Color coated steel is resistant to fire and provides an additional advantage as it provides cooling in summer and warmth during the winter season which propels the growth of the color coated steel market. Steel composites are conventional metal-mix; it is composites of various other metals, ceramics materials, and polymers that can be mixed with the steel to give more strength and durability. Steel by its property is less vulnerable to corrosion which gives more longevity to the building and premises built with the steel. Color coated steel is widely used due to its lightweight, superior stability, efficient construction material, energy conservation, and pollution prevention. It can be directly or indirectly processed and finds its application in construction, electrical industry, shipbuilding, vehicle manufacturing, furniture making industries as one of the axillary materials.
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Moreover, the major driving factors for the growth of the color coated steel industry is the increasing demand from the end-user industries such as construction, appliances based on steel, automobiles, ships and many others. Stiff competition in the color coated steel market, product quality and differentiation, cost efficiency compared to electro-galvanization, fluoropolymer stability, and durability of the cut edges will continue to be an essential part of the building construction and other cemented structures. Growing building and construction sector will boost the growth of the color coated steel market.
However, geopolitical factors which include government policies and foreign trade relations with different countries are expected to be a hindrance to the growth and development of the color coated steel market. For instance, in 2018, the US has imposed heavy tariffs on the import of steel and aluminum of around 30% from the EU and around 10% tariff on economies such as Canada, Mexico, India, and others. Additionally, owing to the trade war between China and the US, the later has imposed 50% tariff on the import of steel and aluminum from China; this resulted in an increase in the tariffs on the color coated steel that could hamper the growth of steel industry of the US.
Current Market Trends covered in the Market Report:
Features such as cost efficiency compared with electro-galvanization, fluoropolymers stability, and durability of the cut edges surges its adoption in the building & construction industry.
The color coated steel has a lot of potentials to be a part of the kitchen, home furnishing, roofing, and vehicles.
Asia-Pacific is holding a major share in the color coated steel market owing to huge investment in the infrastructural programs in the countries including India and China.
Global Color Coated Steel Market: - Segmentation
By Form
By Coating Type
By End-Use
Global Color Coated Steel Market - by Region
North America
Europe
Asia-Pacific
Rest of the World
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