Weathering Steel Market: Introduction
- Weathering steel refers to a high strength low alloy steel that, under normal atmospheric pressure, provides a greater resistance to rusting compared to typical low carbon steel grades. This steel typically has less than 0.3% carbon by weight, which allows it to remain tough and ductile.
- Weathering steel finds wide application in utilities, sign pole, highway guardrails, structures, and bridges. It offers enhanced safety by eliminating the need for a protective paint system and a long life span and reduces overall lifecycle costs.
Key Drivers & Restrains of Global Weathering Steel Market
- Increase in demand for steel material for bridge construction is expected to drive the weathering steel market during the forecast period. Weathering steel offers long life span, improved corrosion resistant, and low maintenance features, which make it an ideal material for use in bridge construction application.
- Surge in capital expenditure on infrastructure development due to strong economic growth and rise in population in both developing and developed countries are anticipated to propel the global weathering steel market. Weathering steel exhibits attractive appearance and has long shelf life, which will further boost market growth. However, use of weathering steel in areas where concentrations of corrosive chemicals or industrial fumes is high could impact its properties. This factor is expected to restrain the global weathering steel market during the forecast period.
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Building & Construction Application Segment to Hold Major Share of Global Market
- The global weathering steel market can be segmented based on type, form, application, and region
- Based on application, the global weathering steel market can be divided into building & construction, architecture, industrial, transportation, and others. Building & construction segment is anticipated to witness significant growth during the forecast period. The extraordinary appeal of weathering steel is driving its adoption in outdoor and architectural constructions.
- In terms of type, the global weathering steel market can be divided into Corten A, Corten B, and others. Corten B is one of the most extensively used weather steel due to its high toughness and superior strength.
- On the basis of form, the global weathering steel market can be classified into sheet, plates, bars, and others. Plates is one of the most extensively used form of weathering steel. They are suitable for sulfur rich and high temperature environment to enhance metal life. Weathering steel plates find wide application in heavy-duty transport, railway rolling stock, and shipping containers.
North America Anticipated to Dominate Global Weathering Steel Market
- In terms of region, the global weathering steel market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The weathering steel market in North America is projected to witness rapid growth during the forecast period. This growth of the market can be attributed to the rise in construction activities, which has resulted in high demand for attractive appearance of building. Moreover, weathering steel offers minimal maintenance requirement of infrastructure in various industries which will propel market growth.
- The weathering steel market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to increase in investments in infrastructure development such as road & rail networks and bridges primarily in developed and developing economies such as Japan, South Korea, India, and China
- The weathering steel market in Europe is projected to witness growth during the forecast period due to increase in investments in the development of electrical infrastructures. Weathering steel offers anti-corrosive properties, which will make its adoption viable across the region.
- The weathering steel market in Latin America and Middle East & Africa is projected to grow at a sluggish pace during the forecast period
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Key Players Operating in Global Weathering Steel Market
Leading companies operating in the global weathering steel market include:
- United States Steel Corporation
- Arcelor Mittal
- Nippon Steel & Sumitomo Metal Corporation
- Tata Steel
- HBIS GROUP
- Masteel UK
- A. Zahner Company
- Metal Sales Manufacturing Corporation
- CASCADIA METAL.
Global Weathering Steel Market: Research Scope
Global Weathering Steel Market, by Type
Global Weathering Steel Market, by Form
Global Weathering Steel Market, by Application
- Building & Construction
Global Weathering Steel Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.