Global Weathering Steel Market - 2021-2028

Global Weathering Steel Market - 2021-2028

Market Overview

The weathering steel market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

Weathering steel, also known as low‐alloy steel, has a carbon content of less than 0.2 wt. % to which mainly Cu, Ni, P, Cr, Si and Mn are added as alloying ingredients to a total of no more than 3‐5 wt. %. Weathering steel is not like other corrosion-resistant steel, such as austenitic stainless steel, resisting rust formation.

Because weathering steel can outlast plain carbon steel in outdoor conditions, it is commonly used for exposed steel structures, eliminating the need for constant repainting and recoating of the steel. The protective rust coating reduces the corrosion rate enough that the amount of corrosion would be considered unsafe by the time.

Although weathering steel is somewhat more expensive than ordinary structural steel, eliminating the paint system offsets the supplementary material cost. Hence, the initial price of a weathering steel bridge is very comparable to that of a conventional painted steel alternative. However, weathering steel bridges have the combined benefit of lower whole-life costs. The minimal future maintenance requirements of weathering steel bridges lessen the direct costs of the maintenance operations and the indirect costs of traffic delays during maintenance.

Market Dynamics

The global weathering steel market growth is driven by the rising need for building construction.

Rising need for building construction

The use of weathering steels for the construction of new highway bridges has recently increased significantly. The steels provide more than 10 percent construction cost savings because there is no need to paint the steel, as unpainted steel is easier to install and handle. The corrosion rate of weathering steel is so low that bridges built from weathering steel can easily achieve a 120 year design life with minimal maintenance. In reality, weathering steel construction provides a host of additional benefits, including more economical life cycle costs and improved safety. Moreover, the weathering steel eliminates the need for a protective paint system and inspection cycles are reduced.

In addition, the lifecycle cost savings are more than 30% because weathering steels require less maintenance and are more durable than common construction steels. Also, the use of weathering steels provides significant environmental benefits because there are no volatile organic compounds from paints and there is no need for the removal or disposal of contaminated blast debris over the structure's life span. For example, in 2020, Worcester's new Carrington Bridge project utilized a new higher-strength grade of weathering steel. The bridge was constructed with S460W material that offers structural and environmental benefits. Using this stronger steel grade enabled the COWI design team to decrease the material quantity by 15%, resulting in a more sustainable structure.

Unsuitable in a certain type of environments

With all building materials, there are limitations to their application and with weathering steel, particular environments can lead to problems with long-term durability. Weathering steel should not be used in high amounts of chlorine environments. The protective rust layer will not withstand the high amount of corrosives present in chlorine-rich environments, leading to premature failure.

The use of de-icing salts on roads close to weathering steel may lead to problems in severe cases. Typically, their use is not an issue, except concentrated amounts are deposited onto the surface of the weathering steel and are not allowed to be rain-washed off. Initial surface weathering of bare weathering steel typically leads to heavy rust staining on nearby surfaces, especially concrete.

Covid-19 Impact Analysis

The market for weathering steel has declined during the covid-19 outbreak. Global steel production decreased by 1.4% in the first three months of 2020 compared to the same period in the previous year. Although steel was declared an essential industry in numerous countries, demand for weathering steel production fell sharply during the pandemic. Manufacturing of Railway Vehicles, oil derricks, Seaport Buildings and Transmission Towers has been curtailed to slow the spread of covid-19, while falling energy prices have led to much lower demand from sectors like oil & gas. Many non-essential construction projects have been halted due to the COVID-19 outbreak, which has also negatively affected weathering steel demand.

For instance, The Pennsylvania DOT has suspended all road and bridge construction projects in response to the ongoing coronavirus pandemic. The suspension affects several projects in PennDOT’s northwest region District 1, which serves Crawford, Erie, Mercer, Venango and Warren counties. Weathering steel demand in developing economies is awaited to rebound more strongly than in developed economies. A stable recovery is expected to proceed into 2022 with some moderation of growth.

Segment Analysis

By type, the weathering steel market is segmented into A242, A588, A606, A847, A871-65 and A709-50W.

Demand for effective unpainted steel in numerous end-users is boosting the sales for ASTM A606

The ASTM A606 is the standard steel specification for low-alloy, high-Strength, hot-rolled and cold-rolled sheets with improved atmospheric corrosion resistance for application in structural and other applications. A606 Type 4 steel has the least corrosion-resistance index of 6.0 based upon ASTM Guide G101. This product is 20-30% lighter than carbon steel and presents up to four times the atmospheric corrosion resistance of structural carbon steel.

ASTM A606t is weldable, punchable, formable and machinable using the proper techniques. ASTM A606 sheet is frequently utilized in unpainted conditions as the surface will develop a weathered orange-brown oxide that is immune to corrosion. It is 20-30% lighter than carbon steel and is used for applications that require high strength-to-weight ratios.

When suitably designed and exposed to the atmosphere, A606 can be used bare (unpainted) for various applications such as air ducts, roof & wall panels, guard rail, landscape edging, corrugated panels, precipitator elements and building facades.

Geographical Analysis

Growing steel production in the countries is boosting the sales in Asia-Pacific

The Asia-Pacific is the leading region in terms of steel production globally, which presents vast opportunities for the companies to manufacture and export weathering steel production. Asia produced 1,374.9 Mt of steel in 2020, a rise of 1.5% compared to 2019. China’s steel production in 2020 reached 1,053.0 Mt, up by 5.2% in 2019. Also, China’s steel production share on the global level increased from 53.3% in 2019 to 56.5% in 2020. India’s steel production reached 99.6 Mt in 2020, while Japan produced 83.2 Mt in 2020, down 16.2% in 2019.

The growing number of investments in the construction of industrial, residential and architectural structures is boosting the weathering steel market in the region. The regional market is dominated by the countries such as India, China and Japan. Infrastructure requirements in developing Asia and the Pacific will surpass US$22.6 trillion through 2030 or US$1.5 trillion per year if the region is to maintain growth momentum, according to the Asian Development Bank report. The estimates grow to over US$ 26 trillion, or US$ 1.7 trillion per year.

Moreover, the countries are focusing on increasing the production of steel-related products in the forecast period, which will help in boosting the market growth. For instance, China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation.

Competitive Landscape

The weathering steel market is moderately competitive with global companies, followed by the local companies. The demand for weathering steel is projected to grow significantly globally in the upcoming years, which will enhance the competitive landscape with global companies looking to dominate in most of the region. In addition, some of the key players contributing to the market's growth are Nippon Steel, ArcelorMittal, Tata Steel, British Steel Limited, SSAB Group, United States Steel Corporation, Masteel UK, JFE Steel Corporation, Triton Alloy Inc, Cascadia Metals and others. The major players are adopting new strategies to dominate the market, such as acquisitions, launching new technologies, expansions and collaborations, contributing to the global growth of the weathering steel market.

British Steel Limited

Overview: British Steel is a major European steel manufacturer with facilities across the UK and Europe, supplying premium products worldwide. The company offers a broad range of high-quality steel products produced with international standards. In March 2020, British Steel was bought by Jingye Group, a Chinese multi-industrial company specializing in iron and steel manufacturing.

Product Portfolio: The company offers various products, including weathering steel sections, produced according to EN 10025-5 and have similar mechanical properties to conventional S355 grades. The company is also Environmental and Sustainability Standard BES 6001 certified, assuring commitment to responsibly sourced materials.

Key Development: In 2021, British Steel has unveiled new weathering steel structural sections for the construction industry. The product is suitable for a range of outdoor structures in exposed locations, including buildings, bridges and catenary gantries on railway lines.

Why Purchase the Report?
• Visualize the weathering steel market segmentation by type, usage, form, application, end-user and region, highlighting the key commercial assets and players.
• Identify commercial opportunities in the weathering steel by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of weathering steel market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global weathering steel market report would provide an approximate 77 market data table, 86 figures and 180 pages

Target Audience
• Raw Material Providers
• Buyers
• Weathering Steel Manufacturers
• Distributors
• Construction Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Distributors