United States Coated Steel Market Analysis 2021: Galvanized Steel Held the Largest Share of Over 82% in 2020
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- December 13, 2021
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The “U.S. Coated Steel Market Size, Share & Trends Analysis Report By Product (Galvanized, Pre-painted), By Application (Building & Construction, Appliances, Automotive), By Region, And Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The U.S. coated steel market size is expected to reach USD 36.71 billion by 2028, expanding at a CAGR of 4.4% over the forecast period. Increasing demand for lightweight automotive parts coupled with a rising trend toward the aesthetic appearance of steel products is anticipated to drive market growth across the projected period.
Steel is coated with various materials such as zinc and tin to prevent it from corrosion and increase its life cycle. Coated steel is vastly used in applications where food safety, aesthetic appearance, and corrosion resistance are of vital significance. The product thus finds applications in construction, automotive, appliances, packaging, furniture, and many other industries.
Based on product, the market is segmented into galvanized, pre-painted, and others. Galvanized constituted the largest share in 2020 and is expected to maintain its dominance over the forecast period. The product owing to its characteristics is widely used for doors and windows. Benefits of steel profiles with galvanized coating are high structural characteristics, high strength, low coefficient of expansion, and modern as well as traditional designs.
Moreover, the growing significance of metal roofing in U.S. houses in extreme climates has propelled the demand for galvanized steel as it offers better and long-lasting performance. The benefits of installing a metal roof are easy installation, fire resistance, lightweight, and low heat conduction. These benefits are propelling demand for a metal roof in the U.S. and thus, are anticipated to positively influence galvanized steel consumption over the forecast period.
Growing demand product demand in the U.S. is attracting international players to set up new plants in the country. For instance, as of September 2021, Australia-based BlueScope is eyeing to construct a new steel painting and coating facility in the eastern U.S. to pursue downstream opportunities. Other players such as Nucor and Steel Dynamics Inc. are also planning to expand their production capacities.