As per the report published by Allied Market Research, the global weathering steel market accounted for$1,011.0 million in 2021, and is expectedto reach $2,039.1million by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
Weathering steel has additional alloying elements mixed with carbon and iron atoms, which give weathering steel properties such as better strength and corrosion resistance compared to conventional low carbon steel grade.
Increase in number of industrial infrastructure projects in developing countries such as India and China and recovering global construction industry have boosted the growth of the global weathering steel market. However, fluctuations in price of raw materialshinder the market growth. On the contrary, use of robotics for manufacturing weathering steel would open new opportunities in the future.
During the Covid-19 pandemic, the weathering steel market suffered major losses due to restrictions on construction activities. Moreover, the shutdown of production sites and disruption of the supply chain hampered the market. The prolonged lockdown created challenges in the procurement of raw materials. The outbreak of Covid-19 hampered the manufacturing, construction, and hotel & tourism industries. However, as the industries are slowly resuming their regular manufacturing and services, the weathering steel market is expected to get back on track.
The global weathering steel market is classified on the basis of type, products, end users, and region. Based on type, the market is classified into Corten-A and Corten-B. The Corten-Asegment held the largest share in 2021, accounting for more than half of the market. However, the Corten-B segment is expected to register the highest CAGR of 7.6% during the forecast period.
On the basis of product, the market is segmented into sheets, plates, and bars. The sheets segment held the largest share in 2021, contributing to more than half of the market. However, the plates segment is projected to portray the highest CAGR of 8.2% during the forecast period.
Based on end user, the market is categorized into construction, industrial, and others. The construction segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the market. However, the industrial segment is expected to showcase the highest CAGR of 9.5% during the forecast period.
The global weathering steel market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated the market in 2021, accounting for more than two-fifths of the market. However, the market across LAMEA is expected to register the highest CAGR of 10.8% during the forecast period.
The global weathering steel market report includes an in-depth analysis of the major market players such as A. Zahner Company, Arcelor Mittal, HBIS Group, Baosteel, Bluescope Steel Limited, JFE Steel Corporation, Hebei Iron and Steel Group, Posco, Nippon Steel & Sumitomo Metal Corporation, SSAB AB, Ternium, Steel Dynamics, Tata Steel, TimkenSteel, United States Steel Corporation, Voestalpine and Wuhan Iron and Steel Group.
Key findings of the report:
- Based on type, the Corten-A segment dominated the market in 2021, and is expected to maintain its leading position during the forecast period.
- Based on product, the plates segment is projected to register a CAGR of 8.2% during the forecast period.
- Based on end user, the construction segment held the lion’s share in 2021, and will maintain the dominant position throughout the forecast period.
- Region-wise, LAMEA is anticipated to register the highest CAGR of 10.8% during the forecast period.