PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397130
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397130
Pre-painted Steel Coil Market size was valued at USD 11,510 Million in 2022, expanding at a CAGR of 8.5% from 2023 to 2030.
Pre-painted steel coils have become more important because to their exceptional corrosion resistance resulting from dual-layer protection and their longevity of 60 years or more. Pre-painted steel's reflective quality, which lowers heat absorption in buildings, is another crucial feature. Heat cannot go from the building's outside to its interior due to the barrier effect of the steel sheet.
Pre-painted steel coil demand in the United States is mostly driven by the expansion of the building sector in the nation. The country's overall construction spending, including both residential and non-residential investment, increased by 3.5% year over year in June 2023, according to the U.S. Census Bureau. One of the market's most significant uses is metal construction. For a very long period, industrial and commercial construction projects have consistently used metal building systems. Warehouses, distribution centers, and industrial facilities are developed using these technologies. Global industrialization has led to an increase in the number of e-commerce and distribution outlets in the retail sector, which has increased demand for industrial warehouses and storage spaces. The use of digital technology is growing in the worldwide construction sector. It is anticipated that the implementation of Industry 4.0 would increase productivity and efficiency in the global construction sector, leading to a revolutionary shift in the activities associated with building. It is expected that faster and better construction operations would come from the acceptance of Industry 4.0 and the use of Construction 4.0.
The Global Pre-painted Steel Coil Market is segmented based on Application and Region.
Based on the application, the market is bifurcated into Post-Frame Buildings and Metal Buildings. The Metal Buildings segment is expected to capture a substantial revenue share during the forecast period. The features that make it affordable, adaptable, and environmentally friendly are responsible for the segment's rise. In addition, as consumer online buying continues to rise, e-commerce businesses are seeking to expand their operations. Up to 2023, the need for storage space remained robust, driven mostly by growing nations like Brazil and India. The need for metal structures is thus being driven by this.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The substantial proportion can be attributed to both the region's growing industrial sector and the surge in foreign investments. The Asia Pacific region's burgeoning end-use sectors, including electronics, building & construction, machinery & equipment, and automotive, are also expected to fuel rising pre-painted steel coil demand. Furthermore, FDI inflows into Asia remained at USD 662 billion in 2022, accounting for about 50% of worldwide inflows, according to UNCTAD's World Investment Report 2023. Five nations accounted for the majority of the influx concentration: China, Singapore, Hong Kong, India, and the United Arab Emirates. Pre-painted steel coils are in greater demand in the Asia Pacific area due to the region's increased industrial growth brought about by an increase in foreign direct investment (FDI). Thus, this is expected to drive the market growth in the region.
The key players operating in the market are POSCO, Shanghai Metal Corporation, Batie Metal Products (Shandong) Co., Ltd., COSASTEEL, Dana Steel Industry LLC, Nippon Steel Coated Sheet Corporation, NLMK, ArcelorMittal, UNICOIL, Alucosuper New Materials Co., Ltd and Tata BlueScope Steel among others.