Hot Dip Galvanizing Market Size was valued at USD 86.2 Billion in 2022. The hot dip galvanizing industry is projected to grow from USD 90.68 Billion in 2023 to USD 136.034 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2024 - 2032). The growth of end-user industries worldwide is the main market driver influencing the hot dip galvanizing market. During the projected period, there is anticipated to be an increase in demand for hot dip galvanizing steel due to the constantly expanding construction industry.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rapidly growing development of the building industry is expected to drive up demand for hot dip galvanizing steel over the projected period. According to Oxford Economics and Construction Perspectives, construction volume output in China, the US, and India is expected to rise by 85% to $15.5 trillion globally by 2032. These countries account for 57% of world growth. Galvanizing contributes to the longevity of these structures by forming a robust, corrosion-resistant covering that can withstand harsh environmental conditions such as exposure to moisture, chemicals, and abrasion. Hot dip galvanizing is in high demand in the building and infrastructure industries due to the ongoing urbanization and population increase, especially in emerging nations, which is driving the need for new and maintenance infrastructure projects. Furthermore, because galvanized steel provides long-term protection and enhances the overall resilience and longevity of infrastructure assets, programs focused on sustainable development and green building practices may further encourage using these materials.
The hot dip galvanizing market CAGR is expected to rise during the projected period due to opportunities presented by the constantly expanding automotive sector on a scale. Because it is utilized to make parts like seats, fenders, hoods, spring housing, body panels, and oil pans, it is mostly required to build passenger cars. For instance, sales of passenger automobiles climbed by almost 5% in 2019 to reach 69.5 million units, according to the International Organization of Motor Vehicle Manufacturers (OICA). Parallel to this, sales of commercial cars increased steadily in 2019, reaching 24 million units. Additionally, severe environmental elements, including chemicals, dampness, and road salts, are continually present in vehicles, including cars, trucks, buses, and trailers. The long-lasting corrosion protection offered by hot dip galvanizing helps prolong transportation equipment's life and lower maintenance expenses. Furthermore, in comparison to other coating techniques, hot dip galvanizing is an energy- and waste-efficient process that is also environmentally benign. Galvanized steel is an appealing option for a variety of applications due to its environmentally favorable qualities, which are becoming increasingly important to transportation firms and regulatory agencies. Thus, driving the hot dip galvanizing market revenue.
The hot dip galvanizing market segmentation, based on type, includes Batch Type and Continuous Type. The batch type segment dominated the market. The growing demand from small to medium-sized producers who need cost-effectiveness and flexibility in their galvanizing operations is one of the main factors driving this category's growth. Manufacturers with various products and variable production volumes find batch type galvanizing machines appealing since they can manage different batch sizes and custom orders. Additionally, businesses that require corrosion protection for specialized or unique components, like construction, agriculture, and the automobile aftermarket, find the batch type category appealing.
The hot dip galvanizing market segmentation, based on application, includes Automobile, Civil and Architecture, Electronic Appliances, and Others. The automobile category generated the most income. Hot-dip galvanizing is used in the automotive industry on exterior body elements, interior trim pieces, chassis components, electrical equipment, and more. The product is a great option for automotive applications because of its protective coating, which keeps corrosion at bay. Compared to other techniques like powder coating or painting surfaces, hot-dip galvanizing dramatically reduces carbon emissions. It improves fuel efficiency by decreasing heat loss from the engine compartment through exhaust systems. This factor is expected to fuel demand from the automotive market throughout the projection period.
Figure 1: Hot Dip Galvanizing Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American hot dip galvanizing market area will dominate this market, which is attributed to the chemical industry's growing reliance on hot dip galvanized products. Furthermore, growing government spending in the automotive, electrical and electronics, building, and other sectors is anticipated to boost the region's hot dip and spur market expansion.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HOT DIP GALVANIZING MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe hot dip galvanizing market accounts for the second-largest market share. It is projected that the region would increase significantly due to growing industrialization, building activity, and foreign investments. In addition, rising auto manufacturing and encouraging government regulations are expected to fuel this region's demand for hot-dip galvanizing. Further, the German hot dip galvanizing market held the largest market share, and the UK hot dip galvanizing market was the fastest growing market in the European region.
