The ‘Global Heat Treated Steel Plates Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global heat treated steel plates market, assessing the market on the basis of its segments like types, treatments, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Heat Treated Steel Plates Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): Around USD 5.8 Billion
• Forecast CAGR (2024-2032): 4.1%
• Forecast Market Size (2032): Nearly USD 7.4 Billion
A major factor driving the global heat treated steel plates market is the increasing implementation of the product in the building and construction sector. Due to rapid urbanisation and the development of smart cities, the construction of infrastructures such as buildings, bridges, dams, and other engineering projects is also expected to rise. Moreover, renovations and rebuilding of old structures also fuel the demand for heat-treated steel plates.
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There is a growing usage of heat-treated plates for the production of machinery such as gear wheels, railway wheels, hydraulic clutches, brake drums, and electric transmission in the heavy machinery sector. Furthermore, due to the recyclable properties of steel, heat-treated steel plates are sustainable and widely preferred in the automotive sector. Growing concerns regarding traffic pollution also favour the use of such plates in trucks, railway components, and other vehicle parts.
The rising implementation of renewable energy sources such as solar and wind power is another crucial factor aiding the global heat treated steel plates market owing to the usage of steel plates in mounting solar panels and wind turbines. Moreover, these plates are extensively utilised in the shipbuilding sector for offshore equipment, support vessels, yachts, structural and repair parts, and dredgers.
Heat Treated Steel Plates Industry Definition and Major Segments
Heat-treated steel plates refer to plates made by subjecting the steel to a high temperature of 500° C to enhance their elasticity, toughness, and strength. These plates are used in several end-use sectors such as automotive, construction, industrial machinery, and shipbuilding, among others, due to their improved chemical and mechanical properties.
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On the basis of type, the market is classified into:
• Carbon Steel
• Alloy Steel
• Stainless Steel
Based on treatment, the market is segmented into:
On the basis of application, the market is categorised into:
• Automotive and Heavy Machinery
• Building and Construction
• Ship Building and Off-Shore Structures
• Energy and Power
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Heat Treated Steel Plates Market Trends
A key trend propelling the growth of the global heat treated steel plates market is the growing adoption of sustainable solutions in construction. The popularity of green buildings which use eco-friendly construction products and materials is expected to rise due to growing environmental concerns, fuelling the demand for steel plates with a low carbon footprint.
Market players are also focused on deploying advanced technologies to improve production methods such as quenching and tempering treatment methods. Furthermore, collaborative efforts and partnerships to enhance the chemical and mechanical properties of these steel plates also boost the market growth.
Key players are increasingly attempting to enhance the sustainability profile of steel. For instance, in July 2023, Swedish steel manufacturers SSAB and KIRCHHOFF Automotive collaborated to reduce the carbon footprint of steel by 40% for use in the automotive sector.
The Asia Pacific accounts for a substantial share of the global heat treated steel plates market owing to its increased usage of the product in end-use sectors such as industrial machinery. Furthermore, the rise in the development of infrastructural projects due to rapid urbanisation in developing economies also supports the market growth. Increasing heat operations and rapid industrialisation in the region are expected to drive the market in the coming years.
Key Market Players
The major players in the global heat treated steel plates market report are:
- ArcelorMittal S. A
- Nippon Steel Corporation
- Tata Steel Limited
- JFE Steel Corporation
- Baosteel Group Hu ICP
- Hyundai Steel Co., Ltd.
- ThyssenKrupp AG
- NLMK Group
- Nucor Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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