To prevent rust, a layer of organic or metallic compounds is applied to the surface of coated steel. Tinplate, organic (non-metallic), and metallic coated steel are the three basic types of coated steel. Coated steel can be used for a variety of purposes, including applications requiring corrosion resistance, aesthetic appeal, or food safety. Coated steel may be an option for customers who want to protect steel from corrosive environments at a fair cost. By acting as a shield, the zinc coating protects the underlying steel from the environment. Protecting the steel from corrosion extends the usable life of the finished product, which is why items with metal coatings are used.
Because of its high corrosion resistance, coated steel is an excellent choice for many construction applications, including walls and roofing. A variety of structural and decorative components can be attached to coated steel using a variety of methods, including rolling, pressing, punching, and welding. Asia Pacific has experienced a great expansion in the use of food packaging applications, such as cans and beverages, due to changing regional demographics, such as smaller homes and a fast-paced lifestyle adopted by the younger generation.
The Future of the Market:
By 2028, the global Color Coated Steel market is expected to grow from its current value of USD 24,459.9 million to USD 35,588.8 million at a CAGR of 4.9 percent. Coloured steels are likely to benefit from an increase in the construction and automotive industries, as well as a growing demand for environmentally friendly products. The market for Color Coated Steel is broken down into types, applications, products, and geographies.
Mergers and acquisitions, agreements, partnerships, and new product launches among steel producers are expected to lead to more lucrative prospects in the industry in the near future, according to a new report. Growing adoption of various strategies by market players in order to improve their presence and percentage of the market is predicted to produce growth possibilities.
Dynamics of the Market
Color coated steel is becoming increasingly used in automobiles, which is a key driver in the market.
Demand for color-coated steel in car manufacture is rising as the automotive industry expands. Color-coated steel protects vehicle bodywork and other components from simple atmospheric oxidation to harsh chemical conditions. Color-coated steel has several advantages in the automobile sector, including helping to maximise production, offering stable product quality, and ensuring trouble-free processing. With its corrosion resistance and improved performance for complex-shaped and deep-drawn parts, coloured steel is an ideal material for a variety of applications. The automobile sector is likely to lead the market for color-coated steel because of its low production costs and several advantages.
The Low Cost and Product Differentiation Benefits of the Market Drive
Because of its pliability and ease of handling, colour coated steel may be produced in a wide variety of forms and sizes. Compared to electro-galvanizing, it is more cost-effective, and it is more robust in cut-edges. It also provides better product quality and distinction. This material’s excellent bending resistance makes it suitable for usage as a ceiling load-bearing board. Compressive strength and fire safety are both outstanding in colour coated steel. It is projected that the decorative design practical effect of colour coating steel, which is available in a variety of colours, will drive the market in the projection period.
Market Restraint – A government-imposed regulatory framework
Steel and aluminium tariffs placed by the United States Government on countries like Canada, the European Union and India are stifling the market. To make matters worse, the US government has imposed tariffs on Chinese steel imports, which is hurting the country’s steel industry. While moving from one location to another, color-coated steel must be vertically packaged and vertically loaded/unloaded. Relative movement or rolling of the goods during transit might cause damage to the color-coated steel. In addition, producers face high transportation expenses as a result of rising gasoline prices, which has stifled the industry.
There is a lot of room for growth in the market for environmentally friendly items.
Steel production is becoming more ecologically friendly in many nations, and the amount of CO2 emitted is decreasing as a result. Non-ferrous metals, such as zinc and copper, are prohibited in many nations because of the risk of soil contamination and the ease with which they can be washed into the ground by rain. Recycled colours coating steel sheets are used to produce various roofing materials. Thus, the steel sheet or coil is completely eco-friendly in its production and use. Steel is an excellent building material since it can be reused over and over again, making it a popular choice for structures. The market will benefit from increased funding for environmentally friendly efficient engineering projects as well as from investments in environmentally friendly efficient lifestyles.
Polyethylene coated steel, high durability polyester coated steel, silicon modified polyester coated steel, and polyvinylidene fluoride coated steel are some of the several varieties of coating steel on the market. It is predicted that the PE coated steel market would develop at a substantial CAGR throughout the forecast period because of the increasing use of colour coated steel in many industries, such as automotive, mechanical, and electrical appliances.
Outside construction materials, indoor applications, home appliances, windows, and electrical control panels are some of the subsectors of the worldwide colour coated steel market. Roofs, facades, walls, and other types of outdoor building material are further subdivided. Heating and cooling systems, ventilation, and other applications are further subdivided into indoor applications. Refrigerators, deep freezers, washing machines, and other household equipment are further subdivided into categories. Outside Roofing and external wall coverings made of color-coated steel have a considerable market share in the construction materials industry. The expansion of office buildings, retail outlets, and public safety projects will drive demand for indoor applications to skyrocket over the projection period.