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Galvanized Steel Market Size, Share & Industry Analysis, By Type (Hot-dip Galvanized Steel and Electrical Galvanized Steel), By Application (Construction Industry, Automotive Industry, Home Appliances, and Others), and Regional Forecast, 2024-2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI109201



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The global galvanized steel market size was valued at USD 98.80 billion in 2023 and is projected to grow from USD 104.28 billion in 2024 to USD 166.09 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period.

Galvanized steel is a type of steel that has been coated with a layer of zinc to protect it from corrosion. The process of galvanizing involves dipping the steel into a bath of molten zinc, which bonds with the surface of the steel and creates a protective layer. This type of steel is commonly used in outdoor construction projects, such as fences, roofs, and bridges, as well as in the manufacturing of metal pipes, electrical equipment, and automotive parts.

The rise in residential and commercial construction activities, coupled with the need for durable and long-lasting materials, has significantly contributed to the market growth. Additionally, the growing product usage in the automotive industry for the production of lightweight and fuel-efficient vehicles has further boosted the market. The market is expected to continue its growth trajectory in the coming years due to the increasing urbanization and industrialization across the globe.

The novel coronavirus created uncertain conditions for various industries, including automotive, chemicals, and construction, across the globe. The steel industry suffered its worst phase over the past few decades due to the COVID-19 pandemic. Traditional supply chains of steel are heavily dependent on the human workforce. Thus, during the outbreak, the supply chains faced enormous challenges due to a shortage of manpower. Leading manufacturers and suppliers reported supply chain disruptions, delaying orders and negative impact on their businesses.

Galvanized Steel Market Trends

Increasing Trend toward the Use of Electro-Galvanizing Steel in Manufacturing Electric Parts to Present Market Growth

The demand for electro-galvanizing steel in electrical applications has been on the rise in recent years. This is due to the fact that electro-galvanizing provides a thin and uniform layer of zinc coating on the steel, which enhances its corrosion resistance and improves its conductivity. This makes it an ideal material for electrical components, such as wiring, connectors, and switches. Additionally, electro-galvanizing steel is cost-effective and environmentally friendly, making it a popular choice for manufacturers and consumers alike.

Moreover, electro-galvanized steel offers excellent corrosion resistance and a smooth surface finish. Due to such beneficial properties, this type of steel is an ideal material for use in electrical enclosures, conduit fittings, and other electrical components. Hence it is becoming increasingly popular in the electrical industry as a reliable and durable material choice for various applications.

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Galvanized Steel Market Growth Factors

Growing Product Demand from Various End-use Industries to Drive Market Growth

The market has been experiencing steady growth in recent years, driven by the increasing demand from various end-use industries, such as construction, automotive, and electrical. The construction industry remains the largest consumer of the product due to its high strength and durability, which makes it suitable for various applications, such as roofing, fencing, and structural components.


With the growth of the construction industry, the demand for galvanized steel has also increased, as it is widely used in the construction of buildings, bridges, and other infrastructure projects. The galvanizing process involves coating the steel with a layer of zinc, which enhances its strength and longevity and also protects it from rust and corrosion. This makes it a cost-effective and reliable material for construction projects, especially in areas with high levels of moisture and humidity.

Similarly, the automotive industry has also been a significant contributor to the market growth, as the galvanized type of steel is widely used in the manufacturing of automobile parts, such as body panels, frames, and chassis, due to its corrosion resistance and lightweight properties.

In addition, the rising demand for electrical appliances and equipment is anticipated to boost market growth, as the product is used in the production of electrical enclosures, conduits, and cable trays. With the increasing adoption of sustainable and eco-friendly construction practices, the product demand is expected to further increase in the coming years.

However, the galvanized type of steel is a popular choice for construction projects due to its strength, durability, and resistance to corrosion. It is commonly used in construction projects that require robust materials to withstand harsh environmental conditions.

In a nutshell, increasing adoption of such technologies in construction, growing modernization, and supporting regulations will help to fuel the galvanized steel market growth to newer heights.


High Price Volatility of Raw Types to Restrain Market Growth

The growth of the galvanized steel market may be hindered by the unpredictable changes in the prices of raw materials, which tend to be highly volatile. Raw material prices play a crucial role in the market, as they can significantly impact the cost of production and affect the profitability of the industry. The high volatility of raw material prices can pose a challenge for market players, making it difficult to predict and manage costs effectively. Key players in the market need to be efficient in the supply and demand dynamics of raw materials to ensure a stable supply chain and maintain profitability.

