The global weathering steel market size was US$ 1011.0 million in 2021. The global weathering steel market size is estimated to reach US$ 1890.0 million by 2030, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period from 2022 to 2030.
Weathering steel is a combination of low-carbon steels that contain other alloying components combined with iron and carbon atoms. These alloying components give weathering steel suitable power and more corrosion resistance than standard low-carbon steel grades.
Factors Influencing Market Growth
The increase in the industrial infrastructure schemes in various growing countries is a primary factor propelling the overall market growth.
The recovering building sector is leading to an increase in the need for non-residential infrastructures, which drives the overall market growth.
Changes in the cost of raw items for the production of weathering steel hinder the expansion of the global market.
Effect of the COVID-19 Pandemic
The COVID-19 outbreak severely impacted the overall market growth, as the manufacturing, construction, tourism, and hotel, and industries were primarily impacted. Manufacturing activities were delayed or banned. Transportation and construction activities were hindered along with their supply chains, at the international level thus, limiting the expansion of the global market. However, industries are slowly restarting their regular production and services which helped the overall market to rebound by end of 2021.
Regional Insights
Europe had the highest revenue share in 2021 as the product is appropriate for European conditions. The region is dominated by Germany, in which about 190 infrastructure projects are ongoing with an acquisition. Highway widening projects are expected to drive product and thus propel the overall market in the region.
Leading Competitors
The prominent players in the global weathering steel market are:
Wuhan Iron and Steel Group
Voestalpine AG
TimkenSteel Corporation
TERNIUM S.A
Steel Dynamics
Hebei Iron and Steel Group
Baosteel
Bluescope Steel Limited
United States Steel Corporation
Arcelor Mittal
Others
Segmentation Analysis
The global webtoons market segmentation focuses on Type, Product, End User, and Region.
Segmentation on the basis of Type
Corten-B
Corten-A
Segmentation on the basis of Product
Plates
Bars
Sheets
Segmentation on the basis of End User
Industrial
Construction
Others
Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
o Rest of South America
