Increasing Demand for Galvanized Metals from ASEAN Countries to Fuel Market Growth
The industrial sector across Thailand has witnessed considerable growth over the past couple of decades, owing to increasing Government support and surge in private investments. Government policies and programs, including the National Strategic Plan (2017-2036) have played an imperative role in improving trade relations with several countries and gradually modernizing the core industries of the country to improve export volumes. Moreover, the increasing focus of the Government to upgrade the road, rail, airport, and electricity infrastructure of the country is one of the key factors that has played a pivotal role in driving the consumption of major alloys such as steel, zinc, and aluminum. This factor is expected to provide a boost to the growth of the Thailand hot-dip galvanization market during the forecast period.
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Moreover, while the Government continues to strengthen industries in Thailand, a surge in foreign direct investments has also led to an industrial boom in the country– another factor that is likely to increase the adoption of hot-dip galvanization in Thailand. Several players involved in the current Thailand hot-dip galvanization market are increasingly focusing on expanding their production facilities to cater to the rising demand for galvanized products from several neighboring nations, including Vietnam, Laos, Cambodia, Malaysia, and Indonesia. In addition, due to stringent International as well as domestic regulations pertaining to industrial waste, several leading market players are increasingly focusing on minimizing hazardous wastes to reduce environmental impact.
At the back of these factors, along with the booming industrial sector of Thailand, the Thailand hot-dip galvanization market is anticipated to surpass the US$ 1.5 Bn mark by the end of 2030. The soaring demand from the automotive sector is one of the primary factors that is projected to drive the Thailand hot-dip galvanization market during the assessment period.
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Widening Applications of Galvanized Metals to Bolster Market Growth
The booming industrial sector across Thailand is anticipated to provide considerable opportunities to the players operating in the Thailand hot-dip galvanization market. Due to advancements in technology, the application of galvanized metals in different end-use industries continues to widen at an impressive pace due to which, the Thailand hot-dip galvanization market is on the course to witness a steady growth rate during the assessment period. Moreover, as the Thailand Government has increasingly offered subsidies to several domestic as well as international companies involved in the current market landscape, the overall prospects of the Thailand hot-dip galvanization market are staring at a bright future. For instance, NS-Siam United Steel Co., Ltd. (NS-SUS), a consolidated subsidiary of Nippon Steel & Sumitomo Metal Corporation (NSSMC) was acknowledged by the Thai Government in 2018 for its improved level of planned maintenance and high production efficiency. Several companies from China, Japan, and India are turning to imports of galvanized products from Thailand due to low costs and high quality
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Growth Rate of Market to Drop in 2023 amid COVID-19 Pandemic
The Thailand hot-dip galvanization market is expected to tread through a rough patch in 2023 due to the outbreak of the novel COVID-19 pandemic. Several lockdowns imposed by the Government of Thailand to contain the spread of the novel coronavirus have drastically impacted the automotive and the construction sector of the country, thus, leading to a standstill in the demand for hot-dip galvanized products for the automotive and construction sectors. The country is experiencing supply-chain disruptions factory closures and transportation restrictions. This issue is aggravated by its high dependency on intermediate goods from other markets hit by the COVID-19 outbreak, including China, Japan, and South Korea. Likewise, the import of hot-dip galvanized metal was also affected, owing to severe regulations and anti-dumping duties levied by the Government. However, domestic hot-dip galvanizers have begun increasing their production capacity and output in order to curb this demand supply gap. The construction sector is expected to witness expansion due to upcoming infrastructure projects such as Phuket’s planned $1.2 Bn tram system, monorail system planned for the city of Pattaya, and 116 projects associated with Southern Economic Corridor scheme under which the government is investing US$ 3.4 Bn to develop infrastructure. These projects are estimated to boost the construction and steel industries and consequently, fuel the demand for hot-dip galvanized steel in the long-term.
However, as lockdown restrictions are gradually being lifted across Thailand, the Thailand hot-dip galvanization market is likely to show signs of recovery in the upcoming months.
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