ID: MRFR/CnM/5525-HCR | 140 Pages | Author: Priya Nagrale | May 2023
Heat-Treated Steel Plates Market is projected to be worth USD 8,670.9 Million by 2028, registering a CAGR of 4.70% during the forecast period (2021 - 2028).
The heat-treated steel plates market is projected to register a CAGR of 4.70% from 2021-2028. The use of heat for treatment is under control. In order to give metals and alloys like steel and aluminum properties like improved temperature tolerance, ductility, surface stiffness, and resilience, which should help them last longer, it is used to change the microstructure of those materials. The heat-treated steel plates market size is expected to reach approximately USD 8,670.9 Million by 2028. Heat-treated steel plates have a significant impact on the construction, infrastructure, and industrial machinery industries thanks to their many advantages. Increased urbanization, large investments in the infrastructure and industrial sectors, and construction activity in developing economies worldwide will all increase demand for the heat-treated steel plates market.
COVID-19 Impact Analysis
The Covid-19 pandemic epidemic has had a substantial influence on the market for heat-treated steel plates. Many nations were obliged to proclaim lockdowns and closures due to the pandemic's rapid spread. Steel production was halted as a result of the need to shut down the factories. Significant changes were made to the production and supply of heat-treated steel plates market. The market for heat-treated steel plates is projected to grow more quickly as a result of the government relaxing its restrictions on lockdowns and shutdowns. The market's top competitors are working nonstop to resurrect it. To increase the revenue from the sale of heat-treated steel plates, the major market participants are actively implementing a variety of techniques, such as mergers and acquisitions. In the upcoming years, it is predicted that the ongoing efforts, along with the relaxing of the constraints, will have a favorable impact on the market for heat-treated steel plates.
The primary drivers of the market for heat-treated steel plates growth rate include factors like rising urbanization and increased demand from end-use industries. Increased demand from the manufacturing and construction sectors, as well as increased demand for infrastructure, including the production of bridges, dams, commercial centers, and engineering projects, will help promote market expansion. The market for heat-treated steel plates is expected to develop, but this is expected to be hampered by the fluctuation in raw material prices. According to estimates, the market will have a lot of chances as a result of the growing use of heat-treated steel plates in industrial machinery, energy and power, automobiles and defense vehicles, and shipbuilding. On the other hand, the market for heat-treated steel plates faces a significant obstacle due to the effects of the economic slump.
Commercial, residential, industrial, and other public structures like bridges, tunnels, and roads all frequently use carbon steel. Steel is a strong, lightweight, and ductile material that can be used to build structures and other infrastructure. The construction of smart cities, tech parks, shopping malls, high-rise buildings, motorways, and other types of public infrastructure are only a few examples of the numerous new global infrastructure projects that have been developed recently. The modern construction sector is seeing an increase in the demand for high-strength and affordable building materials, which is anticipated to fuel demand for heat-treated steel plates over the projected period, thus driving the global market for heat-treated steel plates expansion.
The usage of carbon fiber composites in automobiles has expanded due to the demand for lightweight vehicles. By using carbon fiber composites, it is possible to lower the weight of an automobile by 40%–50% and improve its fuel efficiency by 30%–35%. Luxury vehicles like the BMW i8 and BMW 7 are being produced on a big scale with the progressive use of carbon-fiber-reinforced plastics. Regulations pertaining to emissions and fuel economy are forcing the automobile sector to lighten vehicles, which is posing problems for the market for heat-treated steel plates worldwide. During the forecast period, these factors will have a negative effect on the market for heat-treated steel plates expansion.
There are new prospects for market for heat-treated steel plates expansion as a result of the rise in demand for heat-treated steel plates across a variety of end-use sectors. The construction sector has a strong need for a heat-treated steel plates market for the construction of dams, bridges, commercial hubs, and other engineering structures. In addition, a variety of industrial machinery, including hydraulic clutches, flywheels, brake drums, crane cable drums, boiler mountings, crankshafts, machine-wearing steel, etc., are frequently made from heat-treated plates. The market for heat-treated steel plates is anticipated to be further stimulated by this.
The heat-treated steel plates market segmentation, based on type, is carbon, stainless steel, treatment process, annealing, and hardening. The heat-treated steel plates market was prominently high under the hardening category in 2021 The steel plate is heated throughout the hardening process, and then it is slowly or quickly cooled. The plate is heated to a temperature between 850 and 900 degrees C, which is above the upper critical. The plate is once more cooled in a medium like oil, water, or air, depending on the steel's properties. Induction, an electric oven, a cooker, or gas can all be used to heat the plate
The heat-treated steel plates market is segmented, based on application is bridges, buildings, and offshore structures. In 2021, buildings accounted for the largest market share of the market due to a surge in urbanization and the creation of facilities, including bridges, engineering structures, and commercial hubs.