The product demand is highly dependent on the availability and pricing of raw materials, such as zinc, steel, and iron. Any fluctuations in the prices of these raw materials majorly impacted the overall product demand. Fluctuations in raw material prices are due to a range of factors, such as production levels, global demand, and geopolitical events.

Apart from price volatility, the market faces several restraints that could limit its growth potential. These include increasing competition from alternative materials and changing consumer preferences toward more sustainable and eco-friendly products. To overcome these challenges, market players need to focus on improving operational efficiency, reducing costs, and innovating to meet evolving customer demands.

Galvanized Steel Market Segmentation Analysis

By Type Analysis

Hot-Dip Galvanized Steel Segment Accounted for the Larger Share owing to its Superior Properties

In terms of type, the market is segmented into hot-dip galvanized steel and electrical galvanized steel.

The hot-dip galvanized steel segment accounted for the higher share of the market in 2023 owing to exceptional corrosion resistance and performance. Also, the segment is expected to grow with the highest CAGR by the end of the forecast period. This type of steel is an economical and environmentally friendly alternative to stainless steel. It gives durability to a long-lasting and reliable steel product with cost-saving benefits. It is a versatile product that can be used in a variety of structural applications in building construction. This steel type is specified for optimum corrosion protection and enhanced aesthetic appeal.

By Application Analysis

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Construction Industry Segment Dominated Owing to the Growing Demand for Durable Infrastructure

In terms of application, the market is segmented into the construction industry, automotive industry, home appliances, and others.

The construction industry segment accounted for the dominating galvanized steel market share in 2023. The use of galvanized steel in construction, which contributes to the longevity and durability of the infrastructure, is expected to drive segmental growth. Moreover, the growing spending capacity of consumers, coupled with product characteristics, such as corrosion resistance, fabrication, and aesthetic appeal, is boosting segment growth.

The automotive industry segment is projected to register significant growth during the forecast period. Automotive manufacturers are increasingly using the product in automotive components owing to its characteristics, such as malleability, durability, and corrosion resistance. The rising disposable income of consumers, increasing technological advancements, and innovations in the automotive industry will positively influence segment growth.

The home appliances segment is expected to grow at a positive pace during the forecast period. Galvanized type of steel is widely used in the external panels of home appliances, including refrigerators, freezers, dryers, washing machines, and dishwashers. The product is used to ensure a longer lifespan and visually pleasing appearance.


The market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa in terms of geography.

Asia Pacific Galvanized Steel Market Size, 2023 (USD Billion)

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Asia Pacific accounted for the largest market share with a value of USD 46.80 billion in 2023 and is the fastest-growing region. The increasing technological advancements and rapid infrastructure development are projected to propel market growth in the region during the forecast period. Additionally, growing steel production, increasing investments in research & development, and expansion of the construction industry in developing countries are a few of the factors supporting the growth of the market.

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North America accounted for a notable share in 2023 owing to the high product adoption rate. The market growth in North America is majorly attributed to increasing demand for steel from automotive and construction applications, owing to its ideal characteristics.

Europe is expected to show considerable growth by the end of the forecast period. In Europe, the increasing product demand is linked to the rapid growth of the automotive industry. Europe is a well-established automotive market. In addition to complex structural designs, several automotive companies and OEMs are employing newer processes and innovative technologies to incorporate the product in the automotive sector.

Market growth in Latin America is driven by rapid urbanization and technological innovation. The top countries in the region are Brazil and Mexico. The rising product consumption in the end-use industries will augment the market growth. The rapid expansion of the construction industry in the MEA is expected to witness significant market growth in the coming years. The growth is attributed to a rising number of firms expanding their production capacity and industrial facilities, which leads to an increase in construction activities in this region.

List of Key Companies in Galvanized Steel Market

Acquisitions and Capacity Expansion are Key Strategic Initiatives Adopted by Companies to Increase their Market Presence

The market is moderately fragmented. However, there are a few major players, including ArcelorMittal S.A., ThyssenKrupp AG, Steel Dynamics Inc., Posco Holdings Inc., and Nippon Steel Corporation that hold considerable market shares. These companies have significant production capabilities and are investing in research and development for manufacturing products. Other key players involved in the market are focusing on enhancing their manufacturing capacities to meet the rising demand in the market. 


  • ArcelorMittal S.A. (Luxembourg)

  • Nippon Steel Corporation (Japan)

  • ThyssenKrupp AG (Germany)

  • Steel Dynamics Inc. (U.S.)

  • POSCO HOLDINGS INC. (South Korea)

  • JFE Steel Corporation (Japan)

  • JSW Steel Limited (India)

  • Tata Steel (India)

  • NLMK Group (Russia)

  • Jiangsu Shagang Group (China)

  • Nucor Corporation (U.S.)

  • Shandong Baowu Steel Group Co., Ltd. (China)


  • December 2023: Nippon Steel entered into an agreement to acquire U. S. Steel Corporation. The company will acquire U. S. Steel in an all-cash transaction for USD 55.00 per share. This acquisition is expected to close in the second or third quarter of 2024.

  • October 2022: ThyssenKrupp Steel introduced a new hot-dip galvanizing line at the Dortmund location, namely FBA 10. With this introduction, the company now has two modern hot-dip galvanizing lines and reached a total production capacity of nearly 1 million metric tons per year.

  • September 2022: Nucor Corporation has announced it is ready to construct two new flat-rolled galvanizing lines at Nucor Steel Berkeley in South Carolina and another one in western U.S. which will commence its operations in mid-2025. The company’s expansion strategy helps it expand its capabilities and grow its participation in the consumer durables and automotive markets.

  • August 2022: Ansteel Group acquired a Benxi Steel Company. This acquisition helps Ansteel Group to expand their steel capacity to 63 mn t/year. With this acquisition, Benxi Steel Company became a second-level subsidiary of Ansteel Group.  Such acquisition creates an opportunity to increase the company's share in the market.

  • February 2022: Nucor Corporation acquired California Steel Industries, Inc. (CSI) for a cash purchase price of USD 400 million. The acquired company operates to offer cold rolled, hot rolled, oiled and pickled, galvanized and ERW pipe. Such strategic developments help Nucor Corporation to make a strong presence in the Western region.


An Infographic Representation of Galvanized Steel Market

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The research report provides both qualitative and quantitative insights into the market across the world. Quantitative insights include market sizing across each segment and region considered in the scope of the study. Also, it provides market analysis and growth rates of segments and key counties across each region. Qualitative insight covers the elaborative analysis of key market drivers, restraints, growth opportunities, and industry trends related to the market. The competitive landscape section covers detailed company profiling of the key players operating in the industry.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.9% from 2024 to 2032


Value (USD Billion), Volume (Kiloton)


By Type

  • Hot-dip Galvanized Steel

  • Electrical Galvanized Steel

By Application

  • Construction Industry

  • Automotive Industry

  • Home Appliances

  • Others

By Geography

  • North America (By Type, Application, and Country)

    • U.S.

    • Canada

  • Europe (By Type, Application, and Country)

    • Germany

    • U.K.

    • Italy

    • France

    • Russia

    • Rest of Europe

  • Asia Pacific (By Type, Application, and Country)

    • China

    • India

    • Australia

    • Indonesia

    • Thailand

    • Malaysia

    • Philippines

    • Vietnam

    • Rest of Asia Pacific

  • Latin America (By Type, Application, and Country)

    • Brazil

    • Mexico

    • Colombia

    • Argentina

    • Rest of Latin America

  • Middle East & Africa (By Type, Application, and Country)

    • Turkey

    • Saudi Arabia

    • UAE

    • Rest of the Middle East & Africa

Frequently Asked Questions

Fortune Business Insights says that the market size was USD 98.80 billion in 2023 and is projected to reach USD 166.09 billion by 2032.

Growing at a CAGR of 5.9%, the market will exhibit steady growth over the forecast period.

The construction industry segment was the leading application of the market in 2023

The growing product demand from various end-use industries due to its superior functionality is driving the market growth.

Asia Pacific dominated the market in 2023.

ArcelorMittal S.A., ThyssenKrupp AG, Steel Dynamics Inc., Posco Holdings Inc., and Nippon Steel Corporation are a few of the leading players in the market.

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