CHICAGO, May 28, 2019 /PRNewswire/ -- According to the new research report "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", the Weathering Steel Market is expected to grow from USD 1.0 billion in 2019 and is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8% from 2019 to 2024. Major drivers of the market include the increasing demand from various end-use industries, government initiatives, and public & private investments.
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The Corten-B type is projected to lead the market during the forecast period
Based on type, the weathering steel market is segregated into Corten-A, Corten-B, and others. Among these, Corten-B is the most consumed type of weathering steel due to its properties such as high tensile strength and good wear resistibility as compared with Corten-A and other types. Moreover, Corten-B is available in various forms such as plates, sheets, and bars which diversify their application in various end-use industries. This factor is expected to drive the growth of the weathering steel market over the forecast period.
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Plates to be the most consumed form of weathering steel during the forecast period
Based on form, the weathering steel market is segregated into plates, sheets, bars, and others. Among these, plates are anticipated to be the most consumed form of weathering steel. This growth in the demand for plates is due to the increasing infrastructure activities around the globe which majorly use plates as the primary form for construction, which is expected to fuel the growth of weathering steel market during the forecast period. Moreover, plates form to register the highest CAGR in the weathering steel market during the forecast period.
Asia Pacific is projected to be the largest consumer of weathering steel during the forecast period.
By region, the weathering steel market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific is expected to lead the weathering steel market during the forecast period. In addition, increasing investments from public and private sectors, government initiatives, and rising demand for steels with a longer shelf life & low maintenance is expected to drive the growth of weathering steel market in the near future.
Key players in the Weathering Steel Market are 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 are considered for the study.
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