Coated Steel Market Summary
As per MRFR Analysis, the Global Coated Steel Market was valued at USD 22.89 Billion in 2023 and is projected to reach USD 33.81 Billion by 2032, growing at a CAGR of 4.36% from 2024 to 2032. The market is driven by increased innovation in steel products and a surge in automobile manufacturing. The building and construction sectors are significant contributors to market growth, with color-coated steel being a key component due to its aesthetic appeal and recyclability. Manufacturers are investing in R&D to enhance coating performance, focusing on eco-friendly solutions and advanced technologies.
Key Market Trends & Highlights
The coated steel market is witnessing several key trends that are shaping its growth trajectory.
- Market Size in 2023: USD 22.89 Billion.
- Projected Market Size by 2032: USD 33.81 Billion.
- Fastest Growing Segment: Color-coated steel.
- Major Shareholder in Coated Steel Market: Building & Construction sector.
Market Size & Forecast
2023 Market Size: USD 22.89 Billion
2024 Market Size: USD 24.03 Billion
2032 Market Size: USD 33.81 Billion
CAGR (2024-2032): 4.36%
Largest Regional Market Share in 2024: North America.
Major Players
JSW (India), ArcelorMittal (Luxembourg), SSAB (Sweden), POSCO (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), NLMK (Russia).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Coated Steel Market Trends
- Increasing demand from the building components and construction sectors drives market growth
A key component utilized in the building and construction industry is color-coated steel. It is mostly utilized in industrial applications like roofing and cladding, cold storage and warehouses, atriums in shopping centers, showrooms, artificial ceilings, lighting fixtures, etc. For architectural applications, color-coated steel offers the advantages of cutting-edge aesthetics, easier working, and 100% recyclability. Steel that has been colored serves primarily as a protective covering to shield steel bars from corrosion. Epoxy steel coatings with colored coats are particularly durable. Epoxies can endure the alkaline environment of concrete and are chemically robust. The world's construction market is booming. Construction activity is greatly booming in Asia-Pacific. According to a Ministry of Finance (MoF) report in October 2021, the Malaysian infrastructure building sector was likely to improve in 2022, growing by 11.5%, due to stronger performance across all subsectors.
According to the National Bureau of Statistics of China, the value added produced by the construction sector in China in 2021 was almost CNY 8 trillion (USD 1.15 trillion). In 2021, the overall production of China's construction sector was valued at CNY 8,013.8 billion (USD 1,145.62 billion). These factors are expected to drive the growth of the coated steel market revenue over the forecast period.
Coated steel manufacturers are spending money on R&D to enhance the functionality and performance of coatings. Coated steel products are becoming more adaptive and versatile due to the development of advanced coating formulations that offer higher adhesion, scratch resistance, and flexibility. Furthermore, it is anticipated that the use of cutting-edge coating technologies, such as thermal spraying and nanotechnology, will further enhance the functionality and durability of coated steel products.
To meet the rising demand for eco-friendly products, coated steel producers are putting more and more effort into creating ecologically friendly coatings. These coatings are intended to increase coated steel's resilience and visual appeal, lower carbon emissions and increase energy efficiency.
High-performance coatings that provide superior corrosion protection, enhanced weather ability, and increased durability are in greater demand. This trend is being driven by the demand for coated steel products that endure challenging weather conditions and offer durable protection for industrial and infrastructure applications.
In 2024: ArcelorMittal released a new range of coated steel products with improved corrosion resistance for construction and automotive applications.
Nippon Steel & Sumitomo Metal - 2023: Nippon Steel launched advanced coated steel solutions aimed at enhancing durability and aesthetics in building materials.
Coated Steel Market Segment Insights
Coated Steel Type Insights
The Coated Steel market segmentation, based on type, includes color-coated steel and metallic-coated steel. The metallic-coated steel segment is expected to dominate the coated steel market throughout the forecast period. This is because electro-galvanized coated steel is being used more frequently. Compared to the continuous batch hot-dip galvanizing process, it results in thinner coatings of zinc or zinc alloy. Applying zinc coatings on intricate and small structures, like automotive components, is also profitable. Steel with a metallic coating is frequently used in the building sector for siding, roofing, and other structural elements. It is especially helpful in challenging locations where corrosion and weathering are issues, including coastal areas or areas with high pollution levels.
