LOS ANGELES, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, Recently Published Report on titled “Weathering Steel Market Size, Share, Growth Outlook, Sales, Trends and Forecast, 2019-2026”.
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Asia-Pacific dominated the global weathering steel market in the year 2018. The region has experienced the potential growth owing to government initiatives, increasing investment from private and public sectors, and increase in demand for higher quality steel which offers low maintenance and long shelf life. The presence of a key manufacturers and large customer base and rising foreign direct investment in manufacturing and infrastructure development sector is additionally accelerating the regional market growth. The key factors which rise the growth of market are rising per capita income, technological advancement in weathering steel, and increase in number of applications, and growing construction and infrastructure development in the region. The emerging countries of the APAC region offer tremendous opportunities in the weathering steel market due to the increased modern architecture and building & construction activities in the region. Furthermore, rapid industrialization and urbanization rising the construction of residential as well as commercial buildings, schools, hospitals, offices, malls, multiplex, roads, and bridges in different regions and countries. Government schemes and policies are further expected to fuel the growth of the construction industry. This also expected to open investment opportunities in the global market for the manufacturers in the coming years. The North America region is expected to exhibit a second-largest share in the weathering steel market. The rising demand of weathering steel from end use industries, growing number of infrastructure development projects, and increase in production and consumption of weathering steel in the region is further expected to witness rapid growth of the market in this region. The US has large research and development hub which increases the innovation and development in weathering steel and growing manufacturing base of weathering steel propels the market growth. This further grows the demand for weathering steel in the region over the forecast the period.
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Europe is expected to register highest CAGR during the forecast period. The major factors which are expected to drive the growth of weathering steel market in the Europe region are growing research and development from manufacturers, growing production of weathering steel, and growing construction industry in the region.
The Corten-B segment expected to grow at the fastest rate of 7.8% CAGR during the forecast period. Based on type, the global weathering steel market has been segmented into Corten-A, Corten-B, and other types. The Corten-B type weathering steel has high durability, corrosion resistant, low maintenance, and high tensile strength as compared to other types. These factors are further expected to raise segment over the forecast period.
Plates segment dominated the weathering steel market on the basis of form in the year 2018. The plates segment accounts of the largest share in the market and held for more than 25% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand for weathering steel in heavy duty transport applications, rising demand for durability in construction and growing construction industry, low thermal resistance, effective, and low cost. This expected to enhance the dominance of the plates segment in the global market over the forecast period. The manufacturers Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, and United States Steel Corporation are the mainly investing in the development of plates which expected the lead the market in the coming years.
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Building & construction segment dominated the weathering steel market on the basis of end user in the year 2018. The building & construction segment accounts of the largest share in the market and held for more than 31% of the total market in 2018. The major factors that are driving the growth of this segment are the growing infrastructure development, increase in private and public investment, rising demand for durability in construction. This expected to enhance the dominance of the building & construction segment in the global market over the forecast period.
Some of the leading competitors are HBIS Group, Posco SS Vina, Co. Ltd, A. Zahner Company, Metal Sales Manufacturing Corporation, Henan Gang Iron and Steel Co., Ltd., Tata Steel Ltd, Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, United States Steel Corporation, SSAB AB, and JFE Steel Corporation, Bluescope Steel Limited.
Some of the key observations regarding weathering steel industry include:
- In October 2018, ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation in procedure for the acquisition of Essar Steel India Limited (ESIL). The acquisition further raises the sales of weathering steel and increase the customer base in India.
- In June 2018, Nippon Steel & Sumitomo Metal Corporation acquired Ovako AB. The acquisition focuses on manufacturing specialty steel and enhances the customer base in Europe and expands the position in market.
- In May 2017, Liberty House Groupacquired Tata Steel specialty steel business at USD 112.7 Million. The acquisition focuses on development and manufacturing of steel products and enhances its market presence in China.
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