What Has Been The Evolution of the Heat Treated Steel Plates Market in Recent Years?
The heat treated steel plates market has seen considerable growth due to a variety of factors.
• The market size of heat treated steel plates has exhibited steady growth over the recent times. It is projected to increase from $67.79 billion in 2024 to $70.14 billion in 2025, witnessing a compound annual growth rate (CAGR) of 3.5%.
This surge in the historic phase can be tied back to the expansion in infrastructure, escalating demands in the automotive and heavy machinery sector, burgeoning requirements from the building and construction industry, mounting inquiries from the shipbuilding and offshore structures industry, along with military and defense applications.
What Is the Forecasted Market Size and Growth Rate for The Heat Treated Steel Plates Market?
The heat treated steel plates market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for heat treated steel plates is anticipated to experience consistent expansion in the future years, reaching a value of $82.09 billion in 2029 with a 4.0% compound annual growth rate (CAGR).
Factors driving this growth during the forecast period includes resurgence in infrastructure investments, growth in the renewable energy market and automotive industry, rise in industrialization, and expansion of the aerospace industry. Future trends during this period include innovation in heavy machinery production, creation and customization of specific steel alloys, digital transformation in manufacturing processes, creation of ultra-high-strength steel, and optimization of the global supply chain.
Which Factors Are Boosting Growth In The Heat Treated Steel Plates Market?
The surge in shipbuilding activities is making a significant contribution to the expansion of the heat treated steel plates market. These steel plates, which have undergone heat treatment, are integral to the construction of cargo and passenger ships, offshore drilling rigs, boats, and other similar structures. For instance, data from the Switzerland-based intergovernmental organization, the United Nations Conference on Trade and Development, showed that in October 2022, the number of merchant fleet or vessel registrations rose to 103 thousand as of January 2022. This represented a 9.57% increase from the previous year. Notably, China, the Republic of Korea, and Japan together constituted 94% of all global shipbuilding activities. The escalating frequency of such shipbuilding activities invariably signals an escalating demand for heat-treated steel plates. Therefore, the intensifying pace of shipbuilding activities is anticipated to spur the growth of the heat treated steel plates market in the forthcoming years.
What Key Areas Define The Segmentation Of The Global Heat Treated Steel Plates Market?
The heat