Category : Chemicals and Materials | Published at : January-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global weathering steel market size is expected to reach around US$ 2.1 bn by 2026, growing at a CAGR of around 8.4% over the forecast period 2019 to 2026.
Weathering steel is a high strength alloy steel with corrosion resistance properties. The weathering steel are used in roads, bridges, poles, structures, and sign poles. Weathering steel has various properties which includes durability, temperature resistance, fatigue resistance, high strength, and corrosion resistance and offers greater product life cycle and low maintenance. The weathering steel also offers shallow construction depth, rapid construction, minimal maintenance, attractive appearance, and greater safety. The growing demand for construction and infrastructure development across the globe further grows the demand for Weathering Steel. This expected to enhance the production to meet the growing consumption of weathering steel over the forecast period.
Market Dynamics
The growth of the weathering steel market is primarily driven by the rising government investment in infrastructure development, growing demand for weathering steels in various end user industries, rapid industrialization, and increase in infrastructure development. Furthermore, growing construction industry across the globe, increase in bridge and road construction across the globe and increase in demand for development of architectural sculptures, is estimated to boost the market growth. Moreover, rapid urbanization in developing countries, growing infrastructure development in emerging economies, government investment for public transport development and rapid industrialization, and increase in innovation and development in weathering steel are expected to create opportunities for the manufacturers in the global market over the forecast period. However, fluctuating prices of raw materials and lack of awareness about use of weathering steel are expected to hamper the growth of the global weathering steel market in the coming years.
By type, Corten-B dominated the weathering steel market
Based on process, the market has been segmented into Corten-A, Corten-B, and others. The Corten-B segment accounts of the largest share in the market and are expected to grow at a CAGR of around 7.8% during the forecast period.
Corten-B type weathering steel offers good wear resistibility and high tensile strength as compared to other types of weathering steel. Furthermore, the Corten-B type weathering steel can be manufactured into bars, plates, and sheets and can be used in various end user applications. The manufacturers Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, A. Zahner Company, and Metal Sales Manufacturing Corporation are the mainly investing in the development of Corten-B type weathering steel, which expected the lead the market in the coming years.
Based on form, the plates segment is expected to dominate during the forecast period
Based on form, the market has been segmented into plates, sheets, bars, and others. The plates segment accounts of the largest share in the market and held for more than 25% of the total market in 2018. The plates are majorly used in infrastructure development which includes bridges and statues. The major factors that are driving the growth of this segment are rapid infrastructure development and low cost of plates and growing demand for plates in various applications. This expected to enhance the dominance of the plates segment in the global market over the forecast period.
The market research study on “Weathering Steel Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global weathering steel market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global weathering steel market, its type, form, availability, end user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Weathering Steel market size and volume, and segment markets by type, form, availability, end user, and geography along with the information on companies operating in the market. The weathering steel market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia-Pacific dominated the regional market with a maximum market share
Asia-Pacific accounted for the high market share of the weathering steel market and the region is also expected to maintain its dominance over the forecast period. The rapid consumption of weathering steel in various end user industries, growing infrastructure development, and rapid industrialization are the major driving factor for the region in the global market. Moreover, increase in government spending for public transport and diversification in the region’s construction sector are expected to enhance the market growth in the global weathering steel market in future. Moreover, strong economic growth in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global weathering steel market during the forecast. North America is expected to hold the second largest in the global market during the forecast period. Presence of major key players, development of weathering steel for concrete reinforcement, growing construction industry, and increase in production and consumption of weathering steel, rising number of weathering steel manufacturers are expected to enhance the market growth in the global weathering steel market during the forecast.
Europe is expected to hold the highest CAGR in the global market during the forecast period. The growing construction industry, increase in innovation and development in weathering steel, favorable market conditions, and established research and development institutes are expected to enhance the market growth in the global weathering steel market during the forecast.
The players profiled in the report include Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, United States Steel Corporation, SSAB AB, and JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, Posco SS Vina, Co. Ltd, A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co., Ltd., and Tata Steel Ltd. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Type
- Corten-A
- Corten-B
Market By Form
- Sheets
- Plates
- Bars
Market By Availability
- Painted
- Unpainted
Market By End User
- Building & Construction
- Transportation
- Art & Architecture
- Industrial
Market By Geography
North America
o U.S.
o Canada
Europe
o U.K.
o Germany
o France
o Spain
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
Latin America
o Brazil
o Mexico
o Rest of Latin America
Middle East & Africa
o GCC
o South Africa
o Rest of Middle East & Africa
Frequently Asked Questions
Weathering steel is a high strength alloy steel with corrosion resistance properties.
The weathering steel are used in roads, bridges, poles, structures, and sign poles.
Rising government investment in infrastructure development, rapid industrialization, and increase in infrastructure development are main driver of the weathering steel market.
According to Acumen Research and Consulting, the weathering steel market size is anticipated to be worth around US$ 2.1 billion in 2026.
The weathering steel market is anticipated to grow over 8.4% CAGR during the forecast period 2019 to 2026.
Asia-Pacific held maximum share in 2018 for weathering steel market.
Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, United States Steel Corporation, SSAB AB, and JFE Steel Corporation and Bluescope Steel Limited are the top players operating in the weathering steel market.
