Weathering Steel Market

Weathering Steel Market by Type (Corten-A, Corten-B), Form (Sheets, Plates, Bars), Availability (Painted, Unpainted), End-use Industry (Building & Construction, Transportation, Art & Architecture, Industrial), Region- Global Forecast to 2024

Report Code: MM 7122 May, 2019, by marketsandmarkets.com

[83 Pages Report]The weathering steel market is estimated to be USD 1.0 billion in 2019 and is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8% from 2019 to 2024. Excellent high strength and increased corrosion resistant over entire life-cycle make it an ideal choice for application in bridge construction. Also, the extraordinary appeal of weathering steel is resulting in architectures and designers increasingly using the material in outdoor and architectural construction.

Weathering Steel Market

By type, Corten-B is expected to lead the weathering steel market during the forecast period.

Building & construction is the major application of weathering steel, especially in bridge construction. Use of weathering steel as a material for the construction of bridges has increased during the last decade. This trend is due to the low maintenance associated with the use of weathering steel, enhanced corrosion resistant, and longer shelf life of the structure. Corten-B type the preferred type for use in the structural application on account superior strength and high toughness.

By form, plates are expected to lead the weathering steel market during the forecast period.

Plates are the dominant and most widely used form of weathering steel. Weathering steel plates not only provide high strength to the buildings and structures but also add to their aesthetic appeal. Weathering plates are also employed in high temperature and sulfur-rich environments to extend the lifetime of metal. Heavy-duty transport is another major application of weathering steel plate. Shipping containers and railway rolling stock are subject to extreme conditions of changing climates. This makes weathering steel an ideal material as it requires changing climate conditions (wet or dry) to commence the oxidation process and provides a hard layer of protective rust.

Unpainted weathered steel segment occupied the majority of the market share in 2018.

Weathering steel is a specialty steel which generates patina (rust layer) while in contact with the atmosphere for a specific time. Moreover, to produce a patina layer on weathering steel, it requires alternate wet and dry cycles. Also, the generation of the layer depends on the area, climatic conditions, and other aspects. Thus, it is manufactured generally in the unpainted form which has a life span of 120 years. Unpainted weathering steel is used commonly in places where the steel is not always in contact with water such as railway bridges, containers, sculptures, and others. Some manufacturers offer pre-weathered weathering steel which is again a category of unpainted weathering steel.

Building & construction end-use industry to register the largest share in weathering steel market during the forecast period.

Based on end-use industry, the building & construction industry led the weathering steel market in 2018, owing to specific application areas, increasing investments, and product innovation in weathering steel. Additionally, emerging nations such as China, and India are undertaking infrastructure development, which is expected to create the demand for weathering steel in the near future. Moreover, the ability of weathering steel to exhibit aesthetic and antique appeal over a period of time makes it an attractive choice for art and architecture.

Weathering Steel Market

North America to remain one of the largest weathering steel markets during the forecast period.

The North America region led the weathering steel market in 2018, which is expected to grow at a high rate during the forecast period, owing to the increasing demand for weathering steel from the U.S., Canada, and Mexico. High demand from end-use industries such as aerospace & defense, medical & dental, automotive, electronics, and others are driving the growth of weathering steel markets in these countries.

Key Market Players

Companies such as Arcelor Mittal (Germany), United States Steel Corporation (US), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Posco (South Korea), SSAB AB (Sweden), JFE Steel Corporation (Japan), Bluescope Steel Limited  (Australia), HBIS Group (China) and A. Zahner Company (US), among others, are the major players in the weathering steel market. These players have been focusing on strategies such as new contracts, product launches, acquisitions, collaborations, agreements, partnerships, expansions, joint ventures, and investments that have helped them to expand their businesses in untapped and potential markets. The diversified product portfolio and multiple uses are factors responsible for strengthening the position of these companies in the weathering steel market. They have also been adopting various organic and inorganic growth strategies, such as new product launches, acquisitions, and agreements, to enhance their current position in the weathering steel market. 

Recent Developments

  • In October 2018, Nippon Steel & Sumitomo Metal Corporation (NSSMC) engaged with ArcelorMittal (AM) for the acquisition procedures aiming at jointly acquiring and managing Essar Steel India Limited (ESIL), which is undergoing corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code from 2017. The resolution application has been declared successful by ESIL's Committee of Creditors.
  • In June 2018, Nippon Steel & Sumitomo Metal Corporation (NSSMC) acquired Ovako AB, a European specialty steel manufacturer with headquarters in Sweden, as a wholly owned subsidiary. Ovako AB deals in the manufacturing of Nippon Steel & Sumitomo Metal Corporation specialty steel which includes weathering steel. This acquisition helped Nippon Steel & Sumitomo Metal Corporation in strengthening its position in specialty steels.
  • In May 2017, Liberty House Group acquired Tata Steel UK’s specialty steels (Weathering Steel, stainless steel, and others) business for a total consideration of £100 million (USD 112.7 million). This acquisition included electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centers in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China.
  • In March 2015, United States Steel Corporation announced the construction of a new electric arc furnace and tubular products coupling facility in Jefferson County, Alabama. It invested USD 277.5 million to produce technologically advanced electric arc furnace (EAF) steelmaking facility in Alabama.

