LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global galvanized steel market to grow at a CAGR of more than 5% during the period 2018-2022, according to their latest report.
The rising applications of galvanized steel pipes in the oil and gas industry are one of the major trends being witnessed in the global galvanized steel market. Galvanized steel pipes are widely used in the oil and gas industry for various applications such as exploration, refining, and transportation. The pipes used in the oil and gas industry should be durable and thermally stable. These pipes work under harsh environmental and chemical conditions.
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In this report, Technavio analysts highlight the economic growth in China and India as a key factor contributing to the growth of the global galvanized steel market:
Global galvanized steel market: Economic growth in China and India
Steel is of strategic importance to any nation. China and India are among the largest crude steel producers in the world, and India is expected to become the second largest producer of crude steel during the forecast period. The galvanized steel market in China has been mainly driven by the speedy transformation of its economy and infrastructure. The boom in the infrastructure and manufacturing industry is the main factor propelling the demand for galvanized steel in the country.
According to a senior analyst at Technavio for metals and minerals, “The rapid infrastructural development in China and India are the major drivers for galvanized steel products. The per capita consumption of galvanized steel is likely to increase due to the rising infrastructure and construction projects for roads, railways, and highways. The easy availability of raw materials and skilled and cost-effective labor is anticipated to drive the galvanized steel market in APAC.”
Global galvanized steel market: Market segmentation and overview
This market research report segments the global galvanized steel market by product form (sheets and strips, structures, and pipes and tubes) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Based on product form, the sheets and strips segment held the largest market share in 2017, accounting for nearly 59% of the market. This segment is expected to dominate the global market throughout the forecast period.
APAC led the global galvanized steel market in 2017, accounting for a market share of close to 66%. The market in this region is anticipated to grow steadily through 2022.
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