The weathering steel market is estimated to be USD 1.0 billion in 2019 and is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8% from 2019 to 2024. Enhancing properties of weathering steel such as longer shelf life & low maintenance and increasing demand from various end-use industries are expected to fuel the growth of weathering steel market during the forecast period. The key factors for the growing demand are increasing investments, government initiatives, and favorable policies.
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Based on form, the weathering steel market is segregated into sheets, plates, bars, and others. Among these, plates accounted for the maximum share in weathering steel market. This growth is attributed to the increasing infrastructure activities around the globe, which typically use plates during construction, which, in turn, is expected to fuel the growth of weathering steel market in the near future.
Based on availability, the weathering steel market is segregated into unpainted and painted. Among these unpainted accounted for the maximum share in weathering steel market in 2019. Weathering steel is generally manufactured in the unpainted form, as it generates patina (a rust layer) after being in contact with the atmosphere for some time. Painted weathering steel is used in specific applications where the steel is always in contact with water, but it increases the cost of weathering steel and subsequently, the overall project. This factor is expected to drive the growth of unpainted weathering steel market during the forecast period.
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Based on end-use industry, the weathering steel market is segmented into building & construction, transportation, art & architecture, industrial, and others. Among these, the building & construction segment is expected to lead the weathering steel market during the forecast period. Additionally, increasing infrastructure activities all over the globe and rising investments from the public and private sectors are expected to drive the growth of the weathering steel industry. Moreover, building & construction is expected to exhibit one of the highest growth during the forecast period.
Based on geography, the weathering steel market is segregated into five regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South Africa. Among this, the Asia Pacific region is expected to lead the weathering steel market during the forecast period. Growing demand from various end-use industries in the area such as building & construction, transportation, and art & architecture is expected to augment market development. Moreover, the need for steels with higher wear resistibility, low maintenance, and longer shelf life is expected to drive the growth of weathering steel market during the forecast period. Key players are tapping this opportunity by increasing their production capacity and distribution network.
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Major companies operating in the weathering steel market include United States Steel Corporation (US), ArcelorMittal (Germany), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), and SSAB AB (Sweden), among others. Moreover, United States Steel Corporation (US) and ArcelorMittal (Germany) hold a potential share in weathering steel market.
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