The Weathering Steel by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Weathering Steel , The weathering steel market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growing demand for weathering steel in the construction industry, need for durable and corrosion-resistant materials, increased adoption of weathering steel in the transportation industry, growing awareness about the benefits of weathering steel, expansion of the industrial sector.
The weathering steel market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to urbanization and infrastructure renewal, rising awareness of sustainability, increase in outdoor structures, infrastructure resilience planning, expansion of renewable energy projects. Major trends in the forecast period include innovative architectural designs, collaboration with artists, smart coating technologies, integration with green building practices, customized weathering steel products.
The rapidly growing construction and transportation industries are contributing to the growth of the weathered steel market. Weathering steel is being used in several architectural and sculpture applications owing to its key material features such as improved corrosion resistance, longer shelf life, good aesthetic appeal, high strength, and low maintenance. For instance, according to the Ministry of Statistics and Programme Implementation, the construction sector will grow at 10.7% in FY 2022, a rebound from a contraction of 8.6% in 2021, aided by the base effect and a projected 9.2% growth. Similarly, according to Wolters Kluwer data 2021, the global transportation industry is expected to grow at a rate of 3.4% through 2027. Thus, the rapidly growing construction and transportation industries will drive the growth of the weathered steel market.
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The weathering steel market covered in this report is segmented –
1) By Type: Corten-A, Corten-B, Other Types
2) By Form: Plates, Sheets, Bars, Other Forms
3) By Availability: Painted, Unpainted
4) By End Use: Building and Construction, Transportation, Art and Architecture, Industrial, Other End Use
Technological advancement is a key trend gaining popularity in the weathered steel market. ArcelorMittal Europe Long Products, for example, launched RailCor in 2021, a new range of corrosion-resistant rails for protecting against severe corrosion environments, whether the rails are installed inside tunnels, city centers, or coastal areas, for example, to face demanding corrosion challenges, fight specific corrosion, or even protect the rails during shipment. RailCor was developed by ArcelorMittal Global R&D and has been tested in accelerated corrosion tests using a variety of systems. Under the most severe conditions, the selected solutions were tested for more than 2 years on real tracks.
The weathering steel market report table of contents includes:
1. Executive Summary
2. Weathering Steel Market Characteristics
3.Weathering Steel Market Trends And Strategies
4. Weathering Steel Market – Macro Economic Scenario
5. Global Weathering Steel Market Size and Growth
……
31. Global Weathering Steel Market Competitive Benchmarking
32. Global Weathering Steel Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Weathering Steel Market
34. Weathering Steel Market Future Outlook and Potential Analysis
35. Appendix
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