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.
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The 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.
Product types such as ASTM A588, ASTM A242, ASTM A606, ASTM A709, and others classify Weathering Steel Market. ASTM A588 is known to be the base specification for weathering steel for building applications. Whereas, ASTM A709 is mainly used in bridge applications. Grades such as 50W, HPS 50W, 70W and others classify the market. Applications into Building, Marine Transportation, Railway, Bridge, and others classify Weathering Steel Market. Weathering Steel Industry is segmented geographically Americas (North America, Latin America), Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa.
The key players of Weathering Steel Market are, SSAB, Nippon Steel, TATA, Hebei Iron and Steel, JFE, ArcelorMittal, POSCO, Meishan Iron and Steel, and Ansteel. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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