Corten steel, often known as weathering steel, is an alloy of steel that, when exposed to the environment, forms a protective layer on its surface. The steel becomes more resistant to corrosion as a result of this layer of protection, increasing its durability and longevity. A range of construction projects use this kind of steel, which is growing in popularity in architecture. Because of how well its rustic appearance blends with nature, it is also becoming more common in landscaping. Due to its toughness and attractive appearance, weathering steel is becoming more and more popular.
The weathering steel market 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.
Weathering steel, often referred to by the genericized trademark COR-TEN steel, is a group of steel alloys developed to form a stable corrosion-resistant surface after several years of exposure to weather, potentially eliminating the need for painting in many environments. Steel (USS) holds the registered trademark on the name COR-TEN, which refers to the two distinguishing properties of this type of steel: corrosion resistance and tensile strength. Unlike regular carbon steel, weathering steel forms a protective rust patina over time, which significantly reduces the need for maintenance or repainting. Weathering steel is often used in outdoor applications such as bridges, rail tracks, and other structures where the steel is exposed to the elements.
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.
