Weathering Steel Market Size – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2030
Overview
Weathering Steel Market size was valued at USD 1.79 Bn. in 2023 and the total revenue is expected to grow at 6.3 % through 2024 to 2030, reaching nearly USD 2.75 Bn.
Weathering Steel Market Overview:
Global Weathering Steel Market size was valued at USD 1.59 Bn. in 2021. Weathering steel has a number of characteristics, including durability, temperature resistance, fatigue resistance, high strength, and corrosion resistance. It also has a longer product life cycle and requires less maintenance. Weathering steel also has a small construction depth, is quick to construct, requires little maintenance, has a pleasing appearance, and is safer. Weathering steel is corrosion-resistant alloy steel with high strength. Roads, bridges, poles, constructions, and sign poles all require weathering steel.
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Weathering Steel Market Dynamics:
The growth is attributed to the growing demand in the construction industry because the product has outstanding characteristics in terms of durability, low maintenance, and a longer life cycle. Weathering steel has remarkable properties such as corrosion resistance, high strength, high-temperature resistance, and fatigue resistance, making it suitable for outdoor decoration and construction. According to data from the Institute of Civil Engineers, by 2030, global construction output is expected to reach 15.5 trillion U.S. dollars. This may promote market growth in the near future. Railway and road traffic congestion is increasing, and there is an increasing demand for global connectivity from island to island. In the near future, cities may increase the demand for bridges. Weathering steel's longer life cycle, combined with its exceptional corrosion resistance, is likely to encourage its use in bridge building. The chemical is also used in road construction for earth retaining structures. According to statistics issued by the American Society of Civil Engineers (ASCE) in 2021, bridge rehabilitation and reconstruction in the United States is expected to draw USD 128 billion in investment over the next several years. As a result, beneficial bridge-building and restoration investment is anticipated to have a good impact on the market growth.
In coastal locations and humid subtropical climates, weathering steel is not allowed because the rusted coating may continue to corrode rather than solidifying into a protective layer. Furthermore, as the run-off water from wet corroded steel may negatively affect other construction materials, careful design of a construction project plays a vital part in the weathering steel industry. This is a particular issue when the protective layer is being formed.
Weathering Steel Market Segment Analysis:
On the basis of form, the global weathering steel market is sub-segmented into Plates, Sheets, Bars, Others. The plates segment held the largest share of xx% in 2023. Weathering steel plates not only adds strength to buildings and structures but also improves their appearance. Weathering plates are also used to enhance the life of metal in high-temperature, sulfur-rich environments. Weathering steel plate is also used extensively in heavy-duty transportation. Changing climates expose shipping containers and railway rolling stock to harsh circumstances. This makes weathering steel an ideal material since it requires changeable climate conditions (wet or dry) to start the oxidation process and creates a protective layer of rust.
On the basis of type, the global weathering steel market is sub-segmented into A242 (COR-TEN A), A588 (COR-TEN B), and others (A604, A606, etc.). The A588 (COR-TEN B) segment held the largest share of xx% in 2023. Because of its higher strength and hardness, COR-TEN-B is the recommended variety for structural applications. Additionally, Light-medium weight plates in (COR-TEN-B) A588 can be up to 4 inches thick (100 mm). Plates of medium weight can be up to 4-5 inches thick (102-127 mm). Plates with a thickness of up to 5-8 inches are used for heavy lifting (127-203 mm). As a result, the grade is commonly used in urban furniture, passenger ships, and cranes.
On the basis of end-user, the global weathering steel market is sub-segmented into Building & Construction, Transportation, Art & Architecture, Industrial, Others. The building & construction segment held the largest market share of xx% in 2023, owing to the increasing requirement to replace obsolete bridges and roads and to improve road connectivity to bear the strain of additional on-road vehicles. Three weathering steel bridges for the Country Rail Network in New South Wales, Australia, was recently constructed by Jacobs Engineering Group. Furthermore, growing nations such as China and India is investing in infrastructure, which would boost weathering steel demand in the near future.
Weathering Steel Market Regional Insights:
The Europe region held the largest market share of 53.6% in 2023. Increasing infrastructure demand in countries such as the United States, Germany, Russia, China, and Japan are expected to boost market growth throughout the forecast period. Germany dominates the region, with approximately 190 infrastructure projects under construction and a total investment of USD 131.6 billion as of 2021. The widening of highways in European countries is expected to improve product demand. The ongoing significant road projects in the United Kingdom, such as the A14 upgrade between Cambridge and Huntingdon in England, the M4 motorway improvement in England, and the A9 Perth-to-Inverness dulling projects in Scotland, are driving the market.
The Asia Pacific is the second largest region and it held xx% of the share in 2023, owing to increased construction activity Infrastructure development is expected to boost growth in countries like China, Japan, and Australia. By 2030, the Asian Development Bank estimates that the area will require USD 26 trillion in infrastructure investment. The Belt and Road Initiative (BRI) of China, which aims to improve road connectivity across six major corridors, is seen as a vital factor in the development of regional infrastructure.
The objective of the report is to present a comprehensive analysis of the global Weathering Steel market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Weathering Steel market dynamics, structure by analyzing the market segments and projects the global Weathering Steel market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Weathering Steel market make the report investor’s guide.
Weathering Steel Market Scope: Inquire before buying
| Global Weathering Steel Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 1.79 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 6.3 % | Market Size in 2030: | USD 2.75 Bn. |
| Segments Covered: | by Form | Plates Sheets Bars Others |
|
| by Type | A242 (COR-TEN A) A588 (COR-TEN B) Others (A604, A606, etc.) |
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| by Availability | Painted Unpainted |
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| by End-User | Building & Construction Transportation Art & Architecture Industrial Others |
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Weathering Steel Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Weathering Steel Market Key Players
1. Arcelor Mittal
2. United States Steel Co.
3. Nippon Steel & Sumitomo Co.
4. Tata Steel
5. Posco
6. SSAB AB
7. JFE Steel Co.
8. Bluescope Steel
9. HBIS Group
10. Zahner Company
11. Amardeep Steel
12. Champak Steel & Engg. Co.
13. Conquest Steel and Alloys
14. Cooper & Turner LTD.
15. Henan Gang Iron and Steel
16. SSAB AB
17. Masteel UK
18. CASCADIA METAL
Frequently Asked Questions:
1. Which region has the largest share in Global Weathering Steel Market?
Ans: Europe region holds the highest share in 2023.
2. What is the growth rate of Global Weathering Steel Market?
Ans: The Global Weathering Steel Market is growing at a CAGR of 6.3% during forecasting period 2024-2030.
3. What is scope of the Global Weathering Steel market report?
Ans: Global Weathering Steel Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Weathering Steel market?
Ans: The important key players in the Global Weathering Steel Market are – Arcelor Mittal, United States Steel Co., Nippon Steel & Sumitomo Co., Tata Steel, Posco, SSAB AB, JFE Steel Co., Bluescope Steel, HBIS Group, Zahner Company, Amardeep Steel, Champak Steel & Engg. Co., Conquest Steel and Alloys, Cooper & Turner LTD., Henan Gang Iron and Steel, SSAB AB, Masteel UK, CASCADIA METAL, and Triton
5. What is the study period of this market?
Ans: The Global Weathering Steel Market is studied from 2023 to 2030.