Weathering Steel Market Boost Growth, Analysis, Outlook 2031

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Weathering Steel: Introduction

• Weathering steel is a low carbon steel (0.3% carbon by weight), which has additional alloying elements (nickel, copper, and chromium) mixed with its carbon and iron atoms. In comparison with other types of steel, weathering steel has more strength and offers greater resistance to corrosion.
• Due to mixing of alloying elements in its carbon iron atoms, it works in a way such that, layer of rust formed on its outer surface acts as a barrier for the rust to penetrate deeper into weathering steel. The non-porous initial layer of rust formed adheres much better to the steel and acts as a protective layer.
• Weathering steel is used in utilities, sign poles, highway guardrails, structures, and bridges. It offers enhanced safety by eliminating the need for a protective paint system; long lifespan; and reduces the overall lifecycle costs

Key Drivers and Restraints of Weathering Steel

• Increase in demand for steel material for bridge construction is expected to drive the weathering steel market during the forecast period. Weathering steel offers long lifespan, improved corrosion resistant, and low maintenance features. This makes it an ideal material for usage in bridge construction applications.
• Rise in capital expenditure on infrastructure development due to strong economic growth and increase in population in developing and developed countries is anticipated to propel the global weathering steel market. Weathering steel exhibits attractive appearance and has long shelf life. This is projected to boost the weathering steel market.
• The usage of weathering steel in areas where concentrations of corrosive chemicals or industrial fumes is high could impact its properties. This is expected to restrain the global weathering steel market during the forecast period.

COVID-19 Impact Analysis

• Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Led by the uncertainty triggered by COVID-19 crisis, many aspirational homeowners kept their decision of buying residential properties on hold. Commercial projects also witnessed a decline in investments. Weathering steel is used in the building construction industry. Therefore, decrease in investment in the construction segment is hampering the global weathering steel market.

Weathering Steel Market: Segmentation

• The global weathering steel market can be segmented based on type, form, and application
• In terms of type, the global weathering steel market can be segregated into COR-TEN A, COR-TEN B, and others. COR-TEN B is one of an extensively used weather steel due to its high toughness and superior strength.
• In terms of form, the global weathering steel market can be divided into sheets, plates, bars, and others. Plates is one of the extensively used forms of weathering steel. They are suitable for sulfur rich and high temperature environment to enhance metal life. Weathering steel plates are employed in a wide range of applications in heavy-duty transport, railway rolling stock, and shipping containers.
• In terms of application, the global weathering steel market can be classified into building construction, transportation, architecture, industrial, and others. The building construction segment is anticipated to expand at a faster pace during the forecast period. Rapid urbanization as well as increase in spending power in developing countries are the factors expected to fuel the weathering steel market.

Weathering Steel Market: Regional Segmentation

• In terms of region, the global weathering steel market can be split into Middle East Africa, Latin America, Asia Pacific, Europe, and North America
• The weathering steel market in North America is projected to witness rapid growth during the forecast period. This growth of the market can be ascribed to the rise in construction activities. Furthermore, weathering steel offers minimal maintenance requirement of infrastructure in various industries. This is estimated to propel the market in the near future.
• The weathering steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to increase in investments in infrastructure development such as road rail networks and bridges, primarily in developed and developing economies such as Japan, South Korea, India, and China
• The weathering steel market in Europe is projected to witness growth during the forecast period due to increase in investment in the development of electrical infrastructures. Weathering steel offers anti-corrosive properties, which is likely to make its adoption viable across the region.