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Heat-treated Steel Plates Market Research Report - Forecast to 2030

Heat-Treated Steel Plates Market: Information by Type (Carbon, Stainless Steel), Treatment Process (Annealing, Hardening), Application (Bridges, Buildings, Offshore Structures), End-Use Industry (Building & Construction), Region—Forecast till 2030

ID: MRFR/CnM/5525-HCR | December 2022 | Region: Global | 140 Pages         

Heat-Treated Steel Plates Market

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).

Segmentation

Type Carbon Stainless Steel
Treatment Process Annealing Hardening
Application Bridges Buildings Offshore Structures

Key Players

  • 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)

Drivers

  • The increasing demand for Heat-treated Steel Plates in the construction of buildings bridges and offshore structures
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Heat-Treated Steel Plates Market Overview



The global heat-treated steel plates market was valued at USD 110.56 Billion in the year 2019. The heat-treated steel plates market size is expected to grow at a CAGR of 3.6% during the forecast period.

The heat-treated steel plates find wide use in altering the physical and mechanical properties of steel while preserving its shape. The application of the heat treatment process allows improving or increasing the ductility, hardness, toughness, elasticity of the steel. There are mainly four different types of the heat treatment process for steel that includes normalizing, tampering, quenching, and annealing.


The heat-treated steel plates are mainly used in power and energy sector boilers, storage tanks, pressure vessels, and various other structural components. The plates are essential in the power sector in order to effectively withstand extreme conditions like high temperature and high pressure. The heat-treated steel plates are also being increasingly used in aircraft, ships, and helicopters in recent times. The global heat-treated steel plates market is expected to experience rapid growth during the forecast period owing to expanding urbanization and the application of heat-treated steel plates in shipbuilding and defense vehicles.


Other prominent factors accelerating the growth of the heat-treated steel plates market include large-scale investments in the infrastructure and industrial sector and increasing construction activities. However, there are several factors that limit the heat-treated steel plates market growth. The fluctuation in the steel price is one of the limiting factors that hinder the growth of the heat-treated steel plates market.


Covid-19 Analysis


The heat-treated steel plates industry has been significantly impacted by the outbreak of the Covid-19 pandemic. The rapid spread of the pandemic forced several countries to declare lockdowns and shutdowns. The manufacturing factories had to shutdown, resulting in the disruption of steel production. The manufacturing and supply of the heat-treated steel plates were significantly affected.


The government relaxation on the lockdowns and shutdowns is likely to accelerate the growth of the heat-treated steel plates market. The leading players in the market are continuously striving to revive the market. The prominent market players are increasingly adopting a wide range of strategies like acquisitions and mergers in order to improve the heat-treated steel plates market revenue. The continuous efforts compiled with the easing of the restrictions are expected to positively impact the global market in the coming years.


Chief Factors Existing in the Market


Key Market Drivers

One of the major drivers of the heat-treated steel plates market is the surge of urbanization in a number of developing countries. In the year 2020, the urban population in the world has increased to 56.2% from 51.6% in 2010. The increase in urban population and the high per capita income of people accelerate the demand for steel products for a number of purposes.

The use of heat-treated steel plates in motor vehicles, electronic machinery, and shipbuilding also stimulates the growth of the global heat-treated steel plates market.

Market Challenges

The fluctuating prices of raw materials are one of the prominent factors that pose a challenge to the growth of the global market. The rising prices of steel are expected to be a threat to the expansion of the heat-treated steel plates market. The key players in the global market are looking for ways to overcome this challenge and ensure positive growth of the market.

Market Opportunities

The increase in the demandfor heat-treated steel plates in various end-use industries creates new opportunities for growth for the global market. The heat-treated steel plates have a high demand in the construction industry for the purpose of building dams, bridges, commercial hubs, and other engineering structures. The heat-treated plates are also widely used in the making of different industrial machinery such as hydraulic clutches, flywheels, brake drums, crane cable drums, boiler mountings, crankshaft, machine worn steel, etc. This is expected to further stimulate the expansion of the global heat-treated steel plates market.

The increase in the application of heat-treated steel in the power and energy sector will also boost the growth of the global market.

Market Restraints

The strict regulations relating to the processing and production of raw materials are a potential restraint that affects the growth of the market. There are specific laws relating to the processing of raw materials that the key players in the market need to adhere to.

Cumulative Evaluation of the Market


The global heat-treated steel plates market is anticipated to grow by a CAGR of 3.6% during the forecast period. The increase in the demand for heat-treated steel plates in the different industries will boost the growth of the global market. The market is expected to reach its highest potential during the forecast period.



Global Heat-treated Steel Plates Market Share, by End-Use Industry, 2017 (%)

Heat-treated Steel Plates Market

Source: MRFR analysis


Market Segmentation


The global heat-treated steel plates market is segmented on the basis of steel type, application, and treatment.


