The Weathering Steel Market To Grow At Rate Of 9.5% With Various Application Opportunities
Weathering Steel Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
The Business Research Company’s Weathering Steel Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 24, 2022 /EINPresswire.com/ -- The rapidly growing construction and transportation industry is contributing to the growth of the global weathering steel market. Weathering steel is being used in several architectural and sculpture applications owing to its key material features like improved corrosion-resistant, longer shelf life, good aesthetic appeal, high strength, and low maintenance. For instance, according to the Ministry of Statistics and Programme Implementation, the construction sector will grow at 10.7% in FY 2022 in a rebound from a contraction of 8.6% in 2021, aided by the base effect and a projected 9.2% growth. Similarly, according to Wolters Kluwer data 2021, the global transportation industry is expected to grow at a rate of 3.4% through 2027. Thus, rapidly growing construction and transportation industry will drive the weathering steel market growth.
The global weathering steel market size is expected to grow from $1.10 billion in 2021 to $1.18 billion in 2022 at a compound annual growth rate (CAGR) of 7.73%. The growth in the weathering steel market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global weathering steel market size is expected to reach $1.70 billion in 2026 at a CAGR of 9.48%.
Read more on the Global Weathering Steel Market Report:
https://www.thebusinessresearchcompany.com/report/weathering-steel-global-market-report
According to the weathering steel market analysis, technological advancement is a key trend gaining popularity in the market. For instance, in 2021, ArcelorMittal Europe Long Products had launched RailCor® a new range of corrosion-resistant rails for protecting from severe corrosion environments, whether the rails are installed inside tunnels, city centers, coastal areas are it to face demanding corrosion challenges, to fight specific corrosion, or even to protect the rails during shipment. RailCor® is introduced by ArcelorMittal Global R&D and is tested through a range of systems in accelerated corrosion tests. Under the most severe conditions, the selected solutions were tested for more than 2 years on real tracks.
In January 2021, US Steel, a US-based integrated steel producer acquired Big River Steel for the deal of $774M amount. This acquisition has fully expected to generate profitable growth in 2021 and enable a more nimble, innovative, and cost-effective company across the business cycle. Big river steel is a US-based manufacturer of steel. Big River Steel operates the most advanced state-of-the-art sustainable mill in North America and this acquisition will strengthen US Steel's positioning in highly strategic steel end-markets.
Major players covered in the global weathering steel market are Arcelor Mittal, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Ltd., Posco, SSAB AB, JFE Steel Corporation, Bluescope Steel Limited, HBIS Group, A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co. Ltd., Masteel UK, Cascadia Metal, Triton, and Amardeep Steel.
TBRC’s global weathering steel market report is segmented by type into Corten-A, Corten-B, others, by form into plates, sheets, bars, others, by availability into painted, unpainted, by end-use into building and construction, transportation, art and architecture, industrial, others.
Weathering Steel Global Market Report 2022 – By Type (Corten-A, Corten-B, Other Types), By Form (Plates, Sheets, Bars, Other Forms), By Availability (Painted, Unpainted), By End Use (Building And Construction, Transportation, Art And Architecture, Industrial, Other End Use) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a weathering steel market overview, forecast weathering steel market size and growth for the whole market, weathering steel market segments, geographies, weathering steel market trends, weathering steel market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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