Color-Coated Steel Market Size Overview

At a CAGR of around 4.10% from 2021 to 2028, the global color-coated steel market size is expected to increase from a value of about USD 23,184.50 million in 2021 to about USD 29,505.44 million.

Coated steel is steel that has been coated with organic or metallic compounds to prevent rust. Metal, organic, and tinplate are the three most common types of coated steel. Coated steel is an excellent material for uses where protection from corrosion, a pleasing aesthetic, or food safety are paramount. Coated steel is an affordable option for consumers who want to shield their steel from corrosive surroundings. The zinc layer will provide its life so that the steel underneath is safe from the environment. The protective coatings on metal objects are designed to survive extreme conditions, allowing them to serve their purpose for a much longer period of time.

Coated steel is steel that has been coated with organic or metallic compounds to prevent rust. Metal, organic, and tinplate are the three most common types of coated steel. Coated steel is an excellent material for uses where protection from corrosion, a pleasing aesthetic, or food safety are paramount. Coated steel is an affordable option for consumers who want to shield their steel from corrosive surroundings. The zinc layer will provide its life so that the steel underneath is safe from the environment. The protective coatings on metal objects are designed to survive extreme conditions, allowing them to serve their purpose for a much longer period of time.

Growth Factors: Color-Coated Steel Market

The increasing demand for electric vehicles is one of the main factors driving the expansion of the global market for color-coated steel. Pre-painted galvanised steel is commonly used for electric vehicle exteriors. The International Energy Association (IEA) also predicts that by 2020, the global market for electric vehicles would reach 2.94 million units, an increase of 40% from 2019. Coated steel makes up the complete vehicle construction in electric vehicles. Ready-made coated steel is a budget-friendly option for the body of an electric car. Large-scale demand is being seen in the market for color-coated steel from the electric car industry.

Opportunities

Steel production now generates significantly less carbon dioxide than in prior generations, and there has been a general trend toward environmentally friendly products. Some countries have banned the use of non-ferrous metals like zinc and copper because they can contaminate soil and are rapidly absorbed by rain. The steel sheets with the coloured coatings are recycled, melted, or processed to make other roofing materials. Therefore, the steel sheet or coil is fully safe for the environment. Steel is widely favoured in the building industry because to its reusability. Increased funding for sustainable living and environmentally friendly engineering projects are further expanding the global market for color-coated steel.

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Segment Analysis of Global Color-Coated Steel Market

The global market for color-coated steel is broken down into three distinct segments: type, application, and geography.

The market can be broken down into three different types: tinplate, biologically coated steel, and metallically coated steel. The coated steel market was dominated by the metallic coated segment in 2021. Several methods are used to apply the coatings to the metals, such as hot-dip galvanising and annealing steel sheets. An excellent protection against rust, corrosion, and general wear and tear, a coat of metallic steel provides metal surfaces. Quick assembly and disassembly are two of the key reasons metallic coating is preferred over other forms of coating like organic coating and tin coating. Metallic coated steel is in high demand in the color-coated steel market.

The application-based sector encompasses a wide range of sectors, such as the automotive, appliance, building and construction, and others. The major consumer of color-coated steel was the building and construction sector. The growth of the global construction industry is a major factor fueling the need for coated steel products such as pipe and tubular. The World Bank predicts that by 2023, construction investment would total US$11.9 trillion, up 4.2% over the previous year’s total. This is the primary reason for the increased demand for coated steel in the building and construction sector.

Color coated steel market is segmented as follows:

By Type

• Metallic Coated Steel
• Organic Coated Steel
• Tinplate

By Application

• Building & Construction
• Appliances
• Automotive
• Others