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“The weathering steel market is projected to grow at a CAGR of 8.8% between 2019 and 2024.”
The weathering steel market is estimated to be USD 1.0 billion and is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8% from 2019 to 2024. Key factors expected to drive the weathering steel market include increasing applications of weathering steel in structural & architectural applications, railway wagons & transportation, and outdoor construction & architectural sculptures. Along with this, the use of weathering steel in high temperature, corrosive environments such as high chimneys, heat exchanger plates, and baskets are also expected to boost the demand for weathering steel in the near future.
“Corten-B is the dominant type which is likely to drive the market for weathering steel market during the forecast period.”
Due to the high strength and load-bearing properties of Corten-B, it is used widely in structural applications such as buildings and bridges. Also, it is used in the majority of the rolled structural shapes for building applications. Corten-B is used in the majority of the rolled architectural forms available in weathering steel and is considered the base specification for use in building applications. On account of all these factors, the segment is expected to grow at an impressive CAGR over the forecast period.
“Improved corrosion resistant and higher strength make weathering steel plates an ideal choice for use in structural and architectural applications.”
Plates are the dominant and most widely used form of weathering steel. Plates are used to create flat panels, cassettes, blades, solar shading elements, framing, profiled sheets, and a range of other applications. On account of its improved corrosion resistant property and higher strength, weathering steel plates are widely used in structural and architectural applications. ASTM A588, A242, and A709-50W grades are used generally in plate form. Weathering plates are employed in high temperature and sulfur-rich environments to extend the lifetime of metal. Heat exchanger units, air preheater, and gas-gas heater are some of the examples of such applications where weathering plates are widely employed. At a temperature range of 100 degrees, Celsius to 160 degrees Celsius weathering steel withstands flue gas conditions better than carbon steel.
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“Asia Pacific occupied for the majority of the market share in 2019 and is projected to witness the fastest growth during the forecast period.”
The Asia Pacific region is the largest and fastest-growing market for weathering steel. Weathering steel is used all over the Asia Pacific in bridges, rail and road networks. Japan, China, South Korea, Taiwan, India, and Rest of Asia Pacific are considered in this regional market analysis. Increasing infrastructure spending in China and India are expected to drive the growth of the market in the region during the forecast period.
Breakdown of primary interviews for the report on the weathering steel market
- By Company Type – Tier 1 – 20 %, Tier 2 –45 %, and Tier 3 – 35 %
- By Designation – C-Level – 20 %, Director Level – 25 % and Others – 55 %
- By Region –Europe- 50 %, North America – 20 %, Asia Pacific– 15 %, South America- 10 %. Middle East & Africa – 5 %
The leading weathering steel manufacturers, globally, profiled in this report are Arcelor Mittal (Germany), United States Steel Corporation (US), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Posco (South Korea), SSAB AB (Sweden), JFE Steel Corporation (Japan), Bluescope Steel Limited (Australia), HBIS Group (China) and A. Zahner Company (US) and others.
The report covers the weathering steel market based on type, form, availability, end-use industry, and region. This report aims at estimating the size and future growth potential of the weathering steel market across various segmentation types. The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the weathering steel market, high-growth regions, and drivers, restraints, opportunities, and challenges in the weathering steel market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on various types of weathering steel offered by top players operating in the weathering steel market.
- Product Development/Innovation: A detailed insight into upcoming weathering steel type & form, R&D activities, and new applications in various end-use industries in the weathering steel market.
- Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for weathering steel across different regions.
- Market Diversification: An exhaustive information about new products, untapped geographies, recent developments, and investments in the weathering steel market.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the weathering steel market.