Weathering steel, also known as Corten steel, is a group of steel alloys that form a stable rust-like appearance after several years' exposure to weather. Weathering steels are particularly suited for use in bridges, buildings and marine applications where a durable, maintenance-free finish is required. The global weathering steel Market is estimated to be valued at US$2.5 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
The increased use of weathering steel for bridges and highways is one of the major trends propelling the growth of the global weathering steel market. Weathering steel requires little to no maintenance as it develops a stable rust-like appearance on long-term exposure and protects underlying steel from corrosion. Many highway authorities and state governments are opting for weathering steel over galvanized or painted steel for bridges and overpasses due to lower maintenance costs over the structure's lifetime. This growing demand from infrastructure industry is expected to drive the weathering steel market during the forecast period.

SWOT Analysis
Strength: Weathering steel is highly durable and does not require painting or other maintenance. Its natural rust layer protects it from further corrosion.

Weakness: It goes through an initial period where its appearance changes substantially as the rust develops fully. Its corrosion resistance is reduced in marine environments.

Opportunity: Rising construction of infrastructure projects globally will drive demand. Increasing applications in bridges, buildings, and ships offer new opportunities.

Threats: Volatility in steel prices impacts the costs. Strict environmental regulations can limit its usage in some regions.

Key Takeaways
The Global Weathering Steel Market Demand is expected to witness high growth.

Regional analysis: The Asia Pacific region currently dominates the global weathering steel market and the growth is expected to remain high due to increasing investments in infrastructure projects across China, India. North America and Europe are also significant markets driven by ongoing projects for bridge and highway construction.

Key players operating in the global weathering steel market are ArcelorMittal, United States Steel Corporation, Nippon Steel Corporation, Posco, Tata Steel, Beaver Steel, SSAB, JFE Steel Corporation. The market is fragmented in nature with large number of regional and local players. The key strategies adopted by major players are new product development and mergers and acquisitions to gain higher share.

For more insights, Read- https://www.pressreleasebulletin.com/global-weathering-steel-market-demand-share-analysis/

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