Weathering Steel Market Research, 2031
The global weathering steel market size was valued at $1,011.0 million in 2021, and is projected to reach $2,039.1 million by 2031, growing at a CAGR of 7.2% from 2022 to 2031. Weathering steel is a family of low carbon steels that have additional alloying elements mixed with the carbon and iron atoms. These alloying elements give weathering steel better strength and more corrosion resistance than typical low carbon steel grades.
Rise in number of industrial infrastructure projects in different developing countries such as China and India is a major factor driving the growth of the market. In addition, the recovering construction industry is leading to rise in demand non-residential infrastructures, which is in turn driving the weathering steel market growth.
However, fluctuations in price of raw materials for manufacturing the weathering steel is leading to high cost for manufacturers, which in turn is limiting the growth of the weathering steel market share.
Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of weathering steel as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This led to re-initiation of weathering steel companies at their full-scale capacities, which helped the weathering steel market to recover by end of 2021.
On the contrary, the use of robotics for manufacturing is leading to new technological solutions for the manufacturing of weathering steel, which in turn is expected to create new opportunities for the weathering steel industry.
The weathering steel market is segmented into Type, Product and End user. 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 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).
On the basis of type, in 2021, the Corten-A segment dominated the weathering steel market, in terms of revenue, whereas the Corten-B segment is expected to witness growth at the highest CAGR during the forecast period. As per product, in 2021, the sheets segment led the market, however, the plates segment is expected to exhibit highest CAGR in the near future. As per end user, in 2021, the construction segment led the market, however, the industrial segment is expected to exhibit highest CAGR in the near future. Region wise, North America garnered the highest revenue in 2021; however, LAMEA is anticipated to register highest CAGR during the forecast period.
COMPETITION ANALYSIS
The key players profiled in the weathering steel market analysis 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, business expansion, agreement and acquisition as their key developmental strategies to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the weathering steel market overview from 2021 to 2031 to identify the prevailing weathering steel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the weathering steel market forecast.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global weathering steel market trends, key players, market segments, application areas, and market growth strategies.
Weathering Steel Market Report Highlights
| Aspects | Details |
 By Type |
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 By Product |
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 By End user |
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 By Region |
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 Key Market Players | TimkenSteel Corporation, Baosteel, Nippon Steel & Sumitomo Metal Corporation, TERNIUM S.A., Steel Dynamics, Inc., United States Steel Corporation, POSCO, Hebei Iron and Steel Group, Wuhan Iron and Steel Group, JFE Steel Corporation, Bluescope Steel Limited, SSAB AB, HBIS Group, NIPPON STEEL & SUMITOMO METAL CORPORATION, Arcelor Mittal, a. zahner company, Voestalpine AG, Tata Steel |
Analyst Review
The weathering steel market has observed significant growth in the past few years, due to rise in construction, infrastructure, and urbanization sectors. Weathering steel products are employed in the construction sector for a variety of purposes, including building installations, foundations, and supports, as well as columns, panels, and walls.
Wire rods are used to make wires and are also used in engineering, aviation, and reinforcing concrete constructions. Steel wire rods are used to make reinforcement cages and assembly clamps that are circular, rectangular, or square. Companies are manufacturing and launching corrosion resistant wire rods for overseas market. For instance, in April 2021, Nippon Steel Corporation launched ZAM-EX high corrosion coated wire rod, which gives resistant performance against hot-dio galvanizing.
Moreover, companies are acquiring other companies to improve their product portfolio and to boost their production unit due to rapid rise in infrastructure and construction sector. For instance, in June 2021, Nucor Corporation acquired Cornerstone Building Brands, which manufactures weathering steel for walls and roofs and are available in variety of widths, thickness, and exterior finishes.
The global weathering steel market was valued at $1.1 billion in 2021, and is projected to reach $2.039 billion by 2031, registering a CAGR of 7.2% from 2022 to 2031.
The forecast period considered for the global weathering steel market is 2022 to 2031, wherein, 2021 is the base year, 2022 is the estimated year, and 2031 is the forecast year.
To get latest version of global weathering steel market report can be obtained on demand from the website.
The base year considered in the global weathering steel market report is 2021.
The top companies holding the market share in the global 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.
The top 17 market players are selected based on two key attributes - competitive strength and market positioning.
The report contains an exclusive company profile section, where leading 17 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
By product, the sheets segment is the highest share holder of weathering steel market.
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