Weathering steel, also known as COR-TEN steel, is a group of steel alloys that were developed to eliminate the need for painting, and form a stable rust-like appearance after several years' exposure to weather. Weathering steels are widely used in architecture and public works projects like bridges, ramps, balconies, and sailboat masts due to its anti-corrosion properties. This self-protecting steel offers low-maintenance benefits as well as aesthetic appearance when it develops its characteristic brown patina. The global Weathering Steel Market is estimated to be valued at US$ 3 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the growth of the global Weathering Steel Market is the rising infrastructure development projects around the world. Rapid urbanization and growing population have boosted investments in construction of roads, bridges, highways, and other public infrastructures. Weathering steel is a preferred choice for infrastructure applications given its low maintenance and aesthetic appeal. Its corrosion resistance properties help reduce maintenance costs over the life cycle of structures. As more infrastructure projects are launched, particularly in developing nations to support economic growth, the demand for weathering steel is expected to increase substantially over the coming years. Additionally, growing initiatives towards enhancing urban landscapes and architectural structures have also augmented the use of weathering steel for its characteristic corroded look after years of weather exposure.
Segment Analysis
The global weathering steel market is dominated by the building and construction segment. The segment accounts for over 60% share of the total market owing to high usage of weathering steels in construction of bridges, stadiums, shipping containers and commercial buildings. Weathering steels are highly preferred in construction applications due to their high corrosion resistance and minimal maintenance requirements. The industrial machinery segment is another major segment in the global market. Weathering steels find wide usage in manufacturing of material handling equipment, mining equipment, agricultural machinery and other industrial components where corrosion resistance is highly critical.
PEST Analysis
Political: The global weathering steel market is affected by various environmental regulations pertaining to recycling and reuse of materials. Stringent emission norms in major countries also impact material procurement for OEMs.
Economic: Volatility in raw material prices affects the overall project costs for construction and industrial sectors. Fluctuations in currency exchange rates also impact the landed price of imported weathering steel products.
Social: Increasing spending on infrastructure development and changing lifestyles increase the demand for modern public spaces like stadiums and parks where weathering steels are widely used.
Technological: Advancements in coating and alloying technologies help expand the range of applications for weathering steels. New welding and fabrication methods enhance the adoption in large industrial equipment.
Key Takeaways
The Global Weathering Steel Market Demand is expected to witness high growth over the forecast period due to rising investments in building and industrial projects worldwide.
Regional analysis: The Asia Pacific weathering steel market accounts for around 40% of the global demand due to large scale infrastructure development programs underway in China and India. China represents the fastest growing regional market owing to massive investments in building new harbors, highways and urban construction projects. Rapid industrialization and growing manufacturing hub status is further augmenting the product adoption.
Key players operating in the weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel Corporation, POSCO, SSAB AB. ArcelorMittal and Nippon Steel are the largest producers with significant presence across major regional markets.
For more insights, Read- https://www.ukwebwire.com/global-weathering-steel-market-growth-demand-and-overview/
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