Weathering Steel Market Expected to Reach $2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Weathering Steel Market," The weathering steel market size was valued at $1 billion in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. Growth of the construction sector in the residential and commercial sectors has led to a favorable market for weathering steel goods in order to fulfil the need for housing from a fast-increasing population.

Furthermore, new construction industry trends such as Lean Construction, Building Information Modeling (BIM), and Green Buildings, have expanded the importance of prefabrication and modularization in construction that helped in driving the demand for weathering steel market growth. In recent years, the steel industry as well as its linked mining and metallurgical industries have experienced significant investments and advances. According to the data published by the Department for Promotion of Industry and Internal Trade (DPIIT), Indian metallurgical industries garnered $14.24 billion in Foreign Direct Investment (FDI) from April 2000 to September 2020.

In terms of region, the weathering steel market is analyzed across North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The building and infrastructure industries are the primary drivers of weathering steel products. The worldwide construction market is dominated by China, the U.S., and India. In South and Southeast Asia, urbanization is likewise on the rise. These and other growing economies will necessitate significant infrastructure and construction investment over the next decade, creating possibilities for mining and metal companies. For instance, in June 2021, POSCO Corporation and Rio Tinto jointly explore, develop wide range of decarbonization from iron ore mining to steel making and furthermore this manufacturing process is expected to enhance the low-carbon emission value chain.

However, during the pandemic, various manufacturers in the weathering steel market had to stop their business in countries such as China, the U.S., and India. In addition, lack of technology also constricted supply of machines of weathering steel. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of weathering steel companies.

The weathering steel market share has witnessed significant growth in the past decade, due to rise in infrastructure and construction sectors such as railways, bridges, and plants. A number of players in the weathering steel industry are expanding their business and acquiring companies to strengthen their foothold in the global market.

The key players profiled in the weathering steel market report include Arcelor Mittal, A. Zahner Company, Baosteel, Bluescope Steel Limited, HBIS Group, Hebei Iron and Steel Group, JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Posco, SSAB AB, Steel Dynamics, Ternium, TimkenSteel, United States Steel Corporation, Tata Steel, Voestalpine and Wuhan Iron and Steel Group. Major companies in the market have adopted product launch, partnership, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the market. 

The global weathering steel market is segmented on the basis of type, product, end user, and region. On the basis of type, it is classified into Corten-A and Corten-B. By product, it is divided into sheets, plates and bars. By end user, it is segmented into construction, industrial, others.

Region wise, the weathering steel market analysis is conducted across the North America (U.S., Canada, and Mexico), Europe (Germany, the UK, Italy, France, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, United Arab Emirates, Nigeria, South Africa and Rest of LAMEA).

 KEY FINDINGS OF THE STUDY

•        The report provides an extensive analysis of the current and emerging global weathering steel market trends and dynamics. 

•        Depending on type, the Corten-A segment was the largest revenue generator in 2021.

•        By product, the sheets segment generated the highest revenue in 2021.

•        Based on end user, the construction segment dominated the market in 2021.

•        Region wise, Europe is anticipated to dominate the global weathering steel market throughout the study period.

•        The report provides an extensive analysis of the global weathering steel market overview. 

•        The global weathering steel market forecast analysis from 2022 to 2031 is included in the report.