Thailand Hot-dip Galvanized Steel Products Market To Witness Huge Growth and Revenue Acceleration, Outlook, Insights forecast 2030
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.
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.
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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.
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.
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.
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Thailand Hot-dip Galvanized
Steel Products Market: Segmentation
Thailand Hot-dip Galvanized Steel Products Market,
by Product Type
·
Hot-dip Galvanized Steel Pipes
·
Hot-dip Galvanized Steel Products
·
Hot-dip Galvanized Steel Structures
·
Hot-dip Galvanized Steel Plates
·
Conventional Hot-dip Galvanized Products
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