May 29, 2024
Global Weathering Steel Market

Global Weathering Steel Market is Estimated to Witness High Growth Owing to Increasing Infrastructure Development Projects

Weathering steel, also known as COR-TEN steel, is a group of steel alloys which were developed to eliminate the need for painting, and form a stable rust-like appearance after several years’ exposure to weather. Weathering steels contain copper, chromium, and nickel that make the finished steel highly resistant to atmospheric corrosion. These steels are used inarchitecture and outdoor sculptureswhere a rustic appearance is desirable, and in civil engineering, where a cost-effective, low-maintenance finish is preferred after several years of outdoor exposure. The weathering steels eliminate the need for painting, galvanizing or other corrosion protection methods. They are used for buildings and other structures in the construction sector where the rusted and corroded appearance is appealing. The global weathering steel market is estimated to be valued at US$ 6.7 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing infrastructure development projects in developing economies for roads, highways, bridges, flyovers and other structures is the primary driver for weathering steel market growth. Weathering steel is preferred material for construction of these structures as it has less maintenance costs, resists corrosion, requires no painting and has longer lifespan. According to Oxford Economics, the total global infrastructure investment is forecasted to reach $94 trillion by 2040, compared to $79 trillion from 2016-2040.The increasing infrastructure spending globally, especially on transportation and utility structures, is expected to drive the demand for weathering steel over the forecast period. Additionally, the applications of weathering steel in architectural designs for its unique rusted appearance is further propelling the market growth. However, the fluctuating steel prices globally remains a key challenge for weathering steel market.

SWOT Analysis
Strength: Weathering steel is a high-strength low-alloy steel that forms a protective rust-like appearance when exposed to weather for several years without applying paint or other corrosion protection. This self-protecting property requires low maintenance and reduces costs compared to painted steels. Weathering steel is durable and exhibits high resistance to atmospheric corrosion which makes it suitable for applications requiring decades of service life.

Weakness: Weathering steel requires a considerable amount of time, sometimes years, to form the protective rust layer on its surface. During the initial period before formation of the patina layer, it remains susceptible to corrosion and requires protection. The uncoated weathered appearance may not be aesthetically suitable for some specialized applications.

Opportunity: Growing construction of bridges and large infrastructure projects globally is driving the demand for low-maintenance materials like weathering steel. Its corrosion resistance and high strength make it particularly suitable for exposed structures located near coastal areas, which offers opportunities to substitute conventional steels. Increasing focus on reducing maintenance and life cycle costs of assets also supports growth of the weathering steel market.

Threats: Availability of newer advanced coated and painted steels that provide equal or better corrosion resistance and aesthetic appearance compared to weathering steel poses a threat. Strict environmental regulations in major economies regarding rust run-off during the initial formation of patina layer on steel can also hamper the adoption of weathering steel.

Key Takeaways
The Global Weathering Steel Market Demand is expected to witness high growth over the forecast period supported by rising infrastructure investments worldwide.

Regional analysis: The Asia Pacific region currently dominates the global weathering steel market and is expected to maintain its lead over the forecast period. This can be attributed to robust infrastructure development activities taking place across countries such as China, India, Indonesia, Thailand and Vietnam. The North American market is another major regional market supported by ongoing construction of bridges and other public works projects in the US and Canada making extensive use of weathering steel.

Key players: Key players operating in the global weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel Corporation, POSCO, and Tata Steel. ArcelorMittal is the world’s leading steel and mining company with a significant presence across major markets. The company offers an extensive portfolio of weathering steel grades for applications in construction, infrastructure, and other sectors.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it