The Global Weathering Steel Market is estimated to be valued at US$ 1.29 Bn or Billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Weathering steel, also known as atmospheric corrugated steel, is a type of steel that forms a stable rust-like appearance when exposed to weather over several years. It contains a small amount of copper that develops a stable, tightly adhered rust-like appearance. Weathering steel requires low to no maintenance and becomes extremely durable over time. It is majorly used in infrastructure projects like bridges, railings, and signage where low maintenance and extended service life are required.
Market key trends:
One of the major trends driving the growth of the global weathering steel market is the increased infrastructure development activities across the globe. Weathering steel is extensively used in infrastructure projects like bridges, flyovers, underpasses, and buildings owing to its self-protecting qualities and low maintenance. The growing population has resulted in increasing travel and transportation needs. This is propelling governments worldwide to invest heavily in building transport and connectivity infrastructure. According to the World Bank, the global infrastructure investment needs stood at USD 94 trillion between 2016 and 2040. Moreover, weathering steel demonstrates high corrosion resistance against saltwater, which is driving its demand in coastal infrastructure projects. The rising coastal population is further augmenting the infrastructure development near coastal areas.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for establishing manufacturing facilities. Bargaining power of buyers: Large number of buyers are present in the market leading to high bargaining power of buyers. Bargaining power of suppliers: Raw material suppliers have moderate to low bargaining power due to availability of substitute materials. Threat of new substitutes: Alternatives like galvanized steel pose potential threat. Competitive rivalry: Intense competition between existing players.
SWOT Analysis
Strength: High corrosion resistance, low maintenance, durable. Weakness: High initial cost, requires specialized paint coatings. Opportunity: Infrastructure development projects, demand in construction industry. Threats: Fluctuations in raw material prices, stringent environmental regulations.
Key Takeaways
The global Weathering Steel Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing investments in infrastructure development projects. The US dominates the global market and is expected to grow at a CAGR of around 6.5% during the analysis period on account of rapid infrastructure modernization. China is the fastest growing market and is estimated to create an incremental opportunity of over US$ 300 Mn between 2023 and 2030 owing to large-scale investments under the Belt and Road Initiative.
Regional analysis Asia Pacific market is estimated to grow at a significant CAGR during 2023 - 2030 led by China and India. Rapid urbanization and economic development in India is driving the demand. North America is projected to hold around 25% market share in 2023.
Key players operating in the Weathering Steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, POSCO, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, Metal Sales Manufacturing Corporation.
Read More,
https://www.insightprobing.com/global-weathering-steel-market-trends-size-and-share-analysis/
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