The U.S. coated steel market size is expected to reach USD 41.04 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to witness a CAGR of 9.3% during the forecast period. Increasing investments in the development of new infrastructure in U.S. building and construction industry are expected to propel the demand for coated steel. Single-family housing holds a major share of the U.S. residential construction sector. However, the economy has witnessed a significant increase in the development of multi-family construction in recent past. In U.S., the number of completed housing units increased by 1.9% in May 2017 in comparison to May 2016.
Strong rise in demand for vehicles is also expected to augment growth of the U.S. coated steel market. Automotive sector generates the maximum employment in the country. For example, in January 2018, it was announced that Mazda Toyota Manufacturing, U.S.A., Inc. is building of a new vehicle assembly plant in Huntsville, Alabama, U.S., which is likely to create 4,000 jobs. The production at the plant is expected to begin by 2021. The investment for the plant is worth USD 1.6 billion and its annual production capacity is expected to be 3 million units.
Galvanized steel holds the largest market share followed by pre-painted steel, which is anticipated to progress at the fastest CAGR over the forecast period. The demand for tin-plated steel is prominent in the packaging industry as it is required for the production of containers for food and beverages. U.S. is a major consumer of packaged food, which further drives the demand for tin-plated steel.
South U.S. is the largest segment of the market owing to the presence of major automotive producers and migration of the construction industry from traditional construction hubs. The slow growth rate of labor expenses in Southern U.S. cities is inviting new construction projects in the region.
West U.S. is the fastest-growing regional market for coated steel. The increasing construction projects, especially in Idaho and California, are driving the demand for coated steel. California, being the most populated state, is witnessing major investments such as the renovation at the Los Angeles International Airport. In the Mid-West region, the construction market rose by 62% in May 2018 from the previous month.
The tariffs on steel imports have caused price fluctuations for steel along with retaliation from foreign countries, causing hindrance for the suppliers, distributors, and end-users. The current market scenario is propelling major players in U.S. to increase their capacity expansions and geographical reach by the means of mergers and acquisitions.
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U.S. Coated Steel Market Report Highlights
• Galvanized steel is anticipated to remain the largest segment, in terms of revenue, throughout the forecast period, on account of benefits such as low maintenance and high durability
• Building and construction industry is anticipated to expand at a CAGR of 10.7% over the forecast period, in terms of revenue, owing to the increasing investments in the Mid-West
• Facades and sidings led the building and construction application segment with a market share of 46.05% in terms of volume in 2017
• South U.S. accounted for a revenue share of 36.7% in 2017 owing to the infrastructural developments in the region
• Key companies operating in the U.S. coated steel market are attempting to increase their production capacities. For instance, in September 2017, ArcelorMittal announced plans of investing USD 1.0 billion for the construction of a new hot strip mill to increase its production capacity for flat-rolled steel to 2.5 million tons, in Mexico. The construction is likely to be completed by 2020.
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U.S. Coated Steel Market Segmentation
Grand View Research has segmented the U.S. coated steel market on the basis of product, application, and region:
U.S. Coated Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
U.S. Coated Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Building & construction
U.S. Coated Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• North East
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