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, growing at a CAGR of 8.8% from 2019 to 2024. Increasing demand from various end-use industries such as building & construction, transportation, and art & architecture, among others, is expected to drive the growth of weathering steel market in the near future. Moreover, properties such as longer shelf life and low maintenance are enhancing the growth of weathering steel market.
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By region, the weathering steel market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific is expected to lead the weathering steel market during the forecast period. In addition, increasing investments from public and private sectors, government initiatives, and rising demand for steels with a longer shelf life & low maintenance is expected to drive the growth of weathering steel market in the near future.
Major companies operating in the weathering steel market include United States Steel Corporation (US), ArcelorMittal (Germany), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), and SSAB AB (Sweden), among others. Moreover, United States Steel Corporation (US) and ArcelorMittal (Germany) hold a potential share in weathering steel market.
United States Steel Corporation (US) is one of the leading players in weathering steel market which has inorganic strategies to sustain in their market position. For Instance, In March 2015, United States Steel Corporation announced the construction of a new electric arc furnace (EAF) and tubular products coupling facility in Jefferson County, Alabama (US). The company invested USD 277 million toward this technologically advanced EAF steelmaking facility. In February 2019, United States Steel Corporation announced the restart of construction on the advanced EAF steelmaking facility at its Tubular Operations in Fairfield, Alaska. The company had previously started construction of the EAF in March 2015 and had suspended construction due to unfavorable market conditions in December 2015.
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Nippon Steel & Sumitomo Metal Corporation (Japan) is another major company in the weathering steel market. It has been adopting organic and inorganic strategies to sustain its position in weathering steel market. For Instance, in June 2018, NSSMC wholly acquired Ovako AB, a Sweden-based specialty steel manufacturer. The subsidiary manufactures NSSMC specialty steels, including weathering steel. This acquisition helped NSSMC strengthen its position in the specialty steel market. Moreover, in December 2017, NSSMC acquired and now holds about 80% stake in Katakura Steel Tube Co., Ltd., a manufacturer of high strength and specialty steels, such as weathering steel and others. This acquisition helped enhance the product offering of NSSMC in the weathering steel market besides increasing its market reach.
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