Key Questions addressed by the report

  • What are the future revenue pockets in the weathering steel market?
  • Which key developments are expected to have a long-term impact on the weathering steel market?
  • Which materials, grade, and processes are expected to cannibalize existing markets? 
  • How is the current regulatory framework expected to impact the market?
  • What will be the future product mix of the weathering steel market?
  • What are the prime strategies of leaders in the weathering steel market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Unit
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
    2.3 Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Premium Insights (Page No. - 25)
    3.1 Attractive Opportunities in Weathering Steel Market
    3.2 Weathering Steel Market, By Type
    3.3 Weathering Steel Market, By End-Use Industry
    3.4 Weathering Steel Market, By Region
    3.5 Asia Pacific Weathering Steel Market, By Country and Availability

4 Executive Summary (Page No. - 28)

5 Market Overview (Page No. - 31)
    5.1 Market Dynamics
           5.1.1 Drivers
                    5.1.1.1 Long Shelf Life With Low Maintenance Cost
                    5.1.1.2 Growth of the Infrastructure Segment
                    5.1.1.3 Growing Use of Weathering Steel in Sculptures in Western Regions
           5.1.2 Restraints
                    5.1.2.1 Fluctuation in Raw Material Prices of Steel
                    5.1.2.2 Inferior Performance in Damp Conditions
                    5.1.2.3 Lack of Awareness and Knowledge About the Use of Weathering Steel
           5.1.3 Opportunities
                    5.1.3.1 Increasing Opportunities in Various Emerging Economies
           5.1.4 Challenges
                    5.1.4.1 Trade War Between China and the Us
                    5.1.4.2 Dealing With Overcapacity of Steel
    5.2 Porter’s Five Forces Analysis
           5.2.1 Bargaining Power of Suppliers
           5.2.2 Threat of New Entrants
           5.2.3 Threat of Substitutes
           5.2.4 Bargaining Power of Buyers
           5.2.5 Intensity of Competitive Rivalry

6 Weathering Steel Market, Dive (Page No. - 35)
    6.1 Introduction
           6.1.1 Visionaries
           6.1.2 Innovators
           6.1.3 Dynamic Differentiators
           6.1.4 Emerging Companies
    6.2 Ranking of Key Market Players in the Weathering Steel Market

7 Weathering Steel Market, By Availability (Page No. - 38)
    7.1 Introduction
    7.2 Unpainted
    7.3 Painted

8 Weathering Steel Market, By End-Use Industry (Page No. - 43)
    8.1 Introduction
    8.2 Building & Construction
    8.3 Transportation
    8.4 Art & Architecture
    8.5 Industrial
    8.6 Others

9 Company Profiles (Page No. - 52)
    9.1 Arcelormittal
           9.1.1 Business Overview
           9.1.2 Products Offered
           9.1.3 SWOT Analysis
           9.1.4 MnM View
    9.2 United States Steel Corporation
           9.2.1 Business Overview
           9.2.2 Products Offered
           9.2.3 Recent Developments
           9.2.4 SWOT Analysis
           9.2.5 MnM View
    9.3 Nippon Steel & Sumitomo Metal Corporation
           9.3.1 Business Overview
           9.3.2 Products Offered
           9.3.3 Recent Developments
           9.3.4 SWOT Analysis
           9.3.5 MnM View
    9.4 Tata Steel
           9.4.1 Business Overview
           9.4.2 Products Offered
           9.4.3 Recent Developments
           9.4.4 SWOT Analysis
           9.4.5 MnM View
    9.5 Posco
           9.5.1 Business Overview
           9.5.2 Products Offered
           9.5.3 Recent Developments
           9.5.4 SWOT Analysis
           9.5.5 MnM View
    9.6 SSAB AB
           9.6.1 Business Overview
           9.6.2 Products Offered
           9.6.3 Recent Developments
           9.6.4 SWOT Analysis
           9.6.5 MnM View
    9.7 JFE Steel Corporation
           9.7.1 Business Overview
           9.7.2 Products Offered
           9.7.3 SWOT Analysis
           9.7.4 MnM View
    9.8 Bluescope Steel Limited
           9.8.1 Business Overview
           9.8.2 Products Offered
           9.8.3 SWOT Analysis
           9.8.4 MnM View
    9.9 HBIS Group
           9.9.1 Business Overview
           9.9.2 Products Offered
           9.9.3 SWOT Analysis
           9.9.4 MnM View
    9.10 A. Zahner Company
           9.10.1 Business Overview
           9.10.2 Products Offered
           9.10.3 SWOT Analysis
           9.10.4 MnM View
    9.11 Metal Sales Manufacturing Corporation
           9.11.1 Business Overview
           9.11.2 Products Offered
           9.11.3 SWOT Analysis
           9.11.4 MnM View
    9.12 Other Key Players
           9.12.1 Liberty House Group
           9.12.2 Tubeco, Inc.
           9.12.3 Conquest Steel and Alloys
           9.12.4 Shanghai Metal Corporation
           9.12.5 Pushpak Steel & Engineering Co.
           9.12.6 Kloeckner UK Holdings Ltd.
           9.12.7 Amardeep Steel
           9.12.8 Henan Gang Iron and Steel Co., Ltd. (Gangsteel)
           9.12.9 Zekelman Industries
           9.12.10 Johnson Brothers Metal Forming Co.
           9.12.11 Weathering Steel Company
           9.12.12 Nlmk
           9.12.13 Champak Steel & Engg. Co.
           9.12.14 Cooper & Turner Ltd.


