Increasing incidence in applications in heavy machinery production and growing demand from the construction industry is driving the demand for the market.
Heat Treated Steel Plates Market Size – 6,036.0 Million in 2020, Growth - CAGR of 4.60%, Trends – Rapid growth in urbanization.
The Global Heat Treated Steel Plates Market is projected to reach USD 8,667.9 Million by 2028, and register a CAGR of 4.60%. Growing construction activities, large-scale investment in infrastructure manufacturing, and rapid urbanization in emerging economies are boosting growth in demand for Heat Treated Steel Plates. The construction segment will account for the largest market share.
The projection is that rapid growth in urbanization will increase investment in highways, railways, energy, and other infrastructure. Compared to the developed countries, the network of highways and railways in China is still low, and therefore the country is set to bolster its economy through numerous infrastructure projects. Infrastructure growth is expected to lead to demand for building machinery and equipment, thus increasing demand for Heat Treated Steel Plates.
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Top Companies: Nippon Steel Sumitomo Metal Corporation, Posco, ArcelorMittal, Baosteel, TATA Steel, Thyssenkrupp AG, Novolipetsk Steel, Essar Steel, JFE Holdings and Outokumpu, among others.
Further Key Finding from the Report Suggestion:
- The automotive and transport segments accounted for the largest share and are expected to hold their position in the coming years. Growing demand from aircraft due to increased air passenger traffic and rapidly evolving electric vehicles are the main factors responsible for growth in the segment.
- The construction industry’s optimistic outlook in the emerging economies and increased investment in highways, railways, and bridges is projected to boost demand for Heat Treated Steel Plates.
- Quenching and tempering are projected to witness sustained growth due to a growing need among end-use industries for enhanced hardness, toughness, and strength in different areas.
- Case hardening is estimated to grow at the highest CAGR due to the durability and surface hardness. This process provides over the forecast period.
- Asia-Pacific accounts for the largest share of the Heat Treated Steel Plates market and the area is expected to see substantial growth by 2027 due to the expansion of the construction, automotive and industrial machinery industries in the emerging economies.
- In May 2018, Tata Steel Limited acquired Bamnipal Steel Limited (BNPL). This acquisition made BNPL the promoters of Bhushan Steel Limited.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Heat Treated Steel Plates market is segmented into:
Steel Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
- Stainless
- Carbon
- Alloy
Treatment Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
- Quenching Hardening
- Case Hardening
- Normalizing
- Annealing
- Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
- Industrial Machinery
- Automotive
- Transportation
- Construction
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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