The Global Weathering Steel Market is estimated to be valued at US$ 1.29 Bn in 2022 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 corroding steel, is a type of steel that was developed specifically to resist corrosion. It forms a stable rust-like appearance if exposed to the weather for several years. It is commonly used for landmarks, sidewalks, benches, railings, and outdoor structures that require reduced maintenance. Its most recognizable feature is its rust-like appearance which helps it blend into its surroundings.
Market Dynamics:
Increasing investments in infrastructure development activities such as buildings, bridges, and transportation facilities across the globe are fueling the demand for weathering steel. According to data released by the World Bank, global infrastructure investment needs are estimated to be around $94 trillion by 2040. The durability and reduced maintenance of weathering steel makes it an ideal construction material for infrastructure exposed to weather elements over long periods. In addition, rising investments in major construction projects focusing on sustainability are also augmenting the demand as weathering steel offers environmental benefits by eliminating the need for painting and other surface treatments over time.
Market key trends:
One of the key trends in the global weathering steel market is the rising demand for corrosion resistant and low maintenance steel for infrastructure development. Weathering steel has higher corrosion resistance compared to carbon steel and requires minimal maintenance. It forms a protective rust layer that prevents further corrosion, making it suitable for applications that require decades of outdoor use without painting or corrosion protection. The self-rusting property of weathering steel helps reduce lifecycle maintenance costs of bridges, buildings, and other infrastructure.
SWOT Analysis
Strengths: Weathering steel has high strength and durability. It forms a protective rust layer that prevents further corrosion.
Weaknesses: Weathering steel has a lower tensile strength than other steel grades. It may experience accelerated rusting in severely corrosive environments.
Opportunities: Growing infrastructure investment in developing nations is driving demand for low-maintenance materials. Favorable regulations support the use of sustainable weathering steel.
Threats: Fluctuating raw material prices may increase production costs. Competition from alternative corrosion resistant materials.
Key Takeaways
The Weathering Steel Market Share size was valued at approximately US$ 1.29 Bn in 2023. It is projected to expand at a compound annual growth rate (CAGR) of 7.3% during the forecast period of 2023 – 2030. The demand for weathering steel is expected to rise on account of increasing infrastructure development activities across the world.
Regional analysis: The Asia Pacific region dominated the global weathering steel market in 2023 and is projected to witness the fastest growth over the coming years. China, India, and other emerging countries are heavily investing in transportation and building infrastructure. Increasing industrialization and urbanization in the region will drive the demand for weathering steel.
Key players: Key players operating in the global 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, and Metal Sales Manufacturing Corporation. These established manufacturers are focusing on new product development and capacity expansion strategies to strengthen their presence in the weathering steel market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it