List of Tables (19 Tables)

Table 1 Weathering Steel Market Snapshot
Table 2 Weathering Steel Market, By Availability, 2017–2024 (USD Million)
Table 3 Weathering Steel Market, By Availability, 2017–2024 (Kilotons)
Table 4 Unpainted Weathering Steel Market, By Region, 2017–2024 (USD Million)
Table 5 Unpainted Weathering Steel Market, By Region, 2017–2024 (Kilotons)
Table 6 Painted Weathering Steel Market, By Region, 2017–2024 (USD Million)
Table 7 Painted Weathering Steel Market, By Region, 2017–2024 (Kilotons)
Table 8 Weathering Steel Market, By End-Use Industry, 2017–2024 (USD Million)
Table 9 Weathering Steel Market, By End-Use Industry, 2017–2024 (Kilotons)
Table 10 Weathering Steel Market in Building & Construction, By Region, 2017–2024 (USD Million)
Table 11 Weathering Steel Market in Building & Construction, By Region, 2017–2024 (Kilotons)
Table 12 Weathering Steel Market in Transportation, By Region, 2017–2024 (USD Million)
Table 13 Weathering Steel Market in Transportation, By Region, 2017–2024 (Kilotons)
Table 14 Weathering Steel Market in Art & Architecture, By Region, 2017–2024 (USD Million)
Table 15 Weathering Steel Market in Art & Architecture, By Region, 2017–2024 (Kilotons)
Table 16 Weathering Steel Market in Industrial, By Region, 2017–2024 (USD Million)
Table 17 Weathering Steel Market in Industrial, By Region, 2017–2024 (Kilotons)
Table 18 Weathering Steel Market in Other End-Use Industries, By Region, 2017–2024 (USD Million)
Table 19 Weathering Steel Market in Other End-Use Industries, By Region, 2017–2024 (Kilo Tons)


List of Figures (39 Figures)

Figure 1 Weathering Steel Market Segmentation
Figure 2 Weathering Steel Market: Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Weathering Steel Market: Data Triangulation
Figure 6 Asia Pacific Weathering Steel Market to Grow at Highest CAGR During Forecast Period, in Terms of Volume
Figure 7 Corten-B Segment Expected to Lead the Market During Forecast Period, in Terms of Volume
Figure 8 Automotive Segment Projected to Lead the Market During Forecast Period, in Terms of Volume
Figure 9 Asia Pacific Accounted for Largest Share of Weathering Steel Market in 2018, in Terms of Volume
Figure 10 China Accounted for Largest Share of Asia Pacific Weathering Steel Market in 2018, in Terms of Volume
Figure 11 Plates Projected to Be Most Widely Consumed Type of Weathering Steel Between 2019 and 2024, in Terms of Value
Figure 12 Building & Construction Projected to Be Largest End-Use Industry for Weathering Steel Between 2019 and 2024, in Terms of Value
Figure 13 Drivers, Restraints, Opportunities, and Challenges: Weathering Steel Market
Figure 14 Porter’s Five Forces Analysis
Figure 15 Dive Chart
Figure 16 Unpainted Segment to Grow at Higher CAGR Than Painted Segment During Forecast Period, in Terms of Value
Figure 17 Building & Construction End-Use Industry Segment to Witness Highest CAGR During Forecast Period
Figure 18 Arcelormittal: Company Snapshot
Figure 19 Arcelormittal: SWOT Analysis
Figure 20 United States Steel Corporation: Company Snapshot
Figure 21 United States Steel Corporation: SWOT Analysis
Figure 22 Nippon Steel & Sumitomo Metal Corporation: Company Snapshot
Figure 23 Nippon Steel & Sumitomo Metal Corporation: SWOT Analysis
Figure 24 Tata Steel: Company Snapshot
Figure 25 Tata Steel: SWOT Analysis
Figure 26 Posco: Company Snapshot
Figure 27 Posco: SWOT Analysis
Figure 28 SSAB AB: Company Snapshot
Figure 29 SSAB AB: SWOT Analysis
Figure 30 JFE Steel Corporation: Company Snapshot
Figure 31 JFE Steel Corporation: SWOT Analysis
Figure 32 Bluescope Steel Limited: Company Snapshot
Figure 33 Bluescope Steel Limited: SWOT Analysis
Figure 34 HBIS Group: Company Snapshot
Figure 35 HBIS Group: SWOT Analysis
Figure 36 A. Zahner Company: Company Snapshot
Figure 37 A. Zahner Company: SWOT Analysis
Figure 38 Metal Sales Manufacturing Corporation: Company Snapshot
Figure 39 Metal Sales Manufacturing Corporation: SWOT Analysis

