Galvanized Steel Market Rising at 5.29% CAGR
The economic growth in China and India will drive the market growth. China and India are the largest crude steel producers globally, and this growth is due to the booming economy and infrastructure in China. Also, the increasing construction activities in India boost the growth and demand for galvanized products, according to the Galvanized Steel market report.
Further, the Galvanized Steel market report states that the volatility in raw material prices will impact the market growth. The manufacturing of galvanized steel depends on various commodities, metals, and raw materials such as iron ore, steel, and zinc. The global economic performance and price elasticity influence the prices of commodities and metals.
Commenting on the Galvanized Steel market report, an analyst said: “The growing consumption of steel scrap will be a key trend for the market growth. Scraped steel is being used extensively to reduce the manufacturing cost and carbon footprint of the steel industry. Recycling of steel scrap improves the economic viability of the industry and minimizes the impact on the environment.”