As per the report titled ‘Coated Steel Market Size, Share and Industry Analysis Report by Type (Metallic Coated Steel [Hot-dip Galvanized (HDG), Electrogalvanized (EG)], Organic Coated Steel, Tinplate) and Application (Building & Construction, Appliances, Automotive), Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, coated steel market is anticipated to register a healthy growth rate during the forecast period 2021-2027.

According to the findings of the research report, increasing construction and infrastructure development activities as well as surging automobile production are enhancing global coated steel market growth.

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Notably, steel is a highly versatile material that finds applications in a varying range of products across several industries. This can be ascribed to the high durability and adaptability of steel in terms of its ability to be coated with various treatments. Steel surfaces undergo coatings for various purposes as it imparts better wear & tear resistance, protect from corrosion and external elements, and exhibit better visual aesthetics.

In terms of type, the market is divided into metallic coated steel, tinplate, and organic coated steel. The metallic coated steel segment is further divided into electrogalvanized, hot-dip galvanized, and others. The others segment, comprising of galfan, galvalume, aluminized, is anticipated to record 3.8% CAGR over the analysis period.

Considering the application spectrum, the industry is split into building & construction, automotive, appliances, and others. The others segment is touted to register a CAGR exceeding 3.3% over the analysis period.

With respect to regional analysis, Latin America market is anticipated to register 4.2% CAGR through 2027.

Speaking of the competitive landscape, Tata Steel Ltd., Nucor Corp., Kobe Steel Ltd., China Steel Corp., JSW Steel Ltd., Severstal, SSAB AB, Baosteel Group, OJSC Novolipetsk Steel, Nippon Steel Corp., JFE Steel Corp., Voestalpine AG, Posco Holdings Inc., Essar Group, and ArcelorMittal S.A. are the major players influencing worldwide coated steel market trends.

Businesses are especially focusing on product development and innovations to improve their presence in this business sphere. For instance, Nippon Steel Corporation in April 2021 launched its superior corrosion-resistant coated steel sheets called ZAM-EX to meet the surging demand for corrosion-resistant coated steel sheets in the solar power industry.

Likewise, Tata Steel in November 2020 launched a novel coated steel called Galvanova for an array of applications across the home appliances, automotive, HVAC, panel, and solar industries.