The global heat treated steel plates market size is expected to reach USD 7.9 billion by 2027, registering a CAGR of 3.9%, as per a new report by Grand View Research Inc. China’s extensive investment in construction, automotive, and industrial machinery industries is the most prominent factor driving the growth of heat treated steel plates market. China’s industrial output has witnessed a growth of 6.2% y-o-y in 2018 and railway, automotive, and equipment & machinery sectors remain the major contributors.
Rapid growth in industrialization has fueled the need for further investments in energy, highways, railways, and other industrial infrastructure. The network of highways and railways network is comparatively low in China and India when compared to the developed nations. Therefore, developing countries are keen on boosting their economies, and hence the country is by numerous infrastructure projects. China gave approval to 26 infrastructure projects in 2019 that included rail project development in Kunming, Chengdu, Zhengzhou, Chongqing, and Xian.
The growing demand for new edifices owing to swift urbanization is anticipated to steer the expansion of the heat treated steel plates market during the forecast period. Furthermore, the rise in steel demand in a plethora of application sectors will aggrandize the industry trends. Exponential fund allocation for industrial and infrastructural growth will proliferate the heat-treated steel plate industry expansion over the forthcoming years.
Heat Treated Steel Plates Market Report Highlights
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The heat treated steel plates industry held a prominent share of the global economy and is accountable for supplying key raw materials for several end-use applications, thus being a key segment of focus amidst the Covid-19 pandemic outbreak
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Hardening and tempering of the process segment dominated the global market, accounting for a revenue share of 25.2% in 2019 owing to the usage of steel plates and its ability to develop exceptional strength and durability
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Case hardening is set to expand at the fastest CAGR of 4.8% by 2027 on account of toughness and surface hardness provided by this process
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The construction application segment revenue was valued at USD 702.3 million in 2019 and is ascribed to the increasing investment in railways, highways, bridges, etc.
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Heat Treated Steel Plates Market Segmentation
Grand View Research has segmented the global heat treated steel plates market on the basis of process, application, and region:
Heat Treated Steel Plates Process Outlook (Revenue, USD Million, 2016 – 2027)
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Hardening & Tempering
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Case Hardening
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Annealing
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Normalizing
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Others
Heat Treated Steel Plates Application Outlook (Revenue, USD Million, 2016 – 2027)
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Automotive & Transportation
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Metalworking
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Industrial Machinery & Equipment
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Construction
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Others
Heat Treated Steel Plates Regional Outlook (Revenue, USD Million, 2016 – 2027)
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North America
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U.S.
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Europe
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Germany
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France
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Russia
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Asia Pacific
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China
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Japan
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India
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South Korea
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Central and South America
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Brazil
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Middle East & Africa
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Iran
List of Key Players of Heat Treated Steel Plates Market
• Nippon Steel Corporation
• Baosteel, Tata Steel
• ArcelorMittal
• POSCO
• Outokumpu
• JFE Holdings
• Thyssenkrupp AG
• Essar Steel
• Novolipetsk Steel.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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