Global Weathering Steel Market Is Driven By Increasing Infrastructural Development
The Global Weathering Steel Market is primarily driven by increasing demand from the construction industry worldwide. Weathering steel, also known as atmospheric corrosion resistant steel, has superior corrosion resistance properties when exposed to weathering. It forms a protective oxide skin that seals the base metal and prevents further corrosion underneath. It requires less maintenance than galvanized or painted steel as the patina acts as a barrier against corrosion. Weathering steel finds wide usage in building exteriors, bridge structures, poles, outdoor signage and more as it provides robust durability and lower lifecycle costs.
The Global Weathering Steel Market is estimated to be valued at US$ 1.83 BN in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Weathering Steel Market are Schlumberger, Halliburton, Baker Hughes (a GE company), Weatherford, Siemens, Rockwell Automation, Honeywell, Kongsberg Gruppen, Emerson, Pason Systems. Schlumberger and Halliburton dominate the market owing to their wide product and service portfolio for the oil & gas industry.
The growing demand for weathering steel from the construction industry is one of the major drivers of market growth. Rapid urbanization and increasing infrastructural investments in developing regions are augmenting the construction of buildings, bridges and other structures which spurs the demand for weathering steel.
The Weathering Steel Market Size is expected to witness significant expansion in the Asia Pacific region over the forecast period. Countries like China, India and Southeast Asian nations are investing heavily in development of roadways, rail networks and other infrastructure which will boost the regional market for weathering steel during the forecast period.
Market drivers
Increasing investments in infrastructure development projects especially in developing countries is a key driver for the Global Weathering Steel Market. various regions are focusing on modernizing their infrastructure to accelerate economic growth. This involves large scale projects in transportation, energy and buildings which will propel the demand for weathering steel. Moreover, weathering steel requires lower maintenance costs over the lifespan of structures, encouraging its increased preference over traditional steel materials. Government initiatives around the world for sustainable construction is another factor augmenting the adoption of weathering steel in the construction industry.
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