Overview and Scope
Weathering steel refers to a group of low-carbon steels that contain atoms of extra alloying elements along with carbon and iron and develop a protective oxide film on their surface. They are used for exposed steel buildings because they outlast plain carbon steel in outdoor environments, eliminating the need for steel repainting and recoating on a regular basis.
Sizing and Forecast
The weathering steel market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growing demand for weathering steel in the construction industry, need for durable and corrosion-resistant materials, increased adoption of weathering steel in the transportation industry, growing awareness about the benefits of weathering steel, expansion of the industrial sector.
The weathering steel market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to urbanization and infrastructure renewal, rising awareness of sustainability, increase in outdoor structures, infrastructure resilience planning, expansion of renewable energy projects. Major trends in the forecast period include innovative architectural designs, collaboration with artists, smart coating technologies, integration with green building practices, customized weathering steel products.
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Segmentation & Regional Insights
The weathering steel market covered in this report is segmented –
1) By Type: Corten-A, Corten-B, Other Types
2) By Form: Plates, Sheets, Bars, Other Forms
3) By Availability: Painted, Unpainted
4) By End Use: Building and Construction, Transportation, Art and Architecture, Industrial, Other End Use
Asia-Pacific was the largest region in the weathering steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the weathering steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rapidly growing construction and transportation industries are contributing to the growth of the weathered steel market. Weathering steel is being used in several architectural and sculpture applications owing to its key material features such as improved corrosion resistance, longer shelf life, good aesthetic appeal, high strength, and low maintenance. For instance, according to the Ministry of Statistics and Program Implementation, the construction sector will grow at 10.7% in FY 2022, a rebound from a contraction of 8.6% in 2021, aided by the base effect and a projected 9.2% growth. Similarly, according to Wolters Kluwer data 2021, the global transportation industry is expected to grow at a rate of 3.4% through 2027. Thus, the rapidly growing construction and transportation industries will drive the growth of the weathered steel market.
Key Industry Players
Major companies operating in the weathering steel market report are Arcelor Mittal SA, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Ltd., Posco India Pvt. Ltd., SSAB AB Corporation, Japan Future Enterprise Steel Corporation, Bluescope Steel Limited, Hebei Iron & Steel Co. Ltd., A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co. Ltd., Masteel UK Ltd., Cascadia Metal Ltd., Triton Corp., Amardeep Steel Centre LLP, Steel Dynamics Inc., Ternium SA, TimkenSteel Corp., Voestalpine AG, Wuhan Iron and Steel Group, Baosteel Group Corporation, AK Steel Corporation, Anhui Conch Cement Co. Ltd., LafargeHolcim Ltd., Taiwan Cement Corporation, Salzgitter AG, Steelscape, Tata BlueScope Steel.
The weathering steel market report table of contents includes:
- Executive Summary
- Weathering Steel Market Characteristics
- Weathering Steel Market Trends And Strategies
- Weathering Steel Market – Macro Economic Scenario
- Global Weathering Steel Market Size and Growth
- Weathering Steel Market Segmentation
- Weathering Steel Market Regional And Country Analysis
………………….
- Key Mergers And Acquisitions In The Weathering Steel Market
- Weathering Steel Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Weathering Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Weathering Steel Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Weathering Steel Market, Segmentation By Availability, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Arcelor Mittal SA Financial Performance
Table 76: United States Steel Corporation Financial Performance
Table 77: Nippon Steel & Sumitomo Metal Corporation Financial Performance
Table 78: Tata Steel Ltd. Financial Performance
Table 79: Posco India Pvt. Ltd. Financial Performance
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