ThailandHot-dip Galvanized Steel Products Market: Introduction
The hot-dipgalvanized steel products market in Thailand was valued atover US$ 2.4 Bn in 2019 and is anticipatedto expand at a CAGR of ~6% from 2020 to2030. The construction industry in Thailand has been expanding since the lastfew years. This has been fueling the demand for hot-dip galvanized metal thatcan resist corrosive environments. In turn, this has been propelling thehot-dip galvanized steel market in Thailand.
Major Drivers of ThailandHot-dip Galvanized Steel Products Market
Currently,Thailand is the 13th largest exporter ofautomotive parts and the sixth largest manufacturer of commercial vehicles inthe world. It is the largest in ASEAN. According to a study conducted by theInternational Energy Agency, the number of EVs across the globe is projected torise to account for 35% of all vehiclesby 2040. On the other hand, popularity of EVs is still low in Thailand.However, hybrid electric vehicles (HEVs) were launched in around 2010.According to statistics from the Land Transport Department of Thailand, thenumber of registered HEVs and plug-in hybrid electric vehicles (PHEVs) stood at 84,236 unitsin 2017 while only 63 units were battery electric vehicles (BEVs). This isprojected to increase the usage of hot-dip galvanized steel in Thailand thenear future. Hot-dip galvanization is extensively used to protect theunderlying metal from rust. The increase in the production of new electricvehicles in the near future is estimated to boost the demand for hot-dipgalvanized steel in the long-term for its usage in the production of automotiveexteriors or body parts.
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=79714
Major Restraints of ThailandHot-dip Galvanized Steel Products Market
In terms ofquality, hot-dip galvanization provides 10 times morecorrosion resistance as compared to that offered by electro-galvanization.However, hot-dip galvanization usually is five times more expensive thanelectro-galvanization. Hence, a moderate threat from substitute technologyexists in the hot-dip galvanized steel products market in Thailand. This offerssignificant opportunities for hot-dip galvanizationprocessors.
Key Opportunities in ThailandHot-dip Galvanized Steel Products Market
Accordingto a survey conducted by the American Chamber of Commerce, in May 2019, 40%of U.S.-based companies were planning to relocate or had already relocatedtheir manufacturing facilities outside China. Several importers were planningto procure auto components and other manufactured goods from other countries inAsia, such as Thailand, Vietnam, and India, due to recent economic andpolitical developments. This provides an opportunity for domestic hot-dipgalvanizers to establish a strong presence by increasing their capacity. TheU.S.-China trade war has diminished China’s cost advantage, owing to increasedtariffs imposed by the U.S. and several other countries such as India andJapan. Minimum wages in China almost doubled from 2009 to 2014, making themjust 4%cheaper than the manufacturing labor cost in the U.S.
More Trending Reports
Thailandcan act as an alternative manufacturing option to China. For instance, SonyCorporation moved its production to Thailand and closed its smartphone plant inBeijing, China, in order to cut costs and boost smartphone businessrevenue. According to the National Economic & Social Development Council,Thailand, 10 firms, including Sony, Sharp Corporation, Harley-Davidson Inc.,and Delta Electronics Inc. are in the process of relocating their operations tothe Eastern Economic Corridor development zone on the east coast of Thailandfrom China. The Government of Thailand is planning to upgrade its three mainmanufacturing cities — Chonburi, Rayong, and Chachoengsao — under its US$ 45 Bnplan of Eastern Economic Corridor in order to further boost its manufacturingindustries. Expansion and establishment of the manufacturing industry areestimated to boost the demand for hot-dip galvanized steel in constructionactivities.
Request Covid19 analysis on thismarket
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=79714
In August2020, the Government of Thailand imposed a 35.67% anti-dumpingduty on China-origin hot-dipped galvanized coils and sheets. This is expectedto negatively impact steel export from China, thus boosting the domesticmanufacture of hot-dip galvanized products. This strategic initiative taken bythe Government of Thailand is likely to boost the production of manufacturedgoods such as hot-dip galvanized steel and further propel steel exports.Existing players in the hot-dip galvanization market are well-established andcan benefit from the ongoing trade war.
Share of Prominent Players inThailand Hot-dip Galvanized Steel Products Market
Key playersoperating in the hot-dip galvanized steel market in Thailand are POSCO Coated Steel (Thailand) Co.Ltd, NS-Siam United Steel Co. Ltd. and JFE Steel Galvanizing (Thailand) Ltd.,BJC Heavy Industries PCL, Thai Scandic Steel Co. Ltd., and Ajikawa & SCIMetal Tech Co. Ltd. POSCO Coated Steel (Thailand) Co. Ltd and JFE SteelGalvanizing (Thailand) Ltd. hold more than 20% share of the hot-dip galvanizedsteel market in Thailand in 2019.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=79714<ype=S
AboutUs
Transparency Market Research is a global market intelligence company providingglobal business information reports and services. Our exclusive blend ofquantitative forecasting and trends analysis provides forward-looking insightfor thousands of decision makers. Our experienced team of analysts, researchers,and consultants use proprietary data sources and various tools and techniquesto gather and analyze information.
Our data repository is continuously updated and revised by a team of researchexperts so that it always reflects latest trends and information. With a broadresearch and analysis capability, Transparency Market Research employs rigorousprimary and secondary research techniques in developing distinctive data setsand research material for business reports.
Contact
Transparency Market Research,
90 Sate Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
