The weathering steel market is estimated to be USD 1.0 billion in 2019 and is projected to reach USD 1.6 billion by 2024, growing at a CAGR of 8.8% from 2019 to 2024. Increasing demand from various end-use industries such as building & construction, transportation, and art & architecture, among others, is expected to drive the growth of weathering steel market in the near future. Moreover, properties such as longer shelf life and low maintenance are enhancing the growth of weathering steel market.
Major companies operating in the weathering steel market include 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. Moreover, United States Steel Corporation (US) and ArcelorMittal (Germany) hold a potential share in weathering steel market.
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.
