Market Size –
The weathering steel market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growing demand for weathering steel in the construction industry, need for durable and corrosion-resistant materials, increased adoption of weathering steel in the transportation industry, growing awareness about the benefits of weathering steel, expansion of the industrial sector.
The weathering steel market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to urbanization and infrastructure renewal, rising awareness of sustainability, increase in outdoor structures, infrastructure resilience planning, expansion of renewable energy projects. Major trends in the forecast period include innovative architectural designs, collaboration with artists, smart coating technologies, integration with green building practices, customized weathering steel products.
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Scope Of Weathering Steel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The rapidly growing construction and transportation industries are contributing to the growth of the weathered steel market. Weathering steel is being used in several architectural and sculpture applications owing to its key material features such as improved corrosion resistance, longer shelf life, good aesthetic appeal, high strength, and low maintenance. For instance, according to the Ministry of Statistics and Programme Implementation, the construction sector will grow at 10.7% in FY 2022, a rebound from a contraction of 8.6% in 2021, aided by the base effect and a projected 9.2% growth. Similarly, according to Wolters Kluwer data 2021, the global transportation industry is expected to grow at a rate of 3.4% through 2027. Thus, the rapidly growing construction and transportation industries will drive the growth of the weathered steel market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The weathering steel market covered in this report is segmented –
1) By Type: Corten-A, Corten-B, Other Types
2) By Form: Plates, Sheets, Bars, Other Forms
3) By Availability: Painted, Unpainted
4) By End Use: Building and Construction, Transportation, Art and Architecture, Industrial, Other End Use
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Regional Insights –
Asia-Pacific was the largest region in the weathering steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the weathering steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the weathering steel market report are Arcelor Mittal SA, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Ltd., Posco India Pvt. Ltd., SSAB AB Corporation, Japan Future Enterprise Steel Corporation, Bluescope Steel Limited, Hebei Iron & Steel Co. Ltd., A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co. Ltd., Masteel UK Ltd., Cascadia Metal Ltd., Triton Corp., Amardeep Steel Centre LLP, Steel Dynamics Inc., Ternium SA, TimkenSteel Corp., Voestalpine AG, Wuhan Iron and Steel Group, Baosteel Group Corporation, AK Steel Corporation, Anhui Conch Cement Co. Ltd., LafargeHolcim Ltd., Taiwan Cement Corporation, Salzgitter AG, Steelscape, Tata BlueScope Steel.
Table of Contents
1. Executive Summary
2. Weathering Steel Market Report Structure
3. Weathering Steel Market Trends And Strategies
4. Weathering Steel Market – Macro Economic Scenario
5. Weathering Steel Market Size And Growth
…..
27. Weathering Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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