The color-coated steel segment is expected to be the fastest-growing segment of the coated steel market during the forecast period. Appliances like refrigerators, washing machines, and ovens are frequently made with color-coated steel. The coating offers a variety of color options to complement the overall style of the appliance and offers a tough and scratch-resistant surface that can sustain regular use.
December 2021: Upon receiving the written order from NCLT, JSW Steel, through its wholly-owned subsidiary, invested 155 crores in finishing the acquisition of Asian Colour Coated Ispat. According to the resolution plan, JSW Steel Colour Products invested $1,550 crores in its subsidiary Hasaud Steel Ltd (HSL) using a combination of quasi-equity/debt instruments and equity.
Figure 1: Coated Steel Market, by Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Coated Steel Coating Insights
The Coated Steel market segmentation, based on coating, includes Polyester, Poly Vinylidene Fluoride, Epoxy, Poly Vinyl Chloride, Polyurethane, Pure Aluminum, Aluminum-Zinc, Pure Zinc, and Others. The polyester category is expected to hold the major share of the coated steel market over the forecast period. The polyester category is further sub-segmented into regular modified polyester, silicone-modified polyester, and super durable polyester. The silicone-modified polyester segment is expected to hold the major share of the coated steel market over the forecast period. The polyester coating is a common organic coating utilized in creating coated steel. To increase its corrosion resistance and endurance, coated steel is made by coating the surface of a steel substrate with a layer of protective material, such as polyester.
Due to its affordable, simple to use, and offers superior protection against weathering, UV rays, and chemical exposure, the polyester coating is a desirable alternative to coated steel. Polyester coatings are a flexible option for many applications due to their availability in a wide selection of colors and finishes.
The poly vinylidene fluoride segment is expected to be the fastest-growing segment of the coated steel market throughout the forecast period. A common fluoropolymer coating utilized in the creation of coated steel is polyvinylidene fluoride (PVDF) coating. The best choice for usage in hostile settings is PVDF coatings because of their remarkable longevity, resistance to chemicals and weathering, and low maintenance needs.
Coated Steel End-Use Industry Insights
The Coated Steel market segmentation, based on the end-use industry, includes Building & Construction, Automotive, Electrical & Electronics, Consumer Goods, Industrial Machinery, and Others. The building & construction category is expected to hold the major share of the coated steel market over the forecast period. This is due to coated steel's expanding use in construction and building since it is sturdy, light, and incredibly resilient. These characteristics of the coated steel result in quicker construction and simpler handling on the job site. The ideal material for renovations and additions is coated steel.
The automotive segment is expected to be the fastest-growing segment of the coated steel market throughout the forecast period. For making substantial and high-quality vehicle parts like flooring and roofs, coated steel is a viable material. Coated steel is preferred over other types of steel because it offers corrosion protection and a durable appearance. The demand for coated steel from the automotive application sector would be strong due to the growing capacity increases in the automobile industry.
Coated Steel Regional Insights
By region, the analysis offers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American coated steel market is expected to lead the market throughout the forecast period. The expansion of end-use industries and the rise in domestic competitors in certain vertical market segments are major drivers of market growth in the region.
Further, the key countries considered in the market report are The US, Canada, France, German, the UK, Italy, Spain, China, India, Japan, Australia, South Korea, and Brazil.
Figure 2: COATED STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Coated Steel market accounts for a significant market share. Regulations and policies are being implemented by governments in Europe to encourage green building techniques and lower carbon emissions. Products constructed of coated steel, especially those built from recycled components, are quite popular since they support these sustainability objectives. Further, the German Coated Steel market held the largest market share, and the UK Coated Steel market was the fastest-growing market in the European region.
The Asia-Pacific Coated Steel Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to a significant presence of manufacturers in the region as a result of expanding end-use industries. Office space, retail sales, and building work for public safety are all expanding in this region. The demand for the products is also predicted to rise due to significant population migration from rural to urban areas. Moreover, China’s Coated Steel market held the largest market share, and the Indian Coated Steel market was the fastest-growing market in the Asia-Pacific region.
Coated Steel Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments to diversify their product offerings, which will drive the coated steel market's expansion. Releases of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations are all significant market developments. Additionally, market participants are taking several strategic steps to broaden their reach internationally. The coated steel sector must provide affordable products to grow and thrive in a more competitive and challenging market environment.
