Published by TMR Research Insights
Posted on October 5, 2021
Thailand Hot-dip Galvanized Steel Products Market: Introduction
The hot-dip galvanized steel products market in Thailand was valued at over US$ 2.4 Bn in 2019 and is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The construction industry in Thailand has been expanding since the last few years. This has been fueling the demand for hot-dip galvanized metal that can resist corrosive environments. In turn, this has been propelling the hot-dip galvanized steel market in Thailand.
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Major Drivers of Thailand Hot-dip Galvanized Steel Products Market
Currently, Thailand is the 13th largest exporter of automotive parts and the sixth largest manufacturer of commercial vehicles in the world. It is the largest in ASEAN. According to a study conducted by the International Energy Agency, the number of EVs across the globe is projected to rise to account for 35% of all vehicles by 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, the number of registered HEVs and plug-in hybrid electric vehicles (PHEVs) stood at 84,236 units in 2017 while only 63 units were battery electric vehicles (BEVs). This is projected to increase the usage of hot-dip galvanized steel in Thailand the near future. Hot-dip galvanization is extensively used to protect the underlying metal from rust. The increase in the production of new electric vehicles in the near future is estimated to boost the demand for hot-dip galvanized steel in the long-term for its usage in the production of automotive exteriors or body parts.
Major Restraints of Thailand Hot-dip Galvanized Steel Products Market
In terms of quality, hot-dip galvanization provides 10 times more corrosion resistance as compared to that offered by electro-galvanization. However, hot-dip galvanization usually is five times more expensive than electro-galvanization. Hence, a moderate threat from substitute technology exists in the hot-dip galvanized steel products market in Thailand. This offers significant opportunities for hot-dip galvanization processors.
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Key Opportunities in Thailand Hot-dip Galvanized Steel Products Market
According to 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 relocated their manufacturing facilities outside China. Several importers were planning to procure auto components and other manufactured goods from other countries in Asia, such as Thailand, Vietnam, and India, due to recent economic and political developments. This provides an opportunity for domestic hot-dip galvanizers to establish a strong presence by increasing their capacity. The U.S.-China trade war has diminished China’s cost advantage, owing to increased tariffs imposed by the U.S. and several other countries such as India and Japan. Minimum wages in China almost doubled from 2009 to 2014, making them just 4% cheaper than the manufacturing labor cost in the U.S.
Thailand can act as an alternative manufacturing option to China. For instance, Sony Corporation moved its production to Thailand and closed its smartphone plant in Beijing, China, in order to cut costs and boost smartphone business revenue. 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 to the Eastern Economic Corridor development zone on the east coast of Thailand from China. The Government of Thailand is planning to upgrade its three main manufacturing cities — Chonburi, Rayong, and Chachoengsao — under its US$ 45 Bn plan of Eastern Economic Corridor in order to further boost its manufacturing industries. Expansion and establishment of the manufacturing industry are estimated to boost the demand for hot-dip galvanized steel in construction activities.
In August 2020, the Government of Thailand imposed a 35.67% anti-dumping duty on China-origin hot-dipped galvanized coils and sheets. This is expected to negatively impact steel export from China, thus boosting the domestic manufacture of hot-dip galvanized products. This strategic initiative taken by the Government of Thailand is likely to boost the production of manufactured goods such as hot-dip galvanized steel and further propel steel exports. Existing players in the hot-dip galvanization market are well-established and can benefit from the ongoing trade war.
Share of Prominent Players in Thailand Hot-dip Galvanized Steel Products Market
Key players operating 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 & SCI Metal Tech Co. Ltd. POSCO Coated Steel (Thailand) Co. Ltd and JFE Steel Galvanizing (Thailand) Ltd. hold more than 20% share of the hot-dip galvanized steel market in Thailand in 2019.
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
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Thailand Hot-dip Galvanized Steel Products Market: Introduction
The hot-dip galvanized steel products market in Thailand was valued at over US$ 2.4 Bn in 2019 and is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The construction industry in Thailand has been expanding since the last few years. This has been fueling the demand for hot-dip galvanized metal that can resist corrosive environments. In turn, this has been propelling the hot-dip galvanized steel market in Thailand.
