The Global Weathering Steel Market is driven by increasing infrastructure development projects
Author : Purvaja Jadhao | Published On : 25 Jan 2024
The Global Weathering Steel Market comprises of corrosive-resistant steel that forms a protective rust-like coating when exposed to weather, protecting the base metal from corrosion for decades. Weathering steels are often used in bridges, building exteriors, and other outdoor structures where low maintenance and high durability are desired. The increased applications in infrastructure development projects such as bridges, railways, and buildings that require corrosion and weather-resistant metal have propelled the demand for weathering steel in construction industry. The global Weathering Steel Market is estimated to be valued at US$ 6.1 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major market trends is the growing focus of governments worldwide on infrastructure development projects which has significantly boosted the demand for weathering steel. Governments across developed as well as developing nations have invested heavily in building new roads, highways, railways, bridges, buildings and other infrastructure development activities which require highly durable and low maintenance construction materials like weathering steel. For instance, governments of China, India, United States and countries in Europe have allocated large public funds for upgrading their aging infrastructure and this increasing infrastructure spend is a key factor driving growth of the global weathering steel market during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the global weathering steel market is moderate. Established brands have significant brand loyalty and economies of scale which create barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, weathering steel offers durability making it the preferred choice for infrastructure projects.
Bargaining power of suppliers: A few major suppliers exist globally increasing their bargaining power. Suppliers may forward integration to better market their products.
Threat of new substitutes: Galvanized steel and stainless steel are alternatives but do not match weathering steel's anti-corrosive qualities and lower life cycle cost.
Competitive rivalry: The market is dominated by a few players intensifying competition. manufacturers focus on new product development and strategic deals.
Key Takeaways
The Global Weathering Steel Market Demand is expected to witness high growth. Growing infrastructure development across regions will drive demand for durable construction materials.
Regional analysis: North America is a major market for weathering steel owing to ongoing rail and highway expansion projects. Strict environmental norms support use of sustainable materials. The European region is poised to grow steadily with widening construction applications in the UK, Germany and France.
Key players: Key players operating in the global weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, Posco, and SSAB AB. Players focus on new high-strength grades and partnerships to strengthen distribution channels in emerging nations.
For more insights, Read- https://www.insightprobing.com/global-weathering-steel-market-trends-size-and-share-analysis-2/
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