Jun 10, 2019   SOURCE: BusinessWire

Global $1.6Bn Weathering Steel Market by Type, Form, Availability, End-Use Industry, and Region - Forecast to 2024 - ResearchAndMarkets.com

The "Weathering Steel Market by Type (Corten-A, Corten-B), Form (Sheets, Plates, Bars), Availability (Painted, Unpainted), End-Use Industry (Building & Construction, Transportation, Art & Architecture, Industrial), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The weathering steel market is estimated to be USD 1 billion and is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8% from 2019 to 2024.

Key factors expected to drive the weathering steel market include increasing applications of weathering steel in structural & architectural applications, railway wagons & transportation, and outdoor construction & architectural sculptures. Along with this, the use of weathering steel in high temperature, corrosive environments such as high chimneys, heat exchanger plates, and baskets are also expected to boost the demand for weathering steel in the near future.

The leading weathering steel manufacturers, globally, profiled in this report are Arcelor Mittal (Germany), United States Steel Corporation (US), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Posco (South Korea), SSAB AB (Sweden), JFE Steel Corporation (Japan), Bluescope Steel Limited (Australia), HBIS Group (China) and A. Zahner Company (US) and others.

Corten-B is the dominant type which is likely to drive the market for weathering steel market during the forecast period

Due to the high strength and load-bearing properties of Corten-B, it is used widely in structural applications such as buildings and bridges. Also, it is used in the majority of the rolled structural shapes for building applications.

Corten-B is used in the majority of the rolled architectural forms available in weathering steel and is considered the base specification for use in building applications. On account of all these factors, the segment is expected to grow at an impressive CAGR over the forecast period.

Improved corrosion resistant and higher strength make weathering steel plates an ideal choice for use in structural and architectural applications

Plates are the dominant and most widely used form of weathering steel. Plates are used to create flat panels, cassettes, blades, solar shading elements, framing, profiled sheets, and a range of other applications. On account of its improved corrosion resistant property and higher strength, weathering steel plates are widely used in structural and architectural applications. ASTM A588, A242, and A709-50W grades are used generally in plate form.

Weathering plates are employed in high temperature and sulfur-rich environments to extend the lifetime of metal. Heat exchanger units, air preheater, and gas-gas heater are some of the examples of such applications where weathering plates are widely employed. At a temperature range of 100 degrees Celsius to 160 degrees Celsius, weathering steel withstands flue gas conditions better than carbon steel.

Asia Pacific occupied for the majority of the market share in 2019 and is projected to witness the fastest growth during the forecast period

The Asia Pacific region is the largest and fastest-growing market for weathering steel. Weathering steel is used all over the Asia Pacific in bridges, rail and road networks. Japan, China, South Korea, Taiwan, India, and Rest of Asia Pacific are considered in this regional market analysis. Increasing infrastructure spending in China and India are expected to drive the growth of the market in the region during the forecast period.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on various types of weathering steel offered by top players operating in the weathering steel market.
  • Product Development/Innovation: A detailed insight into upcoming weathering steel type & form, R&D activities, and new applications in various end-use industries in the weathering steel market.
  • Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for weathering steel across different regions.
  • Market Diversification: An exhaustive information about new products, untapped geographies, recent developments, and investments in the weathering steel market.
  • Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the weathering steel market.

Market Dynamics

Drivers

  • Long Shelf Life With Low Maintenance Cost
  • Growth of the Infrastructure Segment
  • Growing Use of Weathering Steel in Sculptures in Western Regions

Restraints

  • Fluctuation in Raw Material Prices of Steel
  • Inferior Performance in Damp Conditions
  • Lack of Awareness and Knowledge About the Use of Weathering Steel

Opportunities

  • Increasing Opportunities in Various Emerging Economies

Challenges

  • Trade War Between China and the US
  • Dealing With Overcapacity of Steel

Companies Mentioned

  • A Zahner Company
  • Amardeep Steel
  • Arcelormittal
  • Bluescope Steel Limited
  • Champak Steel & Engg Co
  • Conquest Steel and Alloys
  • Cooper & Turner Ltd
  • HBIS Group
  • Henan Gang Iron and Steel Co, Ltd (Gangsteel)
  • JFE Steel Corporation
  • Johnson Brothers Metal Forming Co
  • Kloeckner UK Holdings Ltd
  • Liberty House Group
  • Metal Sales Manufacturing Corporation
  • Nippon Steel & Sumitomo Metal Corporation
  • Nlmk
  • Posco
  • Pushpak Steel & Engineering Co
  • Shanghai Metal Corporation
  • SSAB AB
  • Tata Steel
  • Tubeco, Inc
  • United States Steel Corporation
  • Weathering Steel Company
  • Zekelman Industries

For more information about this report visit https://www.researchandmarkets.com/r/awje6m