Weathering Steel Market Trends

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.