The Global Heat-Treated Steel Plates Market is projected to reach USD 8,667.9 Million by 2028, and register a CAGR of 4.60%. The global Heat-Treated Steel Plates market report is an exhaustive analysis of the chemicals and materials industry and offers key insights into the market dynamics, drivers, restraints, current and emerging trends, and growth opportunities in the Heat-Treated Steel Plates market. The report provides an accurate estimation of the market size in terms of value and volume. The market size and share has been estimated and validated by implementing both top-down and bottom-up approaches. The research report provides a comprehensive assessment of the top companies operating in the market to offer a clear understanding of the competitive landscape of the Heat-Treated Steel Plates market on a global and regional scale.
Increasing aerospace and defense budgets in different countries are likely to propel the demand for heat-treated steel plates as these steel plates are used in helicopters, tanks, aircraft, and ships. The U.S. military budget is the world's largest and has a massive impact on the manufacturing sector.
The Automotive and Transport sector is anticipated to see the fastest growth by 2028. Steel is one of the renewable materials and has a high presence in parts and assemblies in automobiles. Heat treatment is a crucial attribute of the manufacture of automotive and transport components. They are unable to withstand stress if the components are not heat treated and may observe crack development or failure. Processes including standardization, annealing, stress relief, hardening, and tempering are likely to witness continued demand due to continuous automotive production and rising demand for new aircraft, thereby driving growth in the market for heat-treated steel plates.
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The COVID-19 impact:
The COVID-19 pandemic is likely to interfere to some degree with the development of the business. In this challenging situation, major industry players are pessimistic about the future of the market and are seeking to reshape their strategies for maintaining it. The pandemic had severely affected the automotive industry, and most of the big automakers were forced to stop production and other operations. There is a shortage of workforce in several parts of the world, due to repeated lockdowns. COVID-19 has impacted international trade, exports, and imports and, consequently, industry demand has also significantly decreased. The major market companies are trying to clear their stocks and are focusing on maintaining their cash balances. In a way, this pandemic, amid these bleak times, also provides an opportunity for the growth of the industry as people will become more mindful of health and safety, thereby concentrating on the adoption of green vehicle materials. People's median disposable income is likely to decline, and manufacturers are trying to find creative solutions that can serve customer needs at a much lower cost.
Key players in the market include Nippon Steel & Sumitomo Metal Corporation, Posco, ArcelorMittal, Baosteel, TATA Steel, Thyssenkrupp AG, Novolipetsk Steel, Essar Steel, JFE Holdings and Outokumpu, among others.
Further key findings from the report suggest:
The automotive and transport segments accounted for the largest share and are expected to hold their position in the coming years. Growing demand from aircraft due to increased air passenger traffic and rapidly evolving electric vehicles are the main factors responsible for growth in the segment.
The construction industry’s optimistic outlook in the emerging economies and increased investment in highways, railways, and bridges is projected to boost demand for heat-treated steel plates.
Quenching and tempering are projected to witness sustained growth due to a growing need among end-use industries for enhanced hardness, toughness, and strength in different areas.
Case hardening is estimated to grow at the highest CAGR due to the durability and surface hardness. This process provides over the forecast period.
Asia-Pacific accounts for the largest share of the heat-treated steel plates market and the area is expected to see substantial growth by 2027 due to the expansion of the construction, automotive and industrial machinery industries in the emerging economies.
In May 2018, Tata Steel Limited acquired Bamnipal Steel Limited (BNPL). This acquisition made BNPL the promoters of Bhushan Steel Limited.
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For this report, Reports and Data have segmented into the global Heat-Treated Steel Plates Market based on Product, Manufacturing Process, Application, and region:
Steel Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
Stainless
Carbon
Alloy
Treatment Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
Quenching & Hardening
Case Hardening
Normalizing
Annealing
Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2018-2028)
Industrial Machinery
Automotive
Transportation
Construction
Others
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