The global Heat-Treated Steel Plates market has reached USD 110.56 Billion in 2019 and estimated to reach USD 141.26 Billion in 2026 and anticipated to grow by CAGR of 3.65% during the forecast period 2020- 2026. The market is growing owing to various factors. The rapid urbanization and increased construction activity in the emerging nations coupled with large-scale industrial and infrastructure investments are fueling the market growth during the forecast period 2016-2026.
The other factors driving the market of global heat-treated steel plates are the growing building and construction activities, which requires these steel plates in high number. The construction industry is among the world’s fastest-growing sectors. Besides, the products are mainly utilized for maintaining stability and strength in buildings and bridges. The increase in disposable incomes of the urban population is leading to the construction of new houses in urban regions, thereby giving rise to an increased demand for heat-treated steel plates.
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The surge in the middle-class population, coupled with the increase in the standards of living of the people are expected to propel the demand for heat-treated steel plates. The rise in demand for steel across different industries, easy accessibility of raw materials, and inexpensive labor, along with significant domestic demand, makes this market very engaging for industry participants. Furthermore, the rise in product demand from construction and manufacturing sectors, along with the growing popularity of infrastructures like bridges, dams, commercial hubs, and engineering structures, are other aspects that are projected to stimulate the heat-treated steel plates market development on a global scale.
The increase in product demand from construction and manufacturing sectors, along with the growing popularity of infrastructures like bridges, dams, commercial hubs, and engineering structures, are some aspects that are projected to stimulate the heat-treated steel plates market development. Furthermore, surging applications of heat-treated steel plates in energy & power, industrial machinery, automotive & defense vehicles, and shipbuilding are some other factors expected to stimulate the growth of the market during the forecast horizon.
The rise in the urban population coupled with high per capita income generates the demand for steel products for various purposes, which is fueling the market of heat-treated steel plates during the forecast period. Due to surging urbanization, the building & construction activities are growing on a large scale, thereby, large-scale investments in infrastructure & industrial sectors are taking place extensively.
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By geography, the global Heat-Treated Steel Plates Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to record the highest CAGR during the forecast period, owing to the growing major end-user industries such as defense, shipbuilding, and automotive in nations in the region. The Asia Pacific has the lion’s share of the market for heat-treated steel plates in 2016 and is predicted to maintain its dominance, owing to the presence of a large number of players.
The major market players in the Global Heat-Treated Steel Plates are ArcelorMittal, Posco, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings, Baosteel, Thyssenkrupp AG, Tata Steel, Outokumpu, Novolipetsk Steel, Vitkovice Steel, Essar Steel, Hyundai Steel, Voestalpine, Ansteel, Steel Authority of India Limited, Jiangsu Shagang Group, Jindal Steel & Power, and other prominent players.
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