Global weathering steel market in 2019 was valued at USD 1.1 billion and is predicted to surpass USD 1.7 billion by 2025, at a CAGR of 8.94% by 2025
The global weathering steel market was estimated at 1.1 (USD Billion) in 2019 and is projected to be valued at over 1.7 (USD Billion) by 2025 at a CAGR of 8.94%. The report offers valuation and analysis of weathering steel market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, revenue estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).
Key Growth Drivers
In the past, players across the steel industry were making huge investments in process control and optimization but were lagging behind in digital technologies implementation in comparison to other sectors such as media or banking. Nonetheless, since the last few years, the established players in the steel sector are introducing new digital technologies and this is likely to pave a new way for the growth of weathering steel industry over the forecast period. Apparently, breakthroughs in analytics, automation, and mobile services in the weathering steel market will result in huge gains for the market over the coming years. Process digitization and AI along with prominent usage of IoT and cloud technology is likely to further add to the growth of the weathering steel industry over the forecast timeline.
Apart from this, beneficial features such as rust resistance as well as high tensile strength will reinforce the growth of weathering steel industry during the forecast period.
Corten-B Weathering Steel Market To Register Massive Growth By 2025
The Corten- B Form segment is predicted to contribute lucratively towards the overall weathering steel industry over the forecast timeline. The segmental growth is credited to large-scale use of Corten-B steel in construction activities such as constructing bridges due to the robustness of the Form.
North America To Dominate Weathering Steel Market Expansion Over 2019-2025
The growth of the regional market over the forecast period is credited to favorable initiatives launched by the U.S. administration to promote the production and demand for steel along with focusing on improving the infrastructure facility. Apart from this, Mexico being a low-cost steel manufacturer is likely to prompt the market growth in the North American sub-continent over the forecast period.
Key participants involved in the weathering steel business and profiled i the report include such as JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, A. Zahner Company, Tata Steel, Arcelor Mittal, SSAB AB, Posco, Bluescope Steel Limited, and HBIS Group.
The global weathering steel market is segmented as follows:
By End-Use Industry industry