The study involved four major activities to estimate the current market size for weathering steel. Exhaustive secondary research was done to collect information on market, peer markets, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation was used to estimate the market size of segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources, such as D&B Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, were referred to identify and collect information for this study. Secondary sources include annual reports, press releases & investor presentations of companies, whitepapers, certified publications, articles by recognized authors, gold standard & silver standard websites, associations, regulatory bodies, trade directories, and databases.

Primary Research

The weathering steel market comprises several stakeholders such as raw material suppliers, weathering steel manufacturers, OEMs, end product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the developments in the building and construction, transportation, industrial and other end-use industries. The supply side is characterized by market consolidation activities undertaken by weathering steel producers. Several primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following are the breakdown of primary respondents

Weathering Steel Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation:

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the weathering steel market. These methods were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:

  • Key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value & volume, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation:

After arriving at the overall market size—using the market size estimation process explained above—the market was split into several segments and sub-segments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives:

  • To define, describe, and forecast the weathering steel market based on type, form, availability and end-use industry, and region
  • To estimate and forecast the size of the weathering steel market in terms of value & volume
  • To estimate and forecast the size of the weathering steel market by type, and end-use industry for North America, Europe, Asia Pacific, the Middle East & Africa, and South America
  • To identify and analyze the drivers, restraints, challenges, and opportunities that are influencing the growth of the weathering steel market
  • To analyze region-specific trends in North America, Europe, Asia Pacific, the Middle East & Africa, and South America
  • To strategically analyze markets with respect to individual growth trends, future prospects, and their contribution to the market
  • To track and analyze recent developments and competitive strategies, such as partnerships, agreements, contracts, collaborations, mergers & acquisitions, new product developments, divestments and expansions adopted by the leading players to strengthen their position in the weathering steel market
  • To identify and profile key players in the weathering steel market and analyze their core competencies

Scope of the Report:

Report Metric

Details

Market size available for years

2017-2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD) & Volume (Kilo Tons)

Segments covered

Type, Form, Availability, End-use Industry, and Region

Regions covered

North America, Europe, Asia Pacific, Middle East & Africa, and South America

Companies covered

Arcelor Mittal (Germany), United States Steel Corporation (US), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Posco (South Korea), SSAB AB (Sweden), JFE Steel Corporation (Japan), Bluescope Steel Limited  (Australia), HBIS Group (China) and A. Zahner Company (US) and others are considered for the study.
Total 25 major players covered.

This report categorizes the weathering steel market based on type, form, availability, end-use industry, and region.

On the basis of type, the weathering steel market is segmented as follows

  • Corten-A
  • Corten-B
  • Others (A604, A606, etc.)

On the basis of form, the weathering steel market is segmented as follows

  • Plates
  • Sheets
  • Bars
  • Others (Coils, rivets, stripes, tubes, etc.)

On the basis of availability, the weathering steel market is segmented as follows

  • Painted
  • Unpainted

On the basis of end-use industry, the weathering steel market is segmented as follows

  • Building & Construction
  • Transportation
  • Art & Architecture
  • Industrial
  • Others (Decorative pieces and street lights)

On the basis of region, the weathering steel market is segmented as follows:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Available Customizations

Along with the market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Regional Analysis

  • A further breakdown of the regional weathering steel market to the country level by type

Country Information

  • Regional market split by major countries

Company Information

  • Detailed analysis and profiles of additional market players (up to 5)
Report Code
MM 7122
Published ON
May, 2019
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