Weathering Steel Market to receive overwhelming hike in Revenues by 2027

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5 years ago

Weathering Steel Market: Introduction

Weathering steel refers to a high strength low alloy steel that, under normal atmospheric pressure, provides a greater resistance to rusting compared to typical low carbon steel grades. This steel typically has less than 0.3% carbon by weight, which allows it to remain tough and ductile.
Weathering steel finds wide application in utilities, sign pole, highway guardrails, structures, and bridges. It offers enhanced safety by eliminating the need for a protective paint system and a long life span and reduces overall lifecycle costs.

Key Drivers & Restrains of Global Weathering Steel Market

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 life span, improved corrosion resistant, and low maintenance features, which make it an ideal material for use in bridge construction application.
Surge in capital expenditure on infrastructure development due to strong economic growth and rise in population in both developing and developed countries are anticipated to propel the global weathering steel market. Weathering steel exhibits attractive appearance and has long shelf life, which will further boost market growth. However, use of weathering steel in areas where concentrations of corrosive chemicals or industrial fumes is high could impact its properties. This factor is expected to restrain the global weathering steel market during the forecast period.

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Building & Construction Application Segment to Hold Major Share of Global Market

The global weathering steel market can be segmented based on type, form, application, and region
Based on application, the global weathering steel market can be divided into building & construction, architecture, industrial, transportation, and others. Building & construction segment is anticipated to witness significant growth during the forecast period. The extraordinary appeal of weathering steel is driving its adoption in outdoor and architectural constructions.
In terms of type, the global weathering steel market can be divided into Corten A, Corten B, and others. Corten B is one of the most extensively used weather steel due to its high toughness and superior strength.
On the basis of form, the global weathering steel market can be classified into sheet, plates, bars, and others. Plates is one of the most extensively used form of weathering steel. They are suitable for sulfur rich and high temperature environment to enhance metal life. Weathering steel plates find wide application in heavy-duty transport, railway rolling stock, and shipping containers.

North America Anticipated to Dominate Global Weathering Steel Market

In terms of region, the global weathering steel market can be divided 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 attributed to the rise in construction activities, which has resulted in high demand for attractive appearance of building. Moreover, weathering steel offers minimal maintenance requirement of infrastructure in various industries which will propel market growth.
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 investments in the development of electrical infrastructures. Weathering steel offers anti-corrosive properties, which will make its adoption viable across the region.
The weathering steel market in Latin America and Middle East & Africa is projected to grow at a sluggish pace during the forecast period

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Key Players Operating in Global Weathering Steel Market

Leading companies operating in the global weathering steel market include: