The global weathering steel market revenue was around US$ 1,083.7 million in 2022 and is estimated to reach US$ 2,026.1 million by 2031, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period from 2023 to 2031.
Weathering steel is a family of less carbon steels that have additional alloying elements mixed with iron and carbon atoms. These alloying elements give weathering steel more suitable strength and more corrosion resistance than standard low-carbon steel grades.
Market Driving Factors
The surge in demand for the plate form is estimated to drive the market. The most famous and prevalent kind of weathering steel is in the form of plates. Weathering steel plates also enhance their aesthetic appeal to give buildings and other structures considerable strength. In addition, weathering plates are also utilized to raise the lifespan of metal in environments with high temperatures and a lot of sulfur.
The increasing popularity of sustainable and eco-friendly construction practices is expected to boost the market. There is a surge in the demand for corrosion-resistant steel that decreases the requirement for frequent maintenance and minimizes resource consumption and associated environmental impacts. As a result, architects and developers are increasingly utilizing this steel to align with green building certifications. Moreover, weathering steel also aids in extending the lifespan of structures and lowering lifecycle prices.
Cost efficiency fueling uptake in manufacturing is propelling the market. This is primarily owing to the weathering steel provides significant price savings compared to other materials like stainless steel due to its relatively less alloying element content. As a result, the elimination of costs related to corrosion-prevention treatments such as coatings and paints provides long-term economic benefits.
Variations in the cost of the raw materials used to make weathering steel are driving up costs for producers, which is hampering the market growth.
Regional Analysis
North America dominated the market in terms of the largest shares and is estimated to continue its dominance. This can be majorly attributed to the surge in construction activities and investments in infrastructure in the region.
Europe is estimated to dominate the market in terms of revenue. This is due to the increasing emphasis on sustainable construction practices. In addition, the surging demand for steel that provides lower maintenance, extended lifespan, and eco-friendliness is contributing to the market growth. Furthermore, favorable government initiatives about environmental protection are supporting the market, and a surge in demand for corrosion-resistant materials in several sectors is driving the market expansion in the region.
Segmentation Insights
Type Insight
The corten-B segment is estimated to dominate the market in terms of revenue. Building & construction is the primary application of weathering steel, particularly in bridge construction. The utilization of weathering steel as a material for bridge construction has surged during the last decade. This trend is owing to the less maintenance associated with the usage of weathering steel, improved corrosion resistance, and longer shelf life of the structure. As a result, the corten-B type is the preferred kind for usage in structural applications on account of good strength and high toughness.
Product Insight
The plates segment is estimated to dominate the market in terms of the growth rate. This is mainly owing to the that they broadly utilize a form of weathering steel. Weathering steel plates not only offers high strength to the structures and buildings but also adds to their aesthetic appeal. Furthermore, weathering plates are also utilized in high-temperature and sulfur-rich environments to expand the metal lifetime. Heavy-duty transport is another prominent application of weathering steel plates.
Prominent Companies
Segmentation Outline
The global weathering steel market segmentation focuses on the Type, Product, End-User, and Region.
By Type
By Product
By End-User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL WEATHERING STEEL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: WEATHERING STEEL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL WEATHERING STEEL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL WEATHERING STEEL MARKET, BY TYPE
5.1 OVERVIEW
5.2 CORTEN-A
5.3 CORTEN-B
6 GLOBAL WEATHERING STEEL MARKET, BY PRODUCT
6.1 OVERVIEW
6.2 SHEETS
6.3 PLATES
6.4 BARS
7 GLOBAL WEATHERING STEEL MARKET, BY END-USER
7.1 OVERVIEW
7.2 CONSTRUCTION
7.3 INDUSTRIAL
7.4 OTHERS
8 GLOBAL WEATHERING STEEL MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL WEATHERING STEEL MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 HEBEI IRON AND STEEL GROUP
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BAOSTEEL
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ZAHNER COMPANY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 NIPPON STEEL & SUMITOMO METAL CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 JFE STEEL CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 BLUESCOPE STEEL LIMITED
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 HBIS GROUP
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 UNITED STATES STEEL CORPORATION
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 TIMKENSTEEL CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 ARCELOR MITTAL
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 TATA STEEL
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 VOESTALPINE AG
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 TERNIUM S.A.
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 WUHAN IRON AND STEEL GROUP
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 POSCO
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 SSAB AB
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 STEEL DYNAMICS INC.
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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