Weathering Steel Market Analysis of Trends and Forecasts Hits a CAGR of 7.2% from 2022 to 2031

Weathering Steel Market: Understanding the Top Investment Opportunities and Competitive Scenario of the Landscape during 2022-2031

WILMINGTON, DELAWARE, UNITED STATES, July 23, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report on the weathering steel industry which highlights that the landscape, which accounted for $1,011.0 million in 2021, is expected to gather a revenue of $2,039.1 million, thus registering a CAGR of 7.2% from 2022 to 2031. The report puts forth the performance of various segments of the market based on type, product, and end user. Moreover, the major growth drivers, market restraints, and investment opportunities in the industry are also presented in the study to help businesses make the right investment decisions.

Growth of the construction sector in the residential and commercial sectors has led to a favorable market for weathering steel goods in order to fulfil the need for housing from a fast-increasing population.

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A Holistic Analysis of the Major Factors Influencing the Industry

In the past few decades, particularly in the post-globalization era, the pace of urbanization and industrialization has grown in the developing countries such as India and China. As a result, the number of industrial infrastructure projects has increased in these nations which is expected to have a positive impact on the weathering steel industry in the coming period. Furthermore, the resurgence of the construction sector across the globe in the post-pandemic period is predicted to play a major role in the growth of the industry from 2021 to 2031.

On the other hand, the fluctuations in the price of raw materials required for the production of weathering steel are expected to create hurdles in the growth of the landscape. Nonetheless, the use of advanced technological solutions like robotics for manufacturing weathering steel is anticipated to generate new investment opportunities in the sector in the near future.

Apart from the growth drivers and market restraints, the AMR report also underlines the performance of the industry in different regions of the globe including Europe, North America, Asia-Pacific, and LAMEA. The regional analysis presented in the study helps the businesses understand the socioeconomic, cultural, and demographic factors affecting the landscape. In case of the weathering steel market, the North America region is held the largest revenue share in 2021 and the LAMEA province is projected to have the highest growth rate in the forecast period.

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Latest Advancements and Upcoming Trends in the Weathering Steel Market

In the past few years, the weathering steel industry has witnessed huge transformation owing to certain advancements in the landscape. The development of weathering steel surface coatings to reduce the impact of corrosion and abrasion is one such example. Three types of weathering steel surface coatings have emerged in the recent past namely, epoxy coatings, nano-coatings, and polysiloxane coatings. Out of these three, epoxy coatings are popular for their adhesive properties. Furthermore, they offer excellent chemical resistance and corrosion protection.

Polysiloxane coatings are high-end products that offer combined benefits of traditional silicone coatings as well as epoxy varnishes. Apart from corrosion protection, these coatings provide UV resistance, color retention, and chemical protection which makes them perfect solution for harsh weather conditions. Nano-coatings are probably the most advanced version of all these products; these varnishes offer a thin layer of finishing that conforms to the steel structure and offer all-round protection. The intrusion of air, moisture, dust, and chemicals is completely prevented with the use of nano-coatings.

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Top Players in the Weathering steel market

The key players profiled in the weathering steel market report include Arcelor Mittal, A. Zahner Company, Baosteel, Bluescope Steel Limited, HBIS Group, Hebei Iron and Steel Group, JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Posco, SSAB AB, Steel Dynamics, Ternium, TimkenSteel, United States Steel Corporation, Tata Steel, Voestalpine and Wuhan Iron and Steel Group. Major companies in the market have adopted product launch, partnership, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the market. 

In conclusion, the AMR report on the weathering steel industry presents a comprehensive analysis of the dynamic nature of the sector. The report also makes use of analytical tools like Porter’s five forces to highlight the competitive scenario of the industry. Finally, the segmental and regional analysis of the industry provided in the study helps businesses focus on the key investment areas in the landscape.

David Correa
Allied Market Research
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