Southeast Asia Galvanized Steel Market: Current Analysis and Forecast (2025-2033)

Southeast Asia Galvanized Steel Market Size & Forecast

The Southeast Asia Galvanized Steel Market was valued at ~USD 8,419.81 million in 2024 and is expected to grow at a strong CAGR of around 6.50% during the forecast period (2025-2033F), driven by government initiatives supporting industrialization and the adoption of eco-friendly materials.

Southeast Asia Galvanized Steel Market Analysis

Galvanized steel is a type of carbon steel that is coated with a protective layer of zinc to prevent rust and extend durability, particularly in harsh or humid conditions. This is widely used because the zinc layer protects the steel against moisture and corrosion.

To enhance product consistency and high-quality standards, manufacturers in Southeast Asia are investing in new coating lines, finer zinc alloys, and automated surface-treatment systems. Adding to this, companies are adopting energy-consuming furnaces, digital thickness monitoring for coatings, and optimistic galvanneeling to cater to the expanding automotive and export-driven market. Also, companies are building downstream service hubs, enhancing supply chain systems, and streamlining production to better meet government infrastructure project demand.

On February 17, 2025, the Binh Dinh Economic Zone Management Board issued an Investment Policy Decision for Hoa Sen Nhon Hoi - Binh Dinh Steel Factory Expansion Investment Project of Hoa Sen Nhon Hoi - Binh Dinh One Member Co., Ltd. The project is on an area of 9.1 hectares out of 21.8 hectares of the existing Hoa Sen Nhon Hoi - Binh Dinh Steel Factory Project of the Company in Nhon Hoi Urban Industrial Park (Sub-area 4), Nhon Hoi Economic Zone with a total investment capital of VND 2,333 billion (~USD 89.84 million), project implementation progress from the first quarter of 2025 to the second quarter of 2027.

The Hoa Sen Nhon Hoi - Binh Dinh Steel Factory Expansion Investment Project aims to produce galvanized steel, color-coated steel, and cold-rolled steel with a capacity of 350,000 tons of products/year.

Southeast Asia Galvanized Steel Market Trends

This section discusses the key market trends that are influencing the various segments of the Southeast Asia Galvanized Steel market, as found by our team of research experts.

Increased Protectionist Measures and Anti-Dumping Actions

The rising shift toward tougher protectionist measures in Southeast Asia, as governments are initiating more anti-dumping probes into galvanized and coated steel imports to even the playing field and boost local industries. These factors are transforming the dynamics of the competitive landscape, as they minimize the impact of the low-cost foreign supply and compel buyers to shift towards the domestically produced steel. Moreover, the rising trend is indicative of a broader regional push to ensure industrial independence and value-added production. With the increasing trade barriers, manufacturers in the region are investing in better quality and higher capacity lines in order to be able to satisfy the demand that was previously served by imports. The trend is expected to continue to grow as nations seek long-term control over supply chains and protect their steel industries.

On April 1, 2025, the Ministry of Industry and Trade issued Decision No. 914/QD-BCT regarding the imposition of temporary anti-dumping duties on certain galvanized steel products originating from China and South Korea.

On February 6, 2025, the Ministry of Investment, Trade, and Industry of Malaysia (MITI) announced the initiation of an anti-dumping investigation on galvanized iron coils/sheets or galvanized steel coils/sheets imported from China, South Korea, and Vietnam.

Southeast Asia Galvanized Steel Industry Segmentation

This section provides an analysis of the key trends in each segment of the Southeast Asia Galvanized Steel market, along with forecasts at the country level for 2025-2033.

The hot-dip galvanized steel market dominated the market share in 2024.

Based on product type, the market is segmented into hot-dip galvanized steel, electro-galvanized steel, galvannealed steel, and others. Among these, the hot-dip galvanized steel market held the dominant share in 2024. This is mainly due to its consistent reliability and wide-scale acceptance for corrosion protection across all Southeast Asian climatic conditions. Contractors and infrastructure developers use it in bridges, roofing, industrial facilities, and along the coast, where the structure's life is directly related to its life-cycle costs. With governments implementing massive public works projects, demand for long-lasting coated steel increases, compelling companies to expand production lines and enhance coating quality. On February 12, 2025, PT Tata Metal Lestari, a key player in Indonesia’s coated and painted steel industry and part of the global Tatalogam Group, awarded Tenova a contract for the supply of a new hot dip galvanizing line for zinc, aluminum, and magnesium alloy-coated steel coils. This advanced facility will be installed at the Sadang Plant in Cijaya, Kabupaten Purwakarta, Indonesia, and will have an annual production capacity of 250,000 tons.

The automotive segment is expected to grow with a significant CAGR during the forecast period (2025-2033).

Based on end use industry, the Southeast Asian Galvanized Steel market is segmented into automotive, building & construction, appliances, industrial equipment & machinery, energy & utilities, and others. Among these, the automotive segment is expected to grow at a significant CAGR during the forecast period (2025-2033). The automotive industry is driving the use of galvanized steel by demanding uniform coating thickness, a high-quality surface finish, and good weldability of the vehicle body and structural parts. As automotive manufacturing ecosystems become stronger, suppliers are compelled to shift to galvannealed and advanced-coated products. Additionally, this shift has led companies to invest in cleaner furnaces, better alloy formulations, and computerized process control. As regional OEMs source an increasing number of parts and produce higher volumes, galvanized steel manufacturers also benefit from long-term, steady procurement cycles and rising demand for value-added grades.

Vietnam held a dominant share of the Southeast Asian Galvanized Steel market in 2024

Vietnam held a dominant share of the market due to its high industrialization growth rate, strong manufacturing base, and active capacity expansion in coated steel production. The export-oriented model of the country's development promotes increased production, improved quality, and the implementation of innovative galvanizing equipment. The investment in infrastructure, such as industrial parks, housing, and logistics hubs, further boosts domestic demand, making Vietnam a major consumer and a regional supply centre. This drives companies to be innovative, grow faster, and meet international quality standards.

On September 29, 2025, Hoa Phat Dung Quat Steel, a member of the Hoa Phat Group, awarded SMS group the contract to increase its steelmaking capacity at Dung Quat 2 in Quang Ngai Province, Vietnam, by building a new BOF melting plant with a capacity of 300 tons per converter. This decision aims to expand production capacity to six million tons per year by 2028, with a focus on the production of high-quality hot-rolled coil (HRC) for automotive applications, among others, as well as low-carbon steel.

Southeast Asia Galvanized Steel Industry Competitive Landscape

The Southeast Asia Galvanized Steel market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions.

Top Southeast Asia Galvanized Steel Companies

Some of the major players in the market are Hoa Phat Group, Hoa Sen Group, Nam Kim Steel Joint Stock Company (Tôn Nam Kim), Ton Dong A (Ton Dong A Joint Stock Company), JFE Steel Corporation, Bangkok Steel Industry Public Co. Ltd., PT Krakatau Steel (Persero) Tbk, PT Saranacentral Bajatama Tbk (Sarana Steel Group), CSC Steel Holdings Berhad (China Steel Corporation), Puyat Steel Corporation.

Recent Developments in the Southeast Asia Galvanized Steel Market

• On May 27, 2025, Thai Cold Rolled Steel Sheet Public Company Limited (TCRSS) announced that Sahaviriya Steel Industries (SSI), JFE Steel Corporation, and Marubeni-Itochu Steel Inc., the major shareholders of both Thai Coated Steel Sheet Company Limited (TCS) and TCRSS, jointly approved the integration of TCS into TCRSS. The full business transfer is expected to take effect on October 1, 2025. TCS primarily manufactures and sells high-quality electric galvanized steel sheets, mainly for customers in OA equipment, home appliances, automotive parts, as well as general domestic demand.

• On September 3, 2024, South Korean steel giant POSCO and Indonesia's state-owned steel producer Krakatau Steel signed an important investment agreement in Indonesia. The two companies plan to invest a total of USD 3.5 billion to build blast furnaces and cold rolling mills in Indonesia. South Korean steel producer POSCO is aiming to join a large-scale construction project planned to move Indonesia's capital from Jakarta to the East Kalimantan province of Borneo.

• On June 27, 2024, Hoa Sen Group (Vietnam) and SP Group (Singapore) signed a strategic partnership agreement for the sustainable development of clean energy at Hoa Sen Group's steel mills nationwide.

Southeast Asia Galvanized Steel Market Report Coverage

Reasons to Buy the Southeast Asia Galvanized Steel Market Report:

• The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.

• The report briefly reviews overall industry performance at a glance.

• The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, product portfolios, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

Customization Options:

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