Weathering Steel: Introduction
- Weathering steel is a low carbon steel (0.3% carbon by weight), which has additional alloying elements (nickel, copper, and chromium) mixed with its carbon and iron atoms. In comparison with other types of steel, weathering steel has more strength and offers greater resistance to corrosion.
- Due to mixing of alloying elements in its carbon & iron atoms, it works in a way such that, layer of rust formed on its outer surface acts as a barrier for the rust to penetrate deeper into weathering steel. The non-porous initial layer of rust formed adheres much better to the steel and acts as a protective layer.
- Weathering steel is used in utilities, sign poles, highway guardrails, structures, and bridges. It offers enhanced safety by eliminating the need for a protective paint system; long lifespan; and reduces the overall lifecycle costs
Key Drivers and Restraints of Weathering Steel
- Increase in demand for steel material for bridge construction is expected to drive the weathering steel market during the forecast period. Weathering steel offers long lifespan, improved corrosion resistant, and low maintenance features. This makes it an ideal material for usage in bridge construction applications.
- Rise in capital expenditure on infrastructure development due to strong economic growth and increase in population in developing and developed countries is anticipated to propel the global weathering steel market. Weathering steel exhibits attractive appearance and has long shelf life. This is projected to boost the weathering steel market.
- The usage of weathering steel in areas where concentrations of corrosive chemicals or industrial fumes is high could impact its properties. This is expected to restrain the global weathering steel market during the forecast period.
COVID-19 Impact Analysis
- Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Led by the uncertainty triggered by COVID-19 crisis, many aspirational homeowners kept their decision of buying residential properties on hold. Commercial projects also witnessed a decline in investments. Weathering steel is used in the building & construction industry. Therefore, decrease in investment in the construction segment is hampering the global weathering steel market.
Weathering Steel Market: Segmentation
- The global weathering steel market can be segmented based on type, form, and application
- In terms of type, the global weathering steel market can be segregated into COR-TEN A, COR-TEN B, and others. COR-TEN B is one of an extensively used weather steel due to its high toughness and superior strength.
- In terms of form, the global weathering steel market can be divided into sheets, plates, bars, and others. Plates is one of the extensively used forms of weathering steel. They are suitable for sulfur rich and high temperature environment to enhance metal life. Weathering steel plates are employed in a wide range of applications in heavy-duty transport, railway rolling stock, and shipping containers.
- In terms of application, the global weathering steel market can be classified into building & construction, transportation, architecture, industrial, and others. The building & construction segment is anticipated to expand at a faster pace during the forecast period. Rapid urbanization as well as increase in spending power in developing countries are the factors expected to fuel the weathering steel market.
Weathering Steel Market: Regional Segmentation
- In terms of region, the global weathering steel market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The weathering steel market in North America is projected to witness rapid growth during the forecast period. This growth of the market can be ascribed to the rise in construction activities. Furthermore, weathering steel offers minimal maintenance requirement of infrastructure in various industries. This is estimated to propel the market in the near future.
- The weathering steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to increase in investments in infrastructure development such as road & rail networks and bridges, primarily in developed and developing economies such as Japan, South Korea, India, and China
- The weathering steel market in Europe is projected to witness growth during the forecast period due to increase in investment in the development of electrical infrastructures. Weathering steel offers anti-corrosive properties, which is likely to make its adoption viable across the region.
Key Players Operating in Global Market
- United States Steel Corporation
- Arcelor Mittal
- Nippon Steel & Sumitomo Metal Corporation
- Tata Steel
- HBIS GROUP
- Masteel UK
- A. Zahner Company
- Metal Sales Manufacturing Corporation
- CASCADIA METAL
Global Weathering Steel Market: Research Scope
Global Weathering Steel Market, by Type
- COR-TEN A
- COR-TEN B
Global Weathering Steel Market, by Form
Global Weathering Steel Market, by Application
- Building & Construction
Global Weathering Steel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.