Analysts forecast the global galvanized steel market to grow at a CAGR of 5.29% during the period 2018-2022. The report has been added to ResearchAndMarkets.com’s offering.
Galvanized steel is used in applications such as building and construction, automotive, engineering, consumer durables, and electrical, Businesswire reported.
The report covers the present scenario and the growth prospects of the galvanized steel market. To calculate the market size, the report considers the revenue generated from the sales of monitoring systems and accessories.
The growing consumption of steel scrap will be a key trend for the market growth. Scraped steel is being used extensively to reduce the manufacturing cost and carbon footprint of the steel industry. Recycling of steel scrap improves the economic viability of the industry and minimizes the impact on the environment.
According to the report, the economic growth in China and India will drive the market growth. China and India are the largest crude steel producers globally, and this growth is due to the booming economy and infrastructure in China. Also, the increasing construction activities in India boost the growth and demand for galvanized products.
Further, the report states that the volatility in raw material prices will impact the market growth. The manufacturing of galvanized steel depends on various commodities, metals, and raw materials such as iron ore, steel and zinc. The global economic performance and price elasticity influence the prices of commodities and metals.
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