Overview and Scope
Heat-treated steel plates refer to a process of manufacturing steel plates by rapid heating and cooling, which modifies steel’s physical and occasionally chemical characteristics and affects the material’s mechanical qualities to give them properties such as improved surface stiffness, temperature tolerance, ductility, and resilience, which is expected to help them last longer.
Sizing and Forecast
The heat treated steel plates market size has grown steadily in recent years. It will grow from $66.15 billion in 2023 to $68.78 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to infrastructure development, increasing demand from the automotive and heavy machinery industry, growing demand from the building and construction industry, rising demand from the shipbuilding and offshore structures industry, military and defense applications.
The heat treated steel plates market size is expected to see steady growth in the next few years. It will grow to $78.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to renewed infrastructure investments, growing renewable energy sector, growing in the automotive industry, increased industrialization, expansion of aerospace industry. Major trends in the forecast period include advancements in heavy machinery manufacturing, customization and specialized steel alloys, digitalization in manufacturing, development of ultra-high-strength steel, global supply chain optimization.
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Segmentation & Regional Insights
The heat treated steel plates market covered in this report is segmented –
1) By Type: Carbon Steel, Alloy Steel, Stainless Steel
2) By Heat Treatment Type: Annealing, Tempering, Normalizing, Quenching
3) By End-user: Automotive and Heavy Machinery, Building and Construction, Ship Building and Off-Shore Structures, Energy and Power, Other End-user Industries
Asia-Pacific was the largest region in the heat treated steel plates market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regionscovered in the heat treated steel plates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of shipbuilding activities is significantly driving the growth of the heat treated steel plates market. Heat-treated steel plates are used in the construction of cargo and passenger ships, offshore drilling platforms, boats, and other structures and vessels. For instance, in October 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the number of merchant fleet or vessel registrations increased to 103 thousand in January 2022, with an increase of 9.57% from the previous year. China, the Republic of Korea, and Japan collectively accounted for 94% of global shipbuilding activities. This increasing number of shipbuilding activities will invariably create a huge demand for heat-treated steel plates. Hence, the growing number of shipbuilding activities is expected to propel the growth of the heat treated steel plates market over the coming years.
Key Industry Players
Major companies operating in the heat treated steel plates market report are ArcelorMittal SA, ThyssenKrupp AG, Pohang Iron and Steel Company, Tata Steel Limited, Baosteel Group, Outokumpu Oyj, Japan Future Enterprise Holdings Inc., Nippon Steel Corporation, Novolipetsk Steel PJSC, Essar Gujarat Limited, Gerdau SA, Jiangsu Shagang Group Company Limited, US Steel Corp., Ansteel Group Corporation Limited, HYUNDAI STEEL Co. Ltd., Nuclear Corporation of America, Acerinox SA, Armco and Kawasaki Steel Corp., Allegheny Technologies Inc., China Baowu Steel Group, Kobe Steel SA, Marcegaglia AG, Novolipetsk Steel, Ovako Inc., Salzgitter AG, Severstal Ltd., Steel Authority of India Limited, Sumitomo Metal Industries Ltd., Tenaris SA, Voestalpine AG, Welspun Corp Limited, Wuhan Iron and Steel Corporation
The heat treated steel plates market report table of contents includes:
1. Executive Summary
2. Heat Treated Steel Plates Market Characteristics
3. Heat Treated Steel Plates Market Trends And Strategies
4. Heat Treated Steel Plates Market – Macro Economic Scenario
5. Global Heat Treated Steel Plates Market Size and Growth
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26. South America Heat Treated Steel Plates Market
27. Brazil Heat Treated Steel Plates Market
28. Middle East Heat Treated Steel Plates Market
29. Africa Heat Treated Steel Plates Market
30. Heat Treated Steel Plates Market Competitive Landscape And Company Profiles
Top Major Players:
- ArcelorMittal SA
- ThyssenKrupp AG
- Pohang Iron and Steel Company
- Tata Steel Limited
- Baosteel Group
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