The heat treated steel plates market size has grown steadily in recent years. It will grow from $67.79 billion in 2024 to $70.14 billion in 2025 at a compound annual growth rate (CAGR) of 3.5%. 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 and military defense applications.
The heat treated steel plates market size is expected to see steady growth in the next few years. It will grow to $82.09 billion in 2029 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to renewed infrastructure investments, growing renewable energy sector, growth in the automotive industry, increased industrialization, and 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, and global supply chain optimization.
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What Are the Key Drivers For the Growth of Heat Treated Steel Plates Market?
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, 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, propelling the growth of the market in the coming years.
What Are the Major Segments Within the Global Heat Treated Steel Plates Market?
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
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Which Key Companies Are Dominating The Heat Treated Steel Plates Market?
Major companies operating in the heat treated steel plates market include ArcelorMittal SA, ThyssenKrupp AG, Pohang Iron and Steel Company, Tata Steel Limited, Baosteel Group, Outokumpu Oyj, Nippon Steel Corporation, Novolipetsk Steel PJSC, Gerdau SA, Jiangsu Shagang Group Company Limited, US Steel Corp., Ansteel Group Corporation Limited, HYUNDAI STEEL Co. Ltd., 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, Wuhan Iron and Steel Corporation.
What Emerging Trends Are Shaping The Heat Treated Steel Plates Market Landscape?
Business collaboration is a key trend gaining popularity in the heat-treated steel plate market. Major companies operating in the heat-treated steel plate sector are focused on business collaboration through business contracts, MoUs, and strategic partnerships to strengthen their position. For instance, in May 2023, Aramco, a Saudi-Arabia-based petroleum refinery company partnered with Baoshan Iron & Steel Co., Ltd., a China-based steel company and the Public Investment Fund (PIF) to establish an integrated steel plate manufacturing complex in the Kingdom of Saudi Arabia. The purpose of the partnership is to boost the Kingdom’s domestic steel production capabilities, reduce reliance on imports, and support key industries such as energy, shipbuilding, and construction, aligning with Saudi Vision 2030’s goals of industrial diversification and economic growth.
Which Region Is Expected To Grow The Fastest In The Heat Treated Steel Plates Market?
Asia-Pacific was the largest region in the heat treated steel plates market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the heat treated steel plates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Heat Treated Steel Plates Market Report 2025 Offer?
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. The Heat Treated Steel Plates Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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