The Asia-Pacific Hot Dip Galvanizing Market is expected to grow at the fastest CAGR from 2024 to 2032 as a result of consumers' growing spending power and the region's growing development in residential and commercial construction projects. In addition, a number of Asia-Pacific economies have seen increases in GDP growth, per capita income and consumption, and urbanization. Moreover, China’s hot dip galvanizing market held the largest market share, and the Indian hot dip galvanizing market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the hot dip galvanizing market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the hot dip galvanizing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the hot dip galvanizing industry to benefit clients and increase the market sector. In recent years, the hot dip galvanizing industry has offered some of the most significant advantages to medicine. Major players in the hot dip galvanizing market are attempting to increase market demand by investing in research and development operations, including ArcelorMittal, Gerdau, Nucor, ThyssenKrupp, Voestalpine Group, Steel Dynamics, Nippon Steel and Sumitomo Metal, NSSMC, United States Steel Corporation, Tata Steel, NLMK Group, Rolled Steel Products, JFE Steel, Valmont Industries, POSCO, Hyundai Steel, and JSW Steel.
ThyssenKrupp AG is a conglomerate that operates in the industrial sector. It conducts business in the public sector, packaging, automotive, steel and related processing, trading, building, engineering, energy and utilities, and other customer areas. Steel goods, marine systems, supply chain management, and automation solutions for automakers are among the products offered by the company. In addition, ThyssenKrupp offers services for industrial systems and plants and is a partner in engineering and construction.
Formerly called Nippon Steel & Sumitomo Metal Corp, Nippon Steel Corp (Nippon Steel) is a steel company. For use in several industrial applications, it manufactures and fabricates steel and related items. The company's range of products comprises flat products, structural steel, pipes and tubes, steel plates, titanium and specialty stainless steel products, railroad vehicle and equipment parts, and bar and wire rod. Together with these, the corporation engages in chemical, system solution, engineering, and novel material business operations.
Gerdau
Nucor
Voestalpine Group
Steel Dynamics
Nippon Steel and Sumitomo Metal
NSSMC
United States Steel Corporation
Tata Steel
NLMK Group
Rolled Steel Products
JFE Steel
Valmont Industries
POSCO
Hyundai Steel
JSW Steel
August 2021: High-strength galvanized coils with yield strengths of more than 350 MPa and high coating thicknesses of 450 GSM were created by SAIL-Bokaro Steel Plant. Natively produced steel from the Cold Rolling Mill-3 (CRM-3) of the SAIL-Bokaro Steel Plant's Hot-Dip Galvanizing Line (HDGL) will support "Atmanirbhar Bharat" in its effort to meet the nation's growing need for this specific kind of steel.
Batch Type
Continuous Type
Automobile
Civil and Architecture
Electronic Appliances
Others
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 86.2 Billion |
| Market Size 2023 | USD 90.68 Billion |
| Market Size 2032 | USD 136.034 Billion |
| Compound Annual Growth Rate (CAGR) | 5.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ArcelorMittal, Gerdau, Nucor, ThyssenKrupp, Voestalpine Group, Steel Dynamics, Nippon Steel and Sumitomo Metal, NSSMC, United States Steel Corporation, Tata Steel, NLMK Group, Rolled Steel Products, JFE Steel, Valmont Industries, POSCO, Hyundai Steel, and JSW Steel. |
| Key Market Opportunities | Increasing R&D expenditures to create cutting-edge galvanizing technologies |
| Key Market Dynamics | Growing demand from end-use sectors like the infrastructure, automotive, and construction industries Widespread use of cutting-edge coating technologies that provide superior corrosion protection over conventional hot-dip galvanizing methods |
Frequently Asked Questions (FAQ) :
The hot dip galvanizing market size was valued at USD 90.68 Billion in 2023.
The market is projected to grow at a CAGR of 5.20% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are ArcelorMittal, Gerdau, Nucor, ThyssenKrupp, Voestalpine Group, Steel Dynamics, Nippon Steel and Sumitomo Metal, NSSMC, United States Steel Corporation, Tata Steel, NLMK Group, Rolled Steel Products, JFE Steel, Valmont Industries, POSCO, Hyundai Steel, and JSW Steel.
The batch type category dominated the market in 2023.
The automobile category had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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