Weathering Steel Market- Asia pacific Region to Register Highest CAGR through 2024| MarketsandMarkets™ Study

Weathering steel, also known as Corten steel, is a corrosion-resistant steel. It forms a protective layer that keeps the underlying steel from corroding further. A chemical reaction between the steel and the atmosphere creates the layer. This layer aids in the protection of the steel against rust and other forms of corrosion. Weathering steel's use and demand are expected to grow in the coming years due to its corrosion resistance properties. Weathering steel is used in a wide range of applications, including bridges and buildings, as well as sculptures and art installations. It is also used to make outdoor furniture, which has the advantage of being more weather-resistant than traditional materials. The global Weathering Steel Market is projected to reach USD 1.6 billion by 2024, at a CAGR of 8.8%.

Weathering steel is also gaining popularity in the construction industry because it is less expensive and lasts longer than other materials. It is becoming more popular as an exterior cladding for buildings because it is more aesthetically pleasing than other options and helps to reduce energy bills by improving insulation. Furthermore, weathering steel is being used in the automotive industry because it is lighter and more corrosion-resistant than traditional materials. This makes it ideal for use in the production of automobiles and other vehicles, as well as the construction of automobile parts.

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Weathering Steel Market- Key Driving factors

• Increased demand for corrosion-resistant steel: Weathering steel's corrosion-resistant properties have increased its demand in construction, transportation, and other industries. The corrosion resistance is due to the formation of a protective layer of rust on the surface of the steel, which acts as a barrier, preventing further corrosion.

• Low cost: Weathering steel is less expensive than other corrosion-resistant steel, making it a more economical choice for many applications.

• Ease of fabrication: Weathering steel is easier to fabricate compared to other corrosion-resistant steel, making it a popular choice for many construction projects.

• High Strength: Weathering steel has a high strength-to-weight ratio, making it a great choice for load-bearing applications.

• Increased design flexibility: The rust-like appearance of weathering steel provides architects and engineers with increased design flexibility. This allows them to create aesthetically-pleasing structures with unique visual appeal.

The Corten-B type is projected to lead the market during the forecast period

Corten-B steel is a weathering steel with superior corrosion resistance when compared to other types of steel. This steel has a high resistance to atmospheric corrosion, making it suitable for use in harsh environments. Corten-B steel is also well-known for its weldability and ductility, making it an excellent choice for a wide range of industrial applications. Corten-B steel is also less expensive and has a longer life span than other steel types. Corten-B steel is used in a variety of applications such as bridges, ships, buildings, and sculptures. Because of its superior corrosion resistance, cost-effectiveness, and long life span, the Corten-B type is expected to lead the Weathering Steel market during the forecast period.

Plates are to be the most consumed form of weathering steel during the forecast period

Plates are expected to remain the most popular form of weathering steel during the forecast period due to their low cost, availability, and ease of fabrication. They also have excellent corrosion resistance, allowing them to be used in a variety of applications such as external and internal cladding, bridges, and other exposed structures. Furthermore, plates are frequently used in residential, industrial, and commercial applications, making them the most popular type of weathering steel.

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Asia Pacific is projected to be the largest consumer of weathering steel during the forecast period.

Over the forecast period, the Asia Pacific is anticipated to consume the most weathering steel due to the region's rising weathering steel consumption. This is mostly because of the rise in construction activity in nations like China and India. India's expanding infrastructure market is anticipated to fuel the region's need for weathering steel. Additionally anticipated to fuel the expansion of the market in Asia Pacific is the rising demand for weathering steel in nations like Australia, South Korea, and Japan. The region's demand for weathering steel is also anticipated to increase due to the availability of raw resources and growing government attempts to encourage its use in the construction industry.

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.

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