Manufacturers Raise Steel Product Prices during Coronavirus Era Due to High Demand
Volatile demand and supply scenarios are adding up to the challenges of companies in the Thailand hot-dip galvanized steel products market during the coronavirus (COVID-19) pandemic. Many manufacturers are raising their steel product prices indicating an upward trend in international trade and increased demand from China. Analysts at the Transparency Market Research (TMR) opine that manufacturers are expected to increase the prices for hot-dip galvanized steel coils, bars, and rebars. As such, the domestic demand is estimated to gain pace in the Thailand hot-dip galvanized steel products market.
Several construction projects are being resumed in Thailand and other countries where the COVID-19 outbreak has significantly subsided. Many countries are lifting their coronavirus-related restrictions to open international trade, since inventories for steel products are running out. Factory closures have slowed down economic activities in the construction industry.
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Efficient Surface Preparation Processes Eliminate Issues of Metallurgical Reactions
Hot-dip galvanized steel is being used in the construction of refineries and chemical processing facilities. However, controlling the metallurgical reaction in the zinc coating and achieving a desired film build can be challenging for galvanizers. Hence, companies in the Thailand hot-dip galvanized steel products market should precautions such as acquire efficiency in surface preparation processes, zinc bath temperature and molten zinc bath composition to produce zinc coatings on steel surfaces.
Optimizing new materials and processes is becoming apparent for companies in the Thailand hot-dip galvanized steel products market in order to gain market visibility. Companies are bagging research achievements to innovate in new hot-dip galvanizing steel applications. They are increasing their production capabilities to manufacture fire-resistant hot-dip galvanized structures.
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Hot-dip Galvanized Structures Shipped and Reused in Construction Applications
Companies in the Thailand hot-dip galvanized steel products market should participate in events such as the Excellence in Hot-Dip Galvanizing Awards 2024 to boost their credibility credentials in the global market landscape. Since these award events are judged by expert architects and engineers, manufacturers can gain a competitive edge over other market players with respect to their product offerings. On other the other hand, the ever-increasing construction industry is creating business opportunities for steel manufacturers. This has led to increased demand for products with long-term durability and low-maintenance attributes.
Hot-dip galvanized structures such as bridges are being shipped and reused in various construction applications. Such trade practices are contributing toward growth of the Thailand hot-dip galvanized steel products market, which is expected to cross a revenue of US$ 4.4 Bn in 2030.
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New Hot-dip Zinc Coatings Help Exploit Market Potentials in Automotive Sector
The Thailand hot-dip galvanized steel products market is slated to register a healthy CAGR of ~6% during the assessment period. The automotive industry is shifting its focus from electrogalvanized to hot-dip galvanized steels. thyssenKrupp Steel— a German specialist in industrial engineering and steel production, has identified this shift and has laid the foundation for improved hot-dip coatings. Thus, manufacturers in the Thailand hot-dip galvanized steel products market should take cues from such manufacturers to increase their product sales.
Premium finishes and lasting corrosion protection have become the basic prerequisites in the automotive sector. This has fueled innovations in new hot-dip zinc coatings that ensure the durability of vehicle components. Innovative zinc-magnesium products allow low coating thickness for steel automotive components.
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