Global Heat-treated Steel Plates Market Share, by Region, 2021 (%)
By region, the heat-treated steel plates market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the review period.
Asia Pacific dominated the market share in the market for heat-treated steel plates in 2021. Due to significant infrastructural initiatives, the industrial machinery industry in the area is anticipated to grow profitably over the coming years. Energy, transportation, information, and water transportation projects will make up the majority of these developments.
North America accounted for the second-largest share in the market for heat-treated steel plates in 2021 due to rising construction costs, continuous vehicle production, and expanding aircraft manufacturing. Additionally, there will probably be a significant increase in demand for heat-treated steel plates in the area due to government funding for aerospace and defense as well as changes in trade policies.
January, 2023: Nucor Corp.’s new steel plate mill in Brandenburg, Ky., rolled its first steel plate on Dec. 30, 2022. Nucor Steel Brandenburg, a $1.7 billion capital investment with the ability to produce 1.2 million tons annually, will focus on final commissioning of the mill in the first quarter of 2023 and will ship the first tons to customers during the quarter. Nucor Steel Brandenburg will be among only a few mills globally – and the only mill in the United States, according to the company – capable of manufacturing at scale the heavy-gauge plate used in monopile foundations for offshore wind towers.
The recent passage of the Inflation Reduction Act, which included $300 billion for clean energy development and climate programs, supports the Biden Administration’s announced goal to build 30 gigawatts of offshore wind power by 2030. This could result in approximately 7.5 million tons of additional steel demand. According to Nucor Steel Brandenburg, it will be able to produce 97% of plate products consumed domestically.
November, 2022: Steel Dynamics Announces Planned State-of-the-Art Aluminum Flat Rolled Mill Site Selection - The planned $1.9 billion aluminum flat rolled mill is designed to have an annual production capacity of 650,000 tonnes of finished products, serving the sustainable beverage packaging, automotive, and common alloy industrial sectors. The product offering will be supported by various value-added finishing lines, including CASH (continuous annealing solutions heat treating) lines, continuous coating, and various slitting and packaging operations. The rolling mill is currently expected to begin operations in mid-2025. The company's focus on decarbonization will also be applied to this aluminum operation, including plans to use a significant amount of pre- and post-consumer aluminum scrap in its production process, supported by the company's metals recycling platform, which is the largest nonferrous metals recycler in North America.
The market includes tier-1, tier-2, and local players. The key market participants generally pursue new semiconductor metrology and inspection market categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to standard robots. For instance, in February 2022, Tata Steel announced that it would purchase NeelachalIspat Nigam Ltd. The acquisition is probably going to increase the Tata Steel subsidiary's ability to produce long steel.
Prominent players in the heat-treated steel plates market include Essar Steel (India), SAIL (India), POSCO (South Korea), JFE Holding Inc. (Japan), Tata Steel (India), NLMK Group (Russia), ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Baosteel Group Hu (China), ThyssenKrupp AG (Germany), among others.
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the heat-treated steel plates market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of heat-treated steel plates market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the heat-treated steel plates market.
To find out the factors which are affecting the heat-treated steel plates market among consumers
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2028: USD 8,670.9 Million|
|CAGR||4.70% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Essar Steel (India), SAIL (India), POSCO (South Korea), JFE Holding Inc. (Japan), Tata Steel (India), NLMK Group (Russia), ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Baosteel Group Hu (China), ThyssenKrupp AG (Germany), among others.|
|Key Market Opportunities||High demand from a variety of end-use industries for heat-treated steel plates|
|Key Market Drivers||The growing demand from the construction industry.|
The global heat-treated steel plates market forecast period is 2021-2030
The market is expected to register a CAGR of ~4.70% over the next 10 years, according to the global heat-treated steel plates market research.
North America is expected to register the highest CAGR during 2022 - 2030
Asia Pacific held the largest share in 2021
The market size is expected to be USD 8,670.9 Millionby 2030.
Essar Steel (India), SAIL (India), POSCO (South Korea), JFE Holding Inc. (Japan), Tata Steel (India), NLMK Group (Russia), ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Baosteel Group Hu (China), ThyssenKrupp AG (Germany), among others are the major companies operating in the global market.
Key Questions Answered
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