Weathering steel, also known as atmospheric corrosion resistant steel, is a high strength low alloy steel that develops a stable rust-like appearance when exposed to weather for several years. Weathering steel is often used in infrastructure projects as it eliminates the need for painting and has a longer lifespan. It has distinctive gray-blue appearance and forms a protective patina when exposed to weather that prevents further corrosion underneath. Weathering steel contains small amounts of copper, phosphorus, and silicon which allow it to resist corrosion and protect itself when scratched.
It is suitable for bridges, ports, airports, pedestrian walkways etc. Weathering Steel Market Demand is durable, reduces maintenance costs, and has a life span of over 50 years without painting or protective coatings. Compared to conventional carbon steel, weathering steel is immune to flash rusting, requires little or no painting and maintenance over the years with the formed patina protecting it from further corrosion.
The weathering steel market is estimated to be valued at USD 2.76 Bn in 2024 and is expected to reach USD 3.78 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Key Takeaways
Key players operating in the Weathering Steel market are Nippon Steel Corporation, ArcelorMittal, POSCO, China Baowu Steel Group Corporation Limited, HBIS Group, Steel Dynamics Inc., Tata Steel, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited.
Rapid increase in infrastructure development projects across countries is driving the demand for weathering steel as it provides longevity and low maintenance. Weathering steel finds widespread application in bridges, high-rise buildings, canopies, and other architectural structures.
Technological advancements have led to development of advanced weathering steel grades with higher corrosion resistance and longer life cycle. Research is ongoing to further enhance mechanical properties and durability of weathering steel through alloy design and new production methods.
Market Trends
Increasing investments in transportation infrastructure: Governments across countries are allocating higher budgets for building new roads, bridges, ports, rail networks to support economic growth. This is positively impacting the demand for weathering steel.
Growing popularity of green buildings: More builders are incorporating weathering steel in facades and structures of green buildings due to its ecological properties such as elimination of painting requirements. This trend is expected to continue over the forecast period.
Market Opportunities
Rising focus on urbanization:rapid urban population growth is fueling new residential, commercial building construction which will drive weathering steel consumption.
Replacement of old bridges and structures: Weathering steel presents an opportunity to replace aging bridges and infrastructure built with conventional steel that requires cyclical maintenance painting. This is being tapped by key players.
Impact of COVID-19 on Weathering Steel Market
The COVID-19 pandemic has adversely affected the growth of the weathering steel market. During the peak of lockdowns imposed across various countries, construction activities were limited which reduced the demand for weathering steel significantly. Being a construction material, weathering steel finds major applications in bridges, buildings, and other infrastructure projects. With projects being stalled or delayed, the consumption of weathering steel reduced drastically in 2020. However, some regions saw minor demand from essential projects and maintenance activities.
As lockdowns are now being gradually lifted, construction activities are resuming. Mega infrastructure projects that were put on hold are restarting as well. This will drive the consumption of weathering steel in 2021. However, the market may not recover to pre-covid levels immediately as some projects may continue to be delayed. Supply chain disruptions caused during the peak of pandemic are also easing now. Rising investments in infrastructure modernization and development especially in developing nations will support the weathering steel market growth in the coming years.
In terms of geographical concentration, North America leads the weathering steel market in terms of value. The US and Canada collectively account for over 30% of the global weathering steel consumption driven by ongoing and planned bridge and road construction works. Asia Pacific follows North America with China and India being the major consumers. Rapid urbanization and government investments in building new cities, roads and rail networks boost the consumption of weathering steel.
Looking ahead, the fastest growth for weathering steel market is expected to be witnessed in Central and South America. Countries like Brazil, Argentina, Peru are focusing on improving transportation and energy infrastructure. Mega projects underway such as high speed rail networks and hydroelectric dams will augment the demand for weathering steel over the next 5 years. The growth percentage can exceed global average given the current low consumption base. Increased usage of these advanced rebar materials can help reduce maintenance costs of structures in the long run.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )
