May 21, 2024
Weathering Steel Market

The Global Weathering Steel Market Is Poised To Grow

The global weathering steel market encompasses flat steel and long steel products that are used in construction applications for their self-protecting qualities. Weathering steel, also known as COR-TEN steel, forms a stable rust-like appearance that prevents further corrosion without paint or other protection. It requires lower maintenance and has a longer lifecycle compared to painted steel.

The Global Weathering Steel Market is estimated to be valued at US$ 1.83 BN in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global weathering steel market are Schlumberger, Halliburton, Baker Hughes (a GE company), Weatherford, Siemens, Rockwell Automation, Honeywell, Kongsberg Gruppen, Emerson, Pason Systems. The growing demand from the construction sector is expected to drive the weathering steel market over the forecast period. Construction of bridges, outdoor structures and other infrastructure requires durable materials that can withstand extreme weather conditions. Rising infrastructure development projects worldwide will boost consumption of weathering steel. Additionally, expansion of the marine and offshore industries is propelling the weathering steel market globally.

Growing demand from various end-use industries such as construction, automotive and machinery manufacturing is fueling Weathering Steel Market Growth. Weathering steel finds wide usage in infrastructure development projects owing to its self-protecting properties and long lifecycle. Additionally, rising offshore and marine construction activities are augmenting demand.

Key players are focusing on capacity expansion plans and new product innovations to capitalize on lucrative revenue opportunities in emerging markets. Schlumberger recently announced plans to set up a new manufacturing plant in China to meet rising construction material demands. Market players are investing in R&D to develop advanced steel alloys with improved corrosion resistant properties.

Market key trends

One of the key trends gaining traction in the Weathering Steel Market is the development of high strength steel grades. Manufacturers are concentrating efforts to produce advanced steel alloys that exhibit ultra-high strength levels while maintaining formability and weldability. Incorporation of alloying elements such as chromium, molybdenum and vanadium enhances mechanical properties, durability and load-bearing capabilities of weathering steel grades. This enables new applications in demanding end-use sectors such as offshore oil & gas industry. Ongoing research on novel alloy manufacturing technologies is expected to introduce high performance weathering steel varieties with enhanced load-bearing performances.

Porter’s Analysis

Threat of new entrants: Minimal requirements for capital investment and production facilities allows new companies to easily enter the market.

Bargaining power of buyers: Weathering steel buyers have moderate bargaining power due to availability of substitutes in the market.

Bargaining power of suppliers: Suppliers of raw materials like iron ore have significant influence over pricing due to supply constraints of specific raw materials.

Threat of new substitutes: Continuous product innovations in corrosion resistant alloys and composites pose threat of substitution.

Competitive rivalry: Intense competition exists among existing vendors to gain higher market share through competitive pricing and product differentiation.

Geographical Regions

North America region currently holds the largest share of global weathering steel market in terms of value owing to extensive use in bridges, buildings and infrastructure development projects.

Asia Pacific region is expected to be the fastest growing market during the forecast period driven by ongoing investments in new transportation projects across emerging economies like China and India and increasing construction activities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it