The weathering steel market is estimated to be USD 1.0 billion in 2019 and is projected to reach USD 1.6 billion by 2024, growing at a CAGR of 8.8% from 2019 to 2024. Increasing demand from various end-use industries such as building & construction, transportation, and art & architecture, among others, is expected to drive the growth of weathering steel market in the near future. Moreover, properties such as longer shelf life and low maintenance are enhancing the demand for weathering steel market.
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Major companies operating in the weathering steel market include United States Steel Corporation (US), ArcelorMittal (Germany), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), and SSAB AB (Sweden), among others. Moreover, United States Steel Corporation (US) and ArcelorMittal (Germany) hold a potential share in weathering steel market.
United States Steel Corporation (US) is one of the leading players in weathering steel market which has inorganic strategies to sustain in their market position. For Instance, In March 2015, United States Steel Corporation announced the construction of a new electric arc furnace (EAF) and tubular products coupling facility in Jefferson County, Alabama (US). The company invested USD 277 million toward this technologically advanced EAF steelmaking facility. In February 2019, United States Steel Corporation announced the restart of construction on the advanced EAF steelmaking facility at its Tubular Operations in Fairfield, Alaska. The company had previously started construction of the EAF in March 2015 and had suspended construction due to unfavorable market conditions in December 2015.
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Nippon Steel & Sumitomo Metal Corporation (Japan) is another major company in the weathering steel market. It has been adopting organic and inorganic strategies to sustain its position in weathering steel market. For Instance, in June 2018, NSSMC wholly acquired Ovako AB, a Sweden-based specialty steel manufacturer. The subsidiary manufactures NSSMC specialty steels, including weathering steel. This acquisition helped NSSMC strengthen its position in the specialty steel market. Moreover, in December 2017, NSSMC acquired and now holds about 80% stake in Katakura Steel Tube Co., Ltd., a manufacturer of high strength and specialty steels, such as weathering steel and others. This acquisition helped enhance the product offering of NSSMC in the weathering steel market besides increasing its market reach.
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The global weathering steel market size is expected to reach USD 1.45 billion by 2025, exhibiting a CAGR of 5.6% during the forecast period, according to a new report published by Radiant Insights, Inc. Increasing investments in infrastructure development projects, such as bridges and road connectivity are anticipated to augment the growth.
Masts and structures for Overhead Line Equipment (OLE) are generally manufactured using mild steel rolled sections.
Weathering steel is anticipated to witness a rise in demand from the region, with the ongoing electrification projects in the region, as the metal is used for replacing the mild steel to reduce costs and environmental pollution.
Conditions with corrosive industrial or chemical fumes creates hurdles in the development of protective oxide patina.
Patina is a protective layer of rustic nature which protects the structure from corrosion, failure in patina formation results in the deterioration of the structure.
The market is consolidated in nature with the presence of established players, such as ArcelorMittal, HBIS Group, BlueScope Steel Limited, SSAB, JFE Steel Corporation, Nippon Steel Corporation, and Tata Steel.
Weathering Steel Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe.
Weathering steel is also termed as atmospheric corrosion resistant steel, or low-alloy steel are steels with a carbon content of less than 0.2 wt.
% and containing quantities of nickel, copper, chromium, and other alloying elements that increase corrosion resistance.
These steels also provide environmental benefits, as it does not require initial painting or does not require disposal of contaminated blast debris.
It is exclusively used in bridge construction and modern architecture.Request a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/weathering-steel-market/request-sampleThe factors that are playing a major role in the growth of Weathering Steel Market are longevity, no chemicals or paintings required, these are eco-friendly and are recyclable, provides natural protection against corrosion, and requires low maintenance costs.
Weathering Steel Market is segmented based on product types, grades, applications, and region.
