufacturing components such as , seats, fenders, hoods, spring housing, body panels, and oil pans.
For instance, According to the International Organization of Motor vehicle manufacturers (OICA), in 2019, sales of passenger cars increased by about 5% and reached 69.5 million units. Similarly, the commercial vehicles segment showed a steady rise as the sales touching 24 million units in 2019.
The current industry trend of using galvanized steel widely in applications where corrosion resistance is required is expected to create new market opportunities for the key players in the coming years.
The hot-dip galvanizing market is vast, with a large number of local and global players. The key leaders follow various strategies to enhance their market presence, such as mergers, acquisitions, expansions, and product innovations to increase their market share across the globe. The dominating key players included in the report are Hasco Thermic, WESTECH, GIMECO IMPIANTI SRL, C. H. Evensen Industriovner AS, Srs Hot Dip Galvanizer, and CORROS METALS have always been the initial targets of Hot dip galvanizing companies and many others.
In this market research report, the market is segmented by furnace type, material, end-user, and region.
Analysis by Furnace Type:
By furnace type, the report is categorized into ceramic and steel kettle.
Analysis by Material:
By material, the report is categorized into oil, gas, and electric.
Analysis by End User:
By end-user, the report is categorized into building & construction, automotive, electric & electronics, and others. Building and construction segment dominates the end-user segment in 2019 with a maximum market share of 30%. It is due to the rapidly expanding construction sector across the world.
Analysis by Region:
In the regional outlook of the global hot-dip galvanizing market, the Asia Pacific region dominates with a maximum market share of 30% in 2019. It is anticipated to show huge growth in the forecast period due to the increasing purchasing power of consumers and the rising development in residential and commercial construction projects in the region. Moreover, an increase in per capita income and spending, GDP growth, and urbanization in several economies in the Asia Pacific such as Singapore, Malaysia, and Thailand contributes to the growth of the Hot dip galvanizing market in Europe.
Market Segmentation covered in the Report:
By Furnace Type
By End User
- Building & Construction
- Electric & Electronics
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.