Request a Sample – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=79714
Major Drivers of Thailand Hot-dip Galvanized Steel Products Market
Currently, Thailand is the 13th largest exporter of automotive parts and the sixth largest manufacturer of commercial vehicles in the world. It is the largest in ASEAN. According to a study conducted by the International Energy Agency, the number of EVs across the globe is projected to rise to account for 35% of all vehicles by 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, the number of registered HEVs and plug-in hybrid electric vehicles (PHEVs) stood at 84,236 units in 2017 while only 63 units were battery electric vehicles (BEVs). This is projected to increase the usage of hot-dip galvanized steel in Thailand the near future. Hot-dip galvanization is extensively used to protect the underlying metal from rust. The increase in the production of new electric vehicles in the near future is estimated to boost the demand for hot-dip galvanized steel in the long-term for its usage in the production of automotive exteriors or body parts.
Major Restraints of Thailand Hot-dip Galvanized Steel Products Market
In terms of quality, hot-dip galvanization provides 10 times more corrosion resistance as compared to that offered by electro-galvanization. However, hot-dip galvanization usually is five times more expensive than electro-galvanization. Hence, a moderate threat from substitute technology exists in the hot-dip galvanized steel products market in Thailand. This offers significant opportunities for hot-dip galvanization processors.
Buy Exclusive Report at – https://www.transparencymarketresearch.com/checkout.php?rep_id=79714<ype=S
Key Opportunities in Thailand Hot-dip Galvanized Steel Products Market
According to 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 relocated their manufacturing facilities outside China. Several importers were planning to procure auto components and other manufactured goods from other countries in Asia, such as Thailand, Vietnam, and India, due to recent economic and political developments. This provides an opportunity for domestic hot-dip galvanizers to establish a strong presence by increasing their capacity. The U.S.-China trade war has diminished China’s cost advantage, owing to increased tariffs imposed by the U.S. and several other countries such as India and Japan. Minimum wages in China almost doubled from 2009 to 2014, making them just 4% cheaper than the manufacturing labor cost in the U.S.
Thailand can act as an alternative manufacturing option to China. For instance, Sony Corporation moved its production to Thailand and closed its smartphone plant in Beijing, China, in order to cut costs and boost smartphone business revenue. 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 to the Eastern Economic Corridor development zone on the east coast of Thailand from China. The Government of Thailand is planning to upgrade its three main manufacturing cities — Chonburi, Rayong, and Chachoengsao — under its US$ 45 Bn plan of Eastern Economic Corridor in order to further boost its manufacturing industries. Expansion and establishment of the manufacturing industry are estimated to boost the demand for hot-dip galvanized steel in construction activities.
In August 2020, the Government of Thailand imposed a 35.67% anti-dumping duty on China-origin hot-dipped galvanized coils and sheets. This is expected to negatively impact steel export from China, thus boosting the domestic manufacture of hot-dip galvanized products. This strategic initiative taken by the Government of Thailand is likely to boost the production of manufactured goods such as hot-dip galvanized steel and further propel steel exports. Existing players in the hot-dip galvanization market are well-established and can benefit from the ongoing trade war.
Share of Prominent Players in Thailand Hot-dip Galvanized Steel Products Market
Key players operating 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 & SCI Metal Tech Co. Ltd. POSCO Coated Steel (Thailand) Co. Ltd and JFE Steel Galvanizing (Thailand) Ltd. hold more than 20% share of the hot-dip galvanized steel market in Thailand in 2019.
More Trending Reports by Transparency Market Research – https://www.prnewswire.com/news-releases/growing-need-for-reducing-air-pollution-and-water-borne-diseases-to-increase-growth-rate-of-activated-carbon-market-across-assessment-period-of-2020-2030-tmr-301166242.html
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
Follow Us: Twitter | LinkedIn
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