By Steel Type

On the basis of steel type, the global share is bifurcated into carbon steel, alloy steel, and stainless steel. The carbon steel segment occupied the highest heat-treated steel plates market share in the year 2020. The carbon steel market segment is expected to remain the dominant segment during the forecast period. The wide range of applications, economic cost, and easy presence are the prominent factors that drive the growth of the carbon steel market segment.

By Application

On the basis of application, the global heat-treated steel plates market is segmented into building andconstruction, shipbuilding, automotive and defense vehicles, energy and power, and industrial machinery. The building and construction segment is anticipated to occupy the largest share during the forecast period owing to an increase in urbanization and a rise in the building of infrastructures such as engineering constructions, commercial hubs, and bridges.

By Treatment

On the basis of treatment, the global market is divided into annealing, hardening, quenching and tempering, spheroidizing, stress relieving, and normalizing. The quenching and tempering segment is expected to occupy the highest share in the coming years. The ability of this treatment method to enhance the strength and hardness of steel plates is a driving factor for the growth of the market segment.

Regional Analysis


On the basis of geographical region, the global market is segmented into North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe. Asia Pacific region occupies a major share in the global market. The market segment is anticipated to remain dominant throughout the forecast period. The rise in demand for steel in a number of end-use industries is a prominent factor that drives the growth of the market segment. India and China are the major contributors that accelerate the growth of the market segment.


Europe also occupies a major share of the heat-treated steel plates market. The presence of various automotive companies drives the growth of the market. North America is a significant geographical region of the global market. The presence of automotive, defense and building industries contribute to the growth of the market segment.


Competitive Intensive Within theIndustry


The key players have a major role in enhancing the heat-treated steel plates market value. The key players of the global 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)


Recent Market Developments



  • In February 2022, Tata Steel made an announcement of acquiring NeelachalIspat Nigam Ltd. The acquisition is likely to have a positive impact on the long-steel production capacity of the subsidiary of Tata Steel.

  • In January 2022, the South Korean company POSCO signed an agreement with the Adani Group of India to explore new opportunities and establish a steel mill in Gujarat.


Report Overview


The market report provides a detailed overview of the global market. The report sheds light on the market dynamics, including the opportunities, key drivers, challenges, and threats. The reports also highlight the important market segments. It also covers the key players present in the global market and the recent developments in the industry.


Key Industrial Segments


By Steel Type



  • Carbon steel

  • Alloy steel

  • Stainless steel


By Application



  • Building and construction

  • Shipbuilding

  • Automotive and defense vehicles

  • Energy and power

  • Industrial machinery


By Treatment



  • Annealing

  • Hardening

  • Quenching and tempering

  • Spheroidizing

  • Stress relieving

  • Normalizing




Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   3.6% (2022–2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, Treatment Process, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   JFE Holdings Inc (Japan), ArcelorMittal (Luxembourg), Essar Steel (India) , NLMK Group (Russia), thyssenkrupp AG (Germany), Nippon Steel & Sumitomo Metal Corporation (Japan), POSCO (South Korea), Tata Steel (India), Baosteel Group Hu (China), SAIL (India), SHAGANG GROUP Inc (China), VÍTKOVICE STEEL a.s. (Czech Republic), Outokumpu (Finland), and Meusburger Georg GmbH & Co KG (Austria)
  Key Market Opportunities   Increasing demand for the product in the armor applications is likely to drive growth of this market
  Key Market Drivers   The increasing demand for Heat-treated Steel Plates in the construction of buildings, bridges, and offshore structures


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Frequently Asked Questions (FAQ) :

Players like Essar Steel (India), JFE Holdings Inc (Japan), ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), POSCO (South Korea), NLMK Group (Russia), ThyssenKrupp AG (Germany), Baosteel Group Hu (China), Tata Steel (India), SHAGANG GROUP Inc (China), SAIL (India), Outokumpu (Finland), VÍTKOVICE STEEL a.s. (Czech Republic), and Meusburger Georg GmbH & Co KG (Austria), would make sure they impact the heat-treated steel plates market the most.

The Asia Pacific region would gain the maximum from the global heat-treated steel plates market.

The global heat-treated steel plates market is expected to grow at a CAGR of 3.6% during the forecast period.

The key players of the global market are POSCO, SAIL, Tata Steel, NLMK Group, JFE Holdings Inc., Essar Steel, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, and Baosteel Group Hu.

Asia Pacific region is the leading segment of the global market and is expected to remain dominant during the forecast period.

The major factors that drive the global market include an increase in urbanization, a rise in the use of steel plates in the end-use industries, and an increase in construction activities.