PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419063
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419063
Weathering Steel Market size was valued at USD 1,002.3 Million in 2022, expanding at a CAGR of 8.1% from 2023 to 2030.
Weathering steel constitutes a specific high-strength, low-alloy steel blend incorporating elements like copper, chromium, nickel, and phosphorus. Its distinctive feature lies in its capacity to develop a protective rust-like appearance when exposed to weathering elements such as rain, moisture, air, and atmospheric conditions over time. This natural oxidation process leads to the creation of a stable, adherent patina layer on the steel's surface, serving as a protective shield against further corrosion. This eliminates the necessity for painting or coating to prevent rusting. Weathering steel's unique attribute of resembling rust grants it a distinct aesthetic appeal, commonly applied in architectural structures, outdoor sculptures, bridges, and various other settings where a weather-resistant material with an aesthetically pleasing finish is sought after. Moreover, weathering steel is esteemed for its durability, strength, and minimal maintenance requirements, rendering it a preferred choice across different industries for both practical and visual purposes.
The market's growth is propelled by increasing demand from the construction industry, driven by the product's remarkable properties like durability, low maintenance, and extended lifecycle. Weathering steel's exceptional qualities, including corrosion resistance, high strength, heat resistance, and fatigue resistance, render it suitable for outdoor adornments and building structures. According to the Institution of Civil Engineers, the global construction output is projected to hit USD 15.5 trillion by 2030, which is expected to further stimulate market growth. The escalating traffic congestion on railways and roadways, coupled with the growing necessity for global connectivity from remote islands to urban centers, is anticipated to elevate the demand for bridges in the near future. The extended lifecycle of weathering steel, paired with superior corrosion resistance, is predicted to drive its adoption in bridge construction. Moreover, the product finds applications in road construction for earth retaining structures. As per the American Society of Civil Engineers (ASCE) 2017 statistics, bridge rehabilitation and redevelopment in the U.S. are expected to attract investments totaling USD 123 billion in the forthcoming years. Hence, favorable investments in bridge construction and refurbishment are likely to exert a positive influence on market growth.
The Global Weathering Steel Market is segmented on the basis of Type, End User, Product, and Region.
The market is divided into three categories based on Type: sheets, plates, and bars. In 2022, plates emerged as the preeminent product type in the weathering steel market. Plates enjoy widespread usage due to their adaptability and applicability across various sectors, encompassing construction, architectural structures, heavy machinery manufacturing, bridge construction, and infrastructure projects. These weathering steel plates come in assorted thicknesses and sizes, delivering durability, strength, and corrosion resistance, thus meeting the multifaceted requirements of diverse industries and construction ventures, making them the favored option for numerous weathering steel applications.
The market is divided into four categories based on End-User: Building & construction, Transportation, Art & Architecture and Other applications. The building and construction sector constituted the largest revenue segment in 2022, primarily due to the escalating need for replacing aging bridges and roads, accommodating increased vehicular traffic, thus bolstering the demand for weathering steel over the projected period. For instance, in Australia, Jacobs Engineering Group freshly intended three weathering steel bridges to replace timber rail above bridges on the Country Rail Network in New South Wales, Australia.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Enterprises operating in the weathering steel market are adopting multifaceted strategies to sustain competitiveness and address evolving industry needs. These strategies encompass innovations in alloy compositions and manufacturing methodologies aimed at enhancing the performance and durability of weathering steel products. Furthermore, companies are diversifying their product portfolios to offer an array of shapes, sizes, and finishes to cater to diverse applications in construction, architecture, and infrastructure. Additionally, a focal point for firms is developing sustainable solutions, accentuating the environmental advantages of weathering steel, including reduced maintenance requirements and extended lifecycles, to attract environmentally conscious consumers and align with global sustainability objectives. Moreover, companies prioritize forging partnerships and collaborations with architects, engineers, and construction entities to advocate for the benefits of weathering steel and expand its global market presence.
In 2021, ArcelorMittal introduced a new series of high-strength weathering steel products known as the Indaten series. These products are engineered to provide outstanding corrosion resistance and are well-suited for a broad spectrum of outdoor applications.
The scope of this report covers the market by its major segments, which include as follows: