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MINERALS, METAL & MINING

Weathering Steel Market Segmentation By Type (Corten-A and Corten-B); By Form (Bars, Sheets, Plates and Others); By Availability (Painted and Unpainted) and By Application (Building and Construction, Transportation, Industrial, Architecture and Others) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Weathering Steel Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Introduction to Weathering Steel

Weathering steel is a high strength low alloy steel metal which contain copper as an alloying constituent. It is also known as ‘copper-bearing steel’ or general tradename ‘Corten’. These alloys form a rust-like oxide layer after a long time when exposed to weather, however, once developed, the oxide layer protects the metal and inhibits further corrosion and rusting. Weathering steel provides a greater resistance to rusting compared to typical low carbon steel grades. Weathering steel finds wide application in steel bridges, railway networks and structural architecture owing to its long-term performance, attractiveness, very low maintenance and economic benefits. It offers enhanced safety by eliminating the need for a protective paint system and a long-life span.

Market Size and Forecast

Increasing wide-scale applications of weathering steel in construction, architectural and transportation industries owing to its excellent mechanical properties are the significant factors boosting the market growth. The weathering steel market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by application into building and construction, transportation, industrial, architecture and others. Among these segments, the segment for building and construction is anticipated to hold the leading share in the market on account of increasing investments in infrastructural development and growing construction activities all across the world. Moreover, high strength and load-bearing properties along with the ability of weathering steel to exhibit good aesthetic appeal over a period of time makes it a cost-effective choice in housing units and buildings. CLICK TO DOWNLOAD SAMPLE REPORT

Weathering-Steel-Market

Growth Drivers

Rapidly Growing Construction and Transportation Industry to Drive the Market Growth

The construction and transportation sector have potential growth and investment opportunities across all the world’s infrastructure activities. According to the American Road and Transportation Builders Association (ARTBA), the U.S. transportation infrastructure market is expected to grow at least 5 percent in 2020. Weathering steel is a widely used and crucial component in bridge construction, railway wagons, heavy-duty transportation and shipping containers. On the back of these, the market is predicted to grow over the forecast period.

Increased Demand in Architectural Applications and Excellent Material Properties to Boost the Market Growth

There is a significant rise in demand for weathering steel as a raw material in highway structures and art and architectural sculptures owing to its key features such as enhanced corrosion resistant, longer shelf life and extraordinary aesthetic appeal. Moreover, excellent properties such as superior strength, low maintenance, high toughness and tensile strength, load-bearing properties and high temperature resistance makes weathering steel a best material used in industrial purposes like heat-exchanger units and chimneys. This is anticipated to significantly expand the weathering steel market.

Restraints

Harsh Environmental Conditions to Hamper the Market Growth

Despite of its favorable material properties, there is a severe impact of extreme environment on weathering steel such as rust, corrosion, reduction in fatigue life owing to its usage in regions of high concentrations of corrosive chemicals and industrial fumes. This is estimated to hinder the growth of weathering steel market in the future.

Market Segmentation

Our in-depth analysis of the weathering steel market includes the following segments:

By Type

  • Corten-A
  • Corten-B

By Form

  • Bars
  • Sheets
  • Plates
  • Others

By Availability

  • Painted
  • Unpainted

By Application

  • Building and Construction
  • Transportation
  • Industrial
  • Architecture
  • Others

By Region

On the basis of regional analysis, the weathering steel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The market for weathering steel in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market weathering steel. Moreover, the growing requirements of steel components by end-user applications such as railway bridges, structural network and bypasses, aerospace, dental, automotive and electronics as well as favorable government policies and initiatives to promote weathering steel production are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of extensive investments in building cost-efficient and sustainable infrastructure in the region. The increasing construction activities such as road, rail networks and bridges along with growing opportunities in infrastructure and real estate investments in the region, especially in countries such as China, India and Japan further raise the demand for weathering steel.

The weathering steel market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • United States Steel Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis

 


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