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Weathering Steel Market size was over USD 1.52 billion in 2023 and is projected to reach USD 4.5 billion by 2036, growing at around 8.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of weathering steel is assessed at USD 1.63 billion.
Growth Drivers
Rapidly Growing Construction and Transportation Industry to Drive the Market Growth
The construction and transportation sector have potential growth and investment opportunities across all the world’s infrastructure activities. According to the American Road and Transportation Builders Association (ARTBA), the U.S. transportation infrastructure market is expected to grow at least 5 percent in 2020. Weathering steel is a widely used and crucial component in bridge construction, railway wagons, heavy-duty transportation and shipping containers. On the back of these, the market is predicted to grow over the forecast period.
Increased Demand in Architectural Applications and Excellent Material Properties to Boost the Market Growth
There is a significant rise in demand for weathering steel as a raw material in highway structures and art and architectural sculptures owing to its key features such as enhanced corrosion resistant, longer shelf life and extraordinary aesthetic appeal. Moreover, excellent properties such as superior strength, low maintenance, high toughness and tensile strength, load-bearing properties and high temperature resistance makes weathering steel a best material used in industrial purposes like heat-exchanger units and chimneys. This is anticipated to significantly expand the weathering steel market.
Challenges
Harsh Environmental Conditions to Hamper the Market Growth
Despite of its favorable material properties, there is a severe impact of extreme environment on weathering steel such as rust, corrosion, reduction in fatigue life owing to its usage in regions of high concentrations of corrosive chemicals and industrial fumes. This is estimated to hinder the growth of weathering steel market in the future.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.7% |
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Base Year Market Size (2023) |
USD 1.52 billion |
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Forecast Year Market Size (2036) |
USD 4.5 billion |
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Regional Scope |
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The weathering steel market is segmented by application into building and construction, transportation, industrial, architecture and others. Among these segments, the segment for building and construction is anticipated to hold the leading share in the market on account of increasing investments in infrastructural development and growing construction activities all across the world. Moreover, high strength and load-bearing properties along with the ability of weathering steel to exhibit good aesthetic appeal over a period of time makes it a cost-effective choice in housing units and buildings.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Form |
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By Availability
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By Application
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On the basis of regional analysis, the weathering steel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is set to hold largest revenue share by 2036, owing to growing requirements of steel components by end-user applications such as railway bridges, structural network and bypasses, aerospace, dental, automotive and electronics as well as favorable government policies and initiatives to promote weathering steel production are met in the region. The weathering steel market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of extensive investments in building cost-efficient and sustainable infrastructure in the region. The increasing construction activities such as road, rail networks and bridges along with growing opportunities in infrastructure and real estate investments in the region, especially in countries such as China, India and Japan further raise the demand for weathering steel.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
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