by The Global Weathering Steel Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Weathering steel, also known as atmospheric corrosion resistant steel, is a high strength low alloy steel that resists corrosion and forms a protective rust layer when exposed to weather thereby eliminating need for painting or other coatings. It is increasingly being used in bridges, buildings, poles and other structures where maintenance of standard steel is extremely difficult. Weathering steel provides high strength, is cost effective and has a longer lifespan than coated and galvanized steels.
Market Dynamics:
Two key drivers expected to propel the global weathering steel market over the forecast period are increasing infrastructure developments across both developed and developing economies as well as high corrosion resistance properties of weathering steel. Governments around the world are focusing on upgrading existing infrastructure as well as building new bridges, roads, ports, airports and commercial buildings which is driving demand for weathering steel. Additionally, weathering steel forms a stable rust layer when exposed to weather that bonds to the steel surface and prevents further corrosion, thereby eliminating maintenance costs associated with painting or other coatings. This makes weathering steel highly suitable for applications in highly corrosive marine environments as well as areas with extreme weather conditions.
Segment Analysis
The global weathering steel market is segmented by application into building & construction, transportation, art & architecture, and industrial. The building & construction segment dominated the market in 2022 and is expected to maintain its dominance during the forecast period. Weathering steel is highly favored as a building material in the construction industry as it eliminates the need for painting and has high load bearing capacity which makes it suitable for building structures.
PEST Analysis
Political: There are no major political risks affecting the weathering steel market.
Economic: The growing construction and infrastructure development activities across the globe is driving the demand for weathering steel. The global weathering steel market size was valued at US$ 1.29 Bn in 2023 and is expected to grow at a CAGR of 7.3% during 2023 – 2030.
Social: Weathering steel is becoming increasingly popular owing to its maintenance-free and environment-friendly properties.
Technological: Advancements in material engineering have enabled manufacturers to develop enhanced grades of weathering steel with higher levels of corrosion resistance.
Key Takeaways
The Weathering Steel Market Share is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period. The growing construction activities around the world coupled with increasing investments in infrastructure development are fueling the demand for weathering steel. The building & construction segment dominates the market and is expected to maintain its lead, driven by rising adoption of weathering steel in commercial and residential constructions.
Regional analysis: North America represents the largest and fastest growing regional market for weathering steel. The huge infrastructure spending by the governments in the US and Canada to upgrade and repair aging infrastructure is driving the demand in the region.
Key players: Key players operating in the weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, POSCO, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, Metal Sales Manufacturing Corporation. These players are focusing on expanding their production capacities and geographic presence through merger & acquisition strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
