by The global Weathering Steel Market is estimated to be valued at US$ 1.29 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Weathering steel, also known as Corten steel, is a steel alloy which forms a stable rust-like appearance after several years of outdoor exposure, preventing further corrosion without having to apply protective coatings. It contains a small amount of copper which accelerates the process of oxidization, and small amounts of chrome and phosphorus which slows down the process. The advantages of weathering steel includes lower maintenance costs due to minimal repairs and painting requirements, natural appearance, high strength, and durability even in harsh conditions. It is increasingly being used in construction of buildings, bridges, railroads and other infrastructure due to its self-protecting nature and attractive appearance overtime.
Market key trends:
One of the key trends in the global weathering steel market is rising urbanization and infrastructure development activities across developing regions such as Asia Pacific and Latin America. Rapid economic growth and population expansion in these areas has boosted investments in transportation networks, power projects, commercial buildings and other structures. Weathering steel is a preferred material of construction for its rust-like appearance and ability to withstand weather conditions without maintenance. Additionally, growing sustainability awareness has further propelled the adoption of weathering steel over conventional painted steel products among construction contractors and owners. Its natural patina finish reduces environmental impact associated with paints or coatings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global weathering steel market is moderate. High capital requirements and the presence of well-established players act as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have the option to switch between aluminum, zinc, and galvanized steel products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers of raw materials.
Threat of new substitutes: The threat of new substitutes is low as weathering steel offers high longevity and low maintenance advantages over other construction materials.
Competitive rivalry: The competitive rivalry is high due to the presence of major players competing on pricing and product quality.
Key Takeaways
The global Weathering Steel Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period 2023 – 2030, due to increasing construction activities globally. The market was valued at US$ 1.29 Bn in 2023.
Regionally, North America dominates the weathering steel market, with the US accounting for the highest share. Growing construction activities in the commercial and industrial sectors are supporting the demand for weathering steel in the region. Asia Pacific is expected to be the fastest growing market, driven by rapid urbanization and infrastructure development activities in countries such as China and India.
Key players operating in the weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, POSCO, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, and Metal Sales Manufacturing Corporation. Major players are focusing on capacity expansion and new product launches to meet the growing demand from end use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
