Ongoing Research Report
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.
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.
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
- A. Zahner Company
- Nippon Steel Corporation
- ArcelorMittal Group
- Tata Steel Ltd.
- SSAB AB
- JFE Steel Corporation
- HBIS Group
- BlueScope Steel Ltd.
- US Steel Corporation
- Other Notable Players
Please note the number of players as well as the addition/deletion can be done in the final deliverable as per the feasibility