Global Weathering Steel Market – Industry Trends and Forecast to 2029

Weathering Steel Market Analysis and Size

According to a report by the Asian Development Bank, the region's rising economies in Asia and the Pacific will need to invest more than US$22.6 trillion on infrastructure by 2030, or US$1.5 trillion year, in order to maintain its current development rate. Estimates increase by more than US$ 26 trillion, or US$ 1.7 trillion annually. Consequently, increased investments in the infrastructure development will further boost the overall market’s growth over the forecasted period.

Global weathering steel market was valued at USD 1.19 billion in 2021 and is expected to reach USD 2.42 billion by 2029, registering a CAGR of 9.30% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Weathering Steel Market Scope and Segmentation

Market Definition

Weathering steel also referred as low-alloy steel, has a carbon content of less than 0.2 weight percent and a maximum of 3–5 weight percent of alloying elements, primarily Cu, Ni, P, Cr, Si, and Mn. Weathering steel is different from other corrosion-resistant steel, including austenitic stainless steel, which doesn't rust.

Weathering Steel Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand Usage across Building Construction

In recent years, there has been a noticeable increase in the usage of weathering steels for the construction of new highway bridges. As unpainted steel is simpler to install and handle, there is no need to paint the steel, which results in a more than 10% reduction in construction costs. As the weathering steel corrodes at such a low rate, bridges made of it can easily outlast their 120-year design life with little upkeep. In actuality, weathering steel construction offers a wide range of further advantages, such as lower life cycle costs and increased safety. Additionally, the steel's weathering reduces the requirement for a protective paint system and shortens inspection cycles. Weathering steel is ideal for outdoor decorations and structures due to its exceptional qualities, which include high strength, resistance to corrosion, resistance to high temperatures, and resistance to fatigue.

• Increased Demand for the Plate Form

The most popular and prevalent type of weathering steel is in the form of plates. In addition to giving buildings and other structures considerable strength, weathering steel plates also improve their aesthetic appeal. In settings with high temperatures and a lot of Sulphur, weathering plates are also used to increase the lifespan of metal. Another important use for weathering steel plate is in heavy-duty transportation. Extreme climatic conditions can have a negative impact on both railroad rolling stock and shipping containers. This makes weathering steel an attractive material since it starts the oxidation process only in a changing environment (wet or dry) and produces a thick layer of protective rust. Consequently, the high demand and usage of plate weathering steel boosts the overall market’s growth rate.

Furthermore, the global weathering steel market is expected to be driven by an increase in capital spending on infrastructure development as a result of robust economic expansion and population growth in both developing and developed nations. Weathering steel has a long shelf life and a nice appearance. The market for weathering steel is expected to increase as a result.

Opportunities

• Innovative Materials and Increasing Investments

Furthermore, the increasing use of innovative materials and processes further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing investment in research and development by the manufacturer will further expand the future growth of the weathering steel market.

Restraints/Challenges

• Drawbacks of Weathering Steel

All building materials have certain applications that are restricted, and with weathering steel, specific situations can cause issues with long-term durability. In settings with a lot of chlorine, weathering steel shouldn't be used. The high concentration of corrosives prevalent in chlorine-rich settings will not be tolerated by the protective rust layer, resulting in early failure. In extreme circumstances, difficulties could result from the usage of de-icing salts on roads near steel that is weathering. Except for concentrated amounts that are applied to the surface of the weathering steel and are not permitted to be rinsed away by rain, their use is generally not a problem. In most cases, extensive rust staining on neighboring surfaces, particularly concrete, results from the initial surface weathering of exposed weathering steel. These drawbacks will create hindrances for the growth of the weathering steel market.

• Limited to Specific Climate and Region

Weathering steel is prohibited in coastal areas and humid subtropical climates because it may cause the rusty covering to erode further rather than consolidate into a protective layer. Consequently, this will challenge the weathering steel market growth rate.

This weathering steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the weathering steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Weathering Steel Market

The recent outbreak of coronavirus had a negative impact on the weathering steel market as the epidemic has caused a reduction in the demand for weathering steel. In the first three months of 2020, global steel production fell by 1.4% from the corresponding period in 2019. Despite the fact that steel was deemed an essential industry in many nations, the pandemic saw a substantial decline in the need for weathering steel manufacturing. In order to prevent the spread of COVID-19, manufacturing of railway vehicles, oil derricks, seaport buildings, and transmission towers has been reduced, and lowering energy prices have resulted in much lower demand from industries like oil & gas. The COVID-19 outbreak has caused many non-essential building projects to be put on hold, which has had a detrimental impact on the market for weathering steel.

For instance, in reaction to the ongoing coronavirus outbreak, the Pennsylvania DOT has halted all road and bridge construction projects. The District 1 of PennDOT's northwest region, which includes the counties of Crawford, Erie, Mercer, Venango, and Warren, is affected by the suspension of multiple projects. It is anticipated that demand for weathering steel in developing economies will increase more than in industrialized economies. Through 2022, a solid recovery and moderate growth moderation are anticipated.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Weathering Steel Market Scope

The weathering steel market is segmented on the basis of type, form, availability and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Corten-A
• Corten-B
• Others

 Form

• Plates
• Sheets
• Bars
• Coils
• Rivets
• Stripes
• Tubes

Availability

• Painted
• Unpainted

End User

• Building and Construction
• Transportation
• Art and Architecture
• Industrial

Weathering Steel Market Regional Analysis/Insights

The weathering steel market is analyzed and market size insights and trends are provided by country, type, form, availability and end user as referenced above.

The countries covered in the weathering steel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increase in building enterprises within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing amount of investments in the construction of industrial, residential and architectural structures in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Weathering Steel Market Share Analysis

The weathering steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to weathering steel market.

Some of the major players operating in the weathering steel market are

• Arcelor Mittal (Germany)
• NIPPON STEEL CORPORATION (Japan)
• Tata Steel (India)
• JFE Steel Corporation (Japan)
• Umicore (Belgium)
• Glencore (Switzerland)
• Jinchuan Group International Resources Co.  Ltd (China)
• Huayou Cobalt Co., Ltd (China)
• Freeport Cobalt (Finland)
• Posco (South Korea)
• SSAB AB (Sweden)
• Sherritt International Corporation (Canada)
• SOLVAY (Belgium)
• DAIKIN (Japan)
• BHP (Australia)
• Eramet (France)
• Vale (Brazil)
• United States Steel Corporation (U.S.)
• Votorantim Metais SA (Brazil)
• Sumitomo Corporation (Japan)

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