Weathering Steel Global Market Report 2024

Weathering steel refers to a group of low-carbon steels that contain additional alloying elements, along with carbon and iron, developing a protective oxide film on their surface. These steels are utilized for exposed steel structures due to their ability to outlast plain carbon steel in outdoor environments. This characteristic eliminates the need for regular repainting and recoating.

The main types of weathering steel include corten-A, corten-B, and others (such as a604, a606, and others). Corten-A is a weather-resistant steel alloyed with copper, chromium, and nickel. Corten A, with added phosphorous, is particularly suitable for gas flue applications and aesthetic facias. However, it is not recommended for heavy load-bearing applications. Weathering steel is available in various forms, including plates, sheets, bars, and others (coils, rivets, stripes, tubes, and more). These materials come in different colors, both painted and unpainted. Weathering steel finds applications in various industries, including building and construction, transportation, art and architecture, as well as industrial uses like street lights.

The weathering steel market research report is one of a series of new reports that provides weathering steel market statistics, including weathering steel industry global market size, regional shares, competitors with weathering steel market shares, detailed weathering steel market segments, market trends and opportunities, and any further data you may need to thrive in the weathering steel industry. This weathering steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The weathering steel market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historic period can be attributed to various factors, including the growing demand for weathering steel in the construction industry, the need for durable and corrosion-resistant materials, increased adoption of weathering steel in the transportation industry, growing awareness about the benefits of weathering steel, and the expansion of the industrial sector.

The weathering steel market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to factors such as urbanization and infrastructure renewal, a rising awareness of sustainability, an increase in outdoor structures, infrastructure resilience planning, and the expansion of renewable energy projects. Major trends expected in the forecast period include the emergence of innovative architectural designs, collaborations with artists for creative applications, the development of smart coating technologies for weathering steel, integration with green building practices, and the production of customized weathering steel products to meet specific project requirements. These trends highlight the evolving applications and considerations in the use of weathering steel in various industries.

The burgeoning construction and transportation sectors are playing a significant role in the expansion of the weathered steel market. Weathering steel, renowned for its enhanced corrosion resistance, extended shelf life, aesthetic appeal, high strength, and low maintenance, is increasingly utilized in various architectural and sculptural applications. The Ministry of Statistics and Programme Implementation projects a 10.7% growth in the construction sector in FY 2022, rebounding from an 8.6% contraction in 2021. Similarly, the global transportation industry, as indicated by Wolters Kluwer data in 2021, anticipates a growth rate of 3.4% through 2027. The rapid growth of these industries is expected to propel the weathered steel market.

The expanding energy sector is poised to contribute to the growth of the weathered steel market in the coming years. Integral to the creation, transportation, and distribution of various energy forms, the energy sector encompasses activities related to exploration, processing, refining, generation, transportation, and utilization of energy resources. Weathering steel finds application in the production of transmission poles, lighting poles, wind turbines, solar panels, and building construction within the energy sector. With attributes such as corrosion resistance, durability, and low maintenance requirements, weathering steel is well-suited for diverse energy applications. The Energy Information Administration reported an energy output of 102.92 quads and utilization of 100.41 quads in 2022 in the United States. Approximately 81% of the primary energy produced in the same year came from fossil fuels. The expanding energy sector is identified as a driver for the weathered steel market.

Technological advancements stand out as a noteworthy trend in the weathered steel market. In 2021, ArcelorMittal Europe Long Products introduced RailCor, a novel range of corrosion-resistant rails designed to combat severe corrosion environments. These rails, tested in accelerated corrosion tests, provide solutions for challenging corrosion conditions in various settings, including tunnels, city centers, and coastal areas. RailCor is a testament to technological innovation in addressing specific corrosion challenges.

Major companies in the weathered steel market are directing efforts toward developing innovative products like low-corrosion weathering steel structural sections to cater to the evolving needs of their customer base. These components, designed with weathering steel, exhibit lower corrosion rates compared to conventional carbon steel structures. British Steel Limited, in July 2021, launched self-protecting weathering steel components that offer durability, visual appeal, and a corrosion rate so low that structures made from them can last up to 120 years with no maintenance. The steel forms a protective oxide layer, eliminating the need for additional coatings and making it a cost-effective and environmentally friendly choice.

In January 2021, US Steel, a leading integrated steel producer, acquired Big River Steel for $774 million. This strategic acquisition is anticipated to drive profitable growth and position US Steel as a more agile, innovative, and cost-effective company across the business cycle. Big River Steel, known for operating North America's most advanced sustainable mill, strengthens US Steel's presence in key steel end-markets.

Major companies operating in the in the weathering steel market report are Arcelor Mittal SA, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Ltd., Posco India Pvt. Ltd., SSAB AB Corporation, Japan Future Enterprise Steel Corporation, Bluescope Steel Limited, Hebei Iron & Steel Co. Ltd., A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co. Ltd., Masteel UK Ltd., Cascadia Metal Ltd., Triton Corp., Amardeep Steel Centre LLP, Steel Dynamics Inc., Ternium SA, TimkenSteel Corp., Voestalpine AG, Wuhan Iron and Steel Group, Baosteel Group Corporation, AK Steel Corporation, Anhui Conch Cement Co. Ltd., LafargeHolcim Ltd., Taiwan Cement Corporation, Salzgitter AG, Steelscape, Tata BlueScope Steel.

Asia-Pacific was the largest region in the weathering steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the weathering steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the weathering steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The weathering steel market consists of sales of STM A588, A242, A606-4, and Corten. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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