(MENAFN- GlobeNewsWire - Nasdaq) The global weathering steel market is experiencing growth due to several factors such as anincrease in residential construction activities around the globe paired with the recovery in the non-residential construction industry.Wilmington, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,“Weathering Steel Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Corten-A and Corten-B), Product (Sheets, Plates, and Bars), and End User (Construction, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. The Weathering Steel Market was valued at $1.0 billion in 2021 and is estimated to reach $2.0 billion by 2031, exhibiting a CAGR of 7.2% from 2022 to 2031.
Prime determinants of growth
The prime determinants of growth in the weathering steel market include rising demand from the construction industry, driven by its superior corrosion resistance and long-term durability. Weathering steel, particularly Corten-A, is increasingly used in architectural structures, bridges, and outdoor sculptures due to its aesthetic appeal and reduced maintenance costs, as it forms a protective rust layer that eliminates the need for painting. Growing infrastructure development, particularly in emerging economies, is also contributing to market expansion. Additionally, environmental awareness and the adoption of sustainable construction materials are boosting demand for weathering steel. Its ability to withstand harsh weather conditions without degrading makes it a preferred choice in regions with extreme climates, further fueling growth in the market across sectors like transportation, energy, and industrial applications.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.0 billion |
| Market Size in 2031 | $2.0 billion |
| CAGR | 7.2% |
| No. of Pages in Report | 202 |
| Segments Covered | Type, Product, End User, and Region |
| Drivers | Rise in number of industrial infrastructure projects in developing countries Increase in residential construction activities around the globe Recovery in the non-residential construction industry |
| Opportunities | Robotics in manufacturing |
| Restraint | Fluctuations in price of raw material |
Segment Highlights
By type, the Corten-A is the largest type segment in the weathering steel market in 2021, owing to its superior weather resistance and high durability, making it ideal for outdoor structures exposed to harsh environmental conditions. Its ability to form a protective rust layer reduces the need for painting or maintenance, contributing to lower lifecycle costs. Corten-A is widely used in architectural applications, bridges, and sculptures where aesthetic appeal and longevity are crucial. Its strength, corrosion resistance, and ability to withstand varying climates make it a popular choice across multiple industries.
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Based on the product, in 2021, the sheets dominate the weathering steel market because of their versatility and extensive use in construction and industrial applications. Weathering steel sheets are commonly used in cladding, roofing, and other structural applications where resistance to weather elements is essential. Their lightweight yet durable nature makes them easy to handle and install, leading to increased demand in various sectors, including architecture and infrastructure. The flexibility of sheets in design and their ability to maintain structural integrity in outdoor environments solidify their position as the leading product segment.
By end-user industry, the construction industry is the largest end-user of weathering steel in 2021, due to the material's robustness, aesthetic appeal, and low maintenance requirements. Weathering steel is commonly used in building facades, bridges, and infrastructure projects where both functional and aesthetic durability are essential. Its ability to resist corrosion without the need for painting makes it highly cost-effective, especially for long-term projects exposed to the elements. The expanding urbanization and infrastructure development worldwide, particularly in emerging economies, further fuel the construction sector's demand for weathering steel.
Regional Outlook
By region, Asia-Pacific is the largest regional market for weathering steel, driven by rapid urbanization, infrastructure development, and industrialization in countries such as China, India, and Japan. The region's booming construction sector, along with significant investments in transportation, bridges, and public infrastructure, has led to an increased demand for durable and low-maintenance materials like weathering steel. Additionally, rising environmental awareness and the adoption of sustainable building practices further support the growth of weathering steel in this region, solidifying Asia-Pacific's dominant position in the market.
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Players: -
Hebei Iron and Steel Group
Nippon Steel & Sumitomo Metal Corporation
United States Steel Corporation
Wuhan Iron and Steel Group.
The report provides a detailed analysis of these key players in the global weathering steel market. These players have adopted strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In July 2022 - Nippon Steel signed a memorandum of Understanding for Decarbonization Solutions with Anglo-American to foster their growth towards carbon-neutral steelmaking which includes a reduction in CO2 emissions. This agreement focuses on the optimal use of Anglo-American's high-grade iron ore to reduce CO2 emissions in the blast furnace process.
In June 2022 - Nippon Steel launched a high corrosion-resistant coated steel sheet service life warranty for ZEXEED. This is in relation to perforation caused by corrosion in products that satisfy certain requirements. The ZEXEEDTM steel sheet offers superior corrosion resistance, about twice as high as conventional high corrosion-resistant steel and ten times higher than hot-dip galvanized steel.
In July 2022 - Tata Steel acquired Neelachal Ispat Nigam Limited, which will provide synergies of shared resources, infrastructure, and management. This strategic acquisition, completed for Rs. 12,100 crore, aims to restart the one million tons per annum steel plant and expand it to a 4.5 million tons per annum state-of-the-art long products complex in the next few years.
In June 2022 - United States Steel Corporation expanded its cheap iron ore competitive advantage and self-sufficiency by supplying local feedstock to its growing EAFs. The company plans to produce direct reduced (DR)-grade pellets at its Minnesota Ore Operations, enhancing its ability to supply low-cost iron ore to its electric arc furnaces. This move is expected to improve the company's capital and carbon intensity.
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