One of the primary strategies producers employ in the coated steel market to serve customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest advantages to the automobile industry in recent years have come from the coated steel sector. Major companies in the Coated Steel market, including JSW (India), ArcelorMittal (Luxembourg), SSAB (Sweden), POSCO (South Korea), and others, are attempting to increase market demand by investing in research and development operations.
The NLMK Group is a well-known steel manufacturer. The Group is a vertically integrated business that manufactures and provides various flat and long steel goods. With a steelmaking capacity of over 17 million tons, NLMK is one of the top slabs and transformer steel producers and a premier provider of high-value goods, including pre-painted, galvanized, and electrical steel, as well as a range of long steel products. NLMK is at the forefront of contemporary steel production due to its cutting-edge production facilities. The company's business is geographically diverse, with product deliveries to more than 60 nations globally. NLMK Group created a brand-new antibacterial steel product in January 2022. The coating shields the metal's surface from dangerous bacteria and is used in hospitals and other establishments with stringent hygiene and security regulations.
A steel producer, Nippon Steel Corp (Nippon Steel) was formerly known as Nippon Steel & Sumitomo Metal Corp. Steel and associated items are created and manufactured for various industrial uses. The company's product line comprises flat products, structural steel, bar and wire rod, pipes and tubes, steel plates, fabrication products, railroad automotive and equipment parts, titanium, and specialty stainless steel items. The business also engages in engineering, chemical, novel materials, and system solution business. It runs research and development centers in Japan and manufacturing operations in numerous nations around the Americas, Asia-Pacific, the Middle East, and Europe. Japan's capital city of, Tokyo is home to Nippon Steel. ZAM-EX, a highly corrosion-resistant coated steel sheet for international markets, was introduced by Nippon Steel Corporation (Nippon Steel) in April 2021.
Key Companies in the Coated Steel market include
- ArcelorMittal (Luxembourg)
- NIPPON STEEL & SUMITOMO METAL CORPORATION (Japan)
- ThyssenKrupp AG (Germany)
- Salzgitter Flachstahl GmbH (Germany)
- Uttam Galva Steels Limited (India)
Coated Steel Industry Developments
June 2022: The high corrosion-resistant coated steel ZEXEED was introduced by Nippon Steel Corporation. In the fields of civil engineering and social infrastructure, ZEXEED is a corrosion-resistant coated steel sheet that outperforms post-plating.
November 2021: Wuppermann and Tata Steel collaborated to increase their selection of hot-rolled, high-strength, corrosion-resistant steel for chassis.
Coated Steel Market Segmentation
Coated Steel Type Outlook
Coated Steel Coating Outlook
- Polyester
- Regular Modified Polyester
- Silicone Modified Polyester
Coated Steel End-Use Industry Outlook
Coated Steel Regional Outlook
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 22.89 Billion |
| Market Size 2024 |
USD 24.03 Billion |
| Market Size 2032 |
USD 33.81 Billion |
| Compound Annual Growth Rate (CAGR) |
4.36% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Coating, End-Use Industry, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
 JSW (India), ArcelorMittal (Luxembourg), SSAB (Sweden), POSCO (South Korea), JFE Steel Corporation (Japan), NLMK (Russia), NIPPON STEEL & SUMITOMO METAL CORPORATION (Japan), Essar (India), Tata Steel (India), ThyssenKrupp AG (Germany), Salzgitter Flachstahl GmbH (Germany) and Uttam Galva Steels Limited (India) |
| Key Market Opportunities |
Increasing demand from the building components and construction sectors |
| Key Market Dynamics |
Increased innovation in steel products and growing automobile manufacturing |
Coated Steel Market Highlights:
Frequently Asked Questions (FAQ) :
The Coated Steel market size was valued at USD 22.89 Billion in 2023.
The market is projected to grow at a CAGR of 4.36% during the forecast period, 2024-2032.
North America had the largest share of the Coated Steel Market
The key players in the market are JSW (India), ArcelorMittal (Luxembourg), SSAB (Sweden), POSCO (South Korea), JFE Steel Corporation (Japan), NLMK (Russia), NIPPON STEEL & SUMITOMO METAL CORPORATION (Japan), Essar (India), Tata Steel (India), ThyssenKrupp AG (Germany), Salzgitter Flachstahl GmbH (Germany) and Uttam Galva Steels Limited (India).
The metallic-coated steel category dominated the market in 2022.
The building & construction category had the largest share of the Coated Steel Market.
