Weathering Steel Global Market Report 2022

Weathering Steel Global Market Report 2022

  • May 2022 •
  • 175 pages •
  • Report ID: 6282397 •
  • Format: PDF
Major players in the weathering steel market are Arcelor Mittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation , Tata Steel Ltd., Posco, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, A. Zahner Company , Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co. Ltd., Masteel UK, Cascadia Metal, Triton, and Amardeep Steel.

The global weathering steel market is expected to grow from $1.10 billion in 2021 to $1.18 billion in 2022 at a compound annual growth rate (CAGR) of 7.73%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.70 billion in 2026 at a CAGR of 9.48%.

The weathering steel market consists of sales of weathering steel by entities (organizations, sole traders, and partnerships) that refer to a type of high-strength steel alloy that develops a protective oxide film on its surface.Weathering steel is being used for exposed steel buildings because it outlasts plain carbon steel under outdoor environments.

This will eliminate the need for steel repainting and recoating on a regular basis. It is also used for structural steelwork in bridges, and roadside furniture.

The main types of weathering steel are corten-A, corten-B, others (a604, a606, etc.). Corton-A refers to weather-resistant steel being created by alloying copper, chromium, and nickel. Corten A has added phosphorous which will make the material best suited for gas flue applications and for aesthetic facias The material is not recommended in heavy load-bearing applications. Weathering steel are of various forms such as plates, sheets, bars, others (coils, rivets, stripes, tubes, etc.). They are of different availability that include painted and unpainted. Weathering steel are used by end use that include building and construction, transportation, art and architecture, and industrial; others (street lights).

Asia Pacific was the largest region in the weathering steel market in 2021.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rapidly growing construction and transportation industry is contributing to the growth of the weathering steel market.Weathering steel is being used in several architectural and sculpture applications owing to its key material features like improved corrosion-resistant, longer shelf life, good aesthetic appeal, high strength, and low maintenance.

For instance, according to the Ministry of Statistics and Programme Implementation, the construction sector will grow at 10.7% in FY 2022 in a rebound from a contraction of 8.6% in 2021, aided by the base effect and a projected 9.2% growth. Similarly, according to Wolters Kluwer data 2021, the global transportation industry is expected to grow at a rate of 3.4% through 2027. Thus, rapidly growing construction and transportation industry will drive the growth of the weathering steel market.

Technological advancement is a key trend gaining popularity in the weathering steel market.For instance, in 2021, ArcelorMittal Europe Long Products had launched RailCor® a new range of corrosion-resistant rails for protecting from severe corrosion environments, whether the rails are installed inside tunnels, city centers, coastal areas are it to face demanding corrosion challenges, to fight specific corrosion, or even to protect the rails during shipment.

RailCor® is introduced by ArcelorMittal Global R&D and is tested through a range of systems in accelerated corrosion tests. Under the most severe conditions, the selected solutions were tested for more than 2 years on real tracks.

In January 2021, US Steel, a US-based integrated steel producer acquired Big River Steel for the deal of $774M amount.This acquisition has fully expected to generate profitable growth in 2021 and enable a more nimble, innovative, and cost-effective company across the business cycle.

Big river steel is a US-based manufacturer of steel. Big River Steel operates the most advanced state-of-the-art sustainable mill in North America and this acquisition will strengthen US Steel’s positioning in highly strategic steel end-markets.

The countries covered in the Weathering Steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.