Published February 27, 2023
The new report by EMR titled, ‘Global Weathering Steel Market Price, Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global weathering steel market, assessing the market based on its segments like end-product forms, equipment types, and applications.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market supported the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1.70 billion
- Forecast CAGR (2023-2028): 6.1%
Weathering Steel Industry Definition and Major Segments
Weathering steel is a low carbon steel that contains additional alloying elements in addition to the carbon and iron atoms. These additional alloying elements give weathering steel greater strength and corrosion resistance than standard low carbon steel grades. The global weathering steel market can be divided into segments based on product availability and end use.
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- Based on availability
- Based on end-use
- Building and Construction
- Art and Architecture
Weathering Steel Market Trends
The weathering steel market has grown rapidly in recent years, owing to the fact that weathering steel plates not only provide high strength to houses and structures, but also contribute to their aesthetic appeal. Due to their high resistance properties, weathering steel plates are also used to extend the lifetime of metal, assisting market growth.
The weathering steel market is also expected to be propelled by an increase in money spent on foundation improvement as a result of strong commercial expansion and an increase in residents in both emerging and developed countries. Hardening steel has a good-looking appearance and a long shelf life, which will boost market germination. However, the use of weathering steel in areas with high concentrations of eroding substances or manufacturing fumes may have an impact on its properties. Throughout the forecast interval, this determinant is expected to limit the weathering steel industry.
Other factors driving the growth of the weathering steel market are the product’s longer shelf life and low maintenance cost, the infrastructure segment’s growth, and the growing use of weathering steel in sculptures. The industry’s drawbacks include price fluctuations in raw materials, such as steel, poor performance in damp conditions, and a lack of awareness and knowledge about the use of weathering steel. These drawbacks may limit the industry’s growth in the coming years.
Key Market Players
The major players within the market are Arcelormittal, United States Steel Corporation (NYSE: X), Nippon Steel Corporation, Tata Steel Limited, Posco, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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