World Weathering Steel Market to Hit $2.42 Billion

SEATTLE (Scrap Monster): The recent market research report published by the Data Bridge Market Research (DBMR) says that the global weathering steel market is expected to register a CAGR of 9.30% during the period from 2022 to 2029. The market, which was valued at $1.19 billion in 2021, is expected to hit $2.42 billion by the end of the forecast period.

RELATED NEWS:

EUROFER Foresees Consolidation of Gloomy Steel Market Outlook

World Steel Rebar Market to Surpass $490 Billion by 2030

The Asian Development Bank (ADB) calls for investment of more than $22.6 trillion on infrastructure by the region's rising economies in Asia and the Pacific by 2030, so as to maintain the current market development rate.

According to the report, there has been a noticeable increase in the usage of weathering steels for the construction of new highway bridges. In addition to long shelf life, the weathering steel construction offers a wide range of other advantages, including lower life cycle costs and increased safety. 

The weathering steel in the form of plates has witnessed increased demand. The ongoing robust demand is demand is expected to boost the overall market demand growth. The rising use of innovative materials and processes will extend profitable opportunities to the market players in the forecast period, the report said.