Weathering Steel Market to Reach $1.94 Billion by 2027 | CAG
- Growing demand for construction and infrastructure development is one of the significant factors driving the demand for the Weathering Steel market
- Market Size – USD 1.02 Billion in 2019, Market Growth - CAGR of 8.3%, Market Trends – High demand from developing nations
NEW YORK, June 11, 2020 /PRNewswire/ -- The global Weathering Steel market is forecast to reach USD 1.94 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the building & construction industries, owing to superior properties, including durability, temperature resistance, fatigue resistance, and offering of a more significant pr0oduct life cycle with minimal maintenance requirements. However, volatile prices of raw materials arising necessity for exploring and adopting other content as a substitute to reduce the overall cost of the operation may hamper the demand for weathering steel in the market.
Weathering steel is generally used in building facades and cladding mechanisms in bridge construction because it can reach a product life of 120 years incurring minimal maintenance costs. Increasing global population and accelerated urbanization are expected to boost demand for buildings and automobiles, contributing to congestion in traffic, which is anticipated to propel the need for the road over bridges, thereby driving the growth for the weathering steel market.
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The inclined development in Europe's weathering steel industry is attributed to the growing demand for bridges, sculptures, and railway vehicles. Weathering steel is projected to see a surge in demand from the region with on-going electrification projects across the region, as the project is used to supplement the mild steel for reducing costs and environmental pollution. However, market growth over the forecast period is likely to be limited by product penetration in high humid atmospheric conditions and densely polluted areas. Conditions with corrosive industrial or chemical fumes create obstacles to the development of patina protective oxide. Patina is a protective coating of rustic nature that prevents the surface from erosion and failure of patina formation results of structural degradation. Thus, ambient atmospheric conditions expected to play a vital role in increasing product acceptance.
The COVID-19 Impact:
As the COVID-19 crisis continues to intensify, producers are quickly adapting their activity and purchasing objectives to satisfy the demands of a pandemic that has limited the need for weathering steel in the market. A sequence of both positive and negative shocks may arise over a few months, as producers and their vendors respond to the evolving demands of customers. The export-dependent economies in several nations look weak, with an adverse global circumstance. Global weathering steel markets are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. Although others are getting their production suspended as a precautionary step by their respective governments to prevent the spread of the virus. In certain countries, consumers based on being more regional by looking at the magnitude of the epidemic and the consequent behavior of the national authorities themselves. Under these circumstances, market conditions of the Asia Pacific regions were quite dynamic, weakening regularly, making stabilizing themselves difficult.
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Further key findings from the report suggest
- Based on weathering steel grade, A242 (COR-TEN A) generated a revenue of USD 0.39 billion in 2019 and expected to grow with a CAGR of 8.7% in the forecast period, owing to its superior fundamental characteristics, thereby utilized in the development of industrial buildings, freight vehicles, and many other applications.
- Bars are expected to grow with a CAGR of 9.1% in the forecasted period, owing to its superior properties, including low maintenance, high temperature, and corrosion resistant, attractive appearance and cost-efficiency, making it apt for a variety of applications.
- The building & construction industry is the major contributor to the Weathering Steel market. The construction sector of the Asia Pacific region is the major shareholder of the Weathering Steel market and is likely to hold around 40.0% of the market in the year 2027, due to the growing need to replace old bridges and roads and raise road accessibility to withstand the increased load on-road vehicles.
- The Asia Pacific dominated the market for Weathering Steel. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 49.0% of the Weathering Steel market, followed by Europe, which contains around 26.0% market in the year 2019.
- Key participants include JFE Steel Corporation, HBIS Group, Nippon Steel & Sumitomo Metal Corporation, Bluescope Steel Limited, ArcelorMittal, SSAB AB, Tata Steel Ltd., POSCO, Henan Gang Iron and Steel Co. Ltd., and Metal Sales Manufacturing Corporation, among others.
For the purpose of this report, Reports and Data have segmented into the global Weathering Steel market on the basis of grade, form, application, and region:
Grade Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- A242 (COR-TEN A)
- A588 (COR-TEN B)
Form Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Building & Construction
- Art & Architecture
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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