Color Coated Steel Market Outlook
The global Color Coated Steel market size was valued at USD 24,459.9 million in 2020 and is projected to reach USD 35,588.8 million by 2028, expanding at a CAGR of 4.9% during the forecast period.
The rise in the construction and automotive industry, as well as the growing demand for eco-friendly products in color-coated steels, is expected to drive the market during the forecast period. The Color Coated Steel market is segmented into types, applications, products, and regions.
An increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of color-coated steel are anticipated to create lucrative opportunities in the market in the near future. The rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
Scope of Color Coated Steel Market Report
Color Coated Steel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Types (Polyethylene Coated Steel, High Durable Polyester Coated steel, Silicon Modified Polyester Coated Steel, and Polyvinylidene Fluoride Coated Sheets), Applications (Outdoor Construction Material, Indoor Applications, Home Applications, Windows, Electrical Control Panels, and Others), Products (Coils, Plain Sheets, Profile Sheets, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
ArcelorMittal, Baosteel Metal Products Co. ï¼ŒLtd, DONGKUKSTEEL MILL CO., LTD., KOBE STEEL, LTD., JSW Steel, Coated Products Limited, SEVERSTAL, BlueScope Steel Limited, ThyssenKrupp Steel Europe, NIPPON STEEL CORPORATION, J. K. Steel Strips LLP, United States Steel Corporation, NLMK, and NSAIL.
Color Coated Steel Market Macro-economic Factors
Advancements made in color-coated steel products to improve the protection of steel from corrosion and heat are the recent technological advancements in the market. Advanced color-coated steels and plain steels are being used in the construction of exterior and interior decoration such as roofing, cladding, and partition, which is propelling the market.
COVID-19 has negatively impacted the market due to the decline in supply and demand. Researchers in several countries are working on creating affordable and attractive color-coated steels that can be used for the beautification of houses. These advances are anticipated to have a significant impact on the construction and steel industry.
The COVID-19 pandemic has moderately declined the market. Once construction and automotive sectors recover from the impact of the pandemic, the market is likely to restore. The COVID-19 pandemic is restricting the availability of color-coated coils, profile steels, and plain steels due to significant disruptions in the global supply chain.
As a result, the use color coated steel is projected to decline across several applications. Social distancing is an effective approach to slow the spread of the disease, hence many color-coated steel manufacturing plants are being forced to close temporarily, while some companies are laying off their staff to reduce losses.
Color Coated Steel Market Dynamics
Color Coated Steel Market Driver
Growing usage of color coated steel in the automotive industry
Expansion of the automotive industry increases the demand for color-coated steel for manufacturing vehicles. Color coated steel provides protection against simple atmospheric oxidation to aggressive chemical environments to the vehicle bodies and their other components. Several benefits offered by color-coated steel such as it helps in maximizing yield, providing reliable product quality, and trouble-free processing in the automotive industry.
Furthermore, color-coated steel demonstrates corrosion resistance for extended product life and improves performance for complex-shaped and deep-drawn parts. Due to their low production cost and various benefits offered by color-coated steel the automotive industry is expected to drive the market.
Color Coated Steel Market Driver
Low cost and Product differentiation benefits
Color coating steel is manufactured in different shapes and sizes due to its flexibility, which also makes it easy to handle. It offers many benefits to the manufacturers such as it being inexpensive as compared to the electro-galvanizing process, durable in cut-edges, and providing product quality and differentiation. It can be used as a ceiling load-bearing board due to its admirable bending resistance.
The color coating steel is high in compressive strength with excellent fire safety characteristics. Color coating steel provides raw material to the electrical industry by reducing operational costs and is available in various color options for decorative design practical effect which is expected to drive the market in the forecast period.
Color Coated Steel Market Restraint
Stringent regulatory framework imposed by government
The tariff imposed by the US Government for the trade of steel and aluminum on most of the countries such as Canada, the European Union, India, and Mexico is hindering the market. Moreover, the US Government has set a tariff on commodities including steel imported from China, which is hampering the steel industry.
Color coated steel requires vertical packaging, and vertically uploading/unloading should be done while transporting from one place to another. The product needs to be fixed firmly in the truck or other vehicle during transportation to avoid relative movement or rolling of product, and damage of the color coated steel. Moreover, continuous increases in fuel prices incurred high transportation costs to the manufacturers, which is restraining the market.
Color Coated Steel Market Opportunity
Growing adoption of environment-friendly products
Many countries are moving towards the adoption of environmentally friendly products, and emit less C02 during steel production. The government of different countries prohibits the use of non-ferrous metals like zinc and copper due to the risk of soil contamination and being easily washed into the ground by rain.
Colors coating steel sheets are completely recycled and melted or processed to make other roofing products. This makes the steel sheet or coil absolutely environment-friendly. Steel can be used again and again efficiently, thus, highly preferred when it comes to building. Moreover, increasing funding for sustainable living and investing in eco-friendly efficient engineering projects are creating opportunities for the market.
Color Coated Steel Market Segmental Outlook
In terms of types, the market is segmented into polyethylene coated steel, high durable polyester coated steel, silicon modified polyester coated steel, and polyvinylidene fluoride coated steel.
The PE coated steel segment had a significant market share in 2020 and is expected to grow at a significant CAGR over the forecast period, owing to the rising adoption of color coated steel in various industries such as automotive, mechanical, and electrical appliances is expected to drive the market.
Based on applications, the global color coated steel market is segmented into outdoor construction material, indoor applications, home appliances, windows, electrical control panels, and others.
Outdoor construction material is further segmented into roofing, facades, walls, and others. Indoor application is further divided into heating & cooling systems, ventilation, and others. Home appliances are further segregated into refrigerators, deep freezers, washing machines, and others. Outside Construction material had a significant market share, owing to the strong presence of manufacturing industries that use color-coated steel products for roofing and covering of exterior walls.
The indoor application segment is expected to grow rapidly during the forecast period, owing to growth in office spaces, retail stores, and public safety construction activities.
On the basis of products, the global color coated steel market is segmented into coils, plain sheets, profile sheets, and others.
The coils segment is expected to have a significant market share. The coils are used in several electric control panels and electrical appliances and increasing demand from the end-user industry is expected to grow at a significant CAGR over the forecast period.
Color Coated Steel Market Regional Outlook
Based on regions, the market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for a significant share of the market in 2020, owing to the increasing investments in the residential sector. New construction activities, mainly for single-family homes in the residential sector, are expected to fuel the demand for color-coated steel products during the forecast period in the US increasing investments. The growing use of highly durable polyester coated steel contributes to the expansion of the color coated steel market in the region.
Asia Pacific is expected to witness a significant CAGR in color coated steel market during the forecast period, due to the rising population along with the increasing demand for infrastructure in countries such as China, India, Japan, and South Korea. The region is witnessing rapid growth in office spaces, retail stores, and public safety construction activities, due to the strong presence of manufacturers in the region as various end-use industries are rapidly growing. which in turn, drives the market in the Asia Pacific.
Europe has a considerable share of the market, due to the rising focus on infrastructure development and construction activities in Germany, the UK, and Russia has helped to boost color coated steel market sales in the region during the forecast period. Pre-painted metal is produced by adding paint coating to strip metals, such as steel and aluminum, on a continuous basis, and was first used in Europe, which is expected to fuel the color coated steel market in the region.
The market in regions such as Latin America and the Middle East & Africa registered steady growth in the global market. The growing adoption of color-coated steel across various industries in the regions is expected to fuel the market.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Color Coated Steel Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Color Coated Steel Market Performance
- Polyethylene Coated Steel
- High Durable Polyester Coated steel
- Silicon Modified Polyester Coated Steel
- Polyvinylidene Fluoride Coated Sheets
- Outdoor Construction Material
- Indoor Applications
- Heating & Cooling Systems
- Home Applications
- Deep Freezers
- Washing Machine
- Electrical Control Panels
- Plain Sheets
- Profile Sheets
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Baosteel Metal Products Co., Ltd
- DONGKUKSTEEL MILL CO., LTD.
- KOBE STEEL, LTD.
- JSW Steel, Coated Products Limited
- BlueScope Steel Limited
- ThyssenKrupp Steel Europe
- NIPPON STEEL CORPORATION
- J. K. Steel Strips LLP
- United States Steel Corporation
- Manufacturers operating in the global color coated steel market include ArcelorMittal, Baosteel, Metal Products Co. Ltd, DONGKUKSTEEL MILL CO., LTD., KOBE STEEL, LTD., JSW Steel, Coated Products Limited, SEVERSTAL, BlueScope Steel Limited, ThyssenKrupp Steel Europe, NIPPON STEEL CORPORATION, J. K. Steel Strips LLP, United States Steel Corporation, NLMK, and NSAIL.
- Key players operating in the global color coated steel market include ArcelorMittal, DONGKUKSTEEL MILL CO., LTD., JSW Steel, Coated Products Limited, BlueScope Steel Limited, and NIPPON STEEL CORPORATION. These companies are considered as key developers of color-coated steel based on their revenue, research & development (R&D) activities, presence, and value chain management system.
- Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the color coated steel market.