According to a report, “Weathering Steel Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Art & Architecture), By Region, And Segment Forecasts, 2019 – 2025”, the market growth is expected to enlarge in the coming years owing to the rise in demand from construction industry due to the remarkable properties of the end-product. The significance of steel in railways and roadways is anticipated to spike the market growth in the following years.
Weathering steel is used in facades and cladding systems for buildings and is also used in the construction of bridges as this steel can attain 120-year design life and incur low maintenance costs. Increasing global population and rapid urbanization are likely to drive the demand for buildings and vehicles, resulting in traffic congestion. This is anticipated to boost the demand for the road over bridges, which in turn is anticipated to drive the market growth in the forthcoming years.
Increasing traffic congestion in railways and roadways and increasing need for global connectivity from islands to cities is likely to boost the demand for bridges in near future. Greater life cycle of weathering steel coupled with superior corrosion resistance is anticipated to drive its adoption in bridge construction. The product is also used in road construction for earth retaining structures.
Weathering Steel Market Report Highlights:
Building and construction segment is anticipated to progress at a CAGR of 6.2% during the forecast period, in terms of revenue on account of the rapid urbanization and rising population
Art and architecture is the second fastest-growing segment with a CAGR of over 4.8% in terms of volume owing to the rising prominence of arts, such as sculptures and statues among others
Europe emerged as the leading regional segment with a market share of 54.3% in terms of volume in 2018, attributed to the ideal atmospheric conditions of the region which enables easy adoption of weathering steel
Asia Pacific was the second-largest regional market and held a revenue share of 18.9% in the past years, attributed to the need for expanding road connectivity and infrastructure
Key participants across the market are largely investing in capacity expansions meet the growing demand from construction
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Grand View Research has segmented the global weathering steel market on the basis of application and region:
Weathering Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Building & construction
Art & Architecture
Weathering Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Central & South America
Middle East & Africa
List of Key Players for Weathering Steel Market:
BlueScope Steel Limited
JFE Steel Corporation
Nippon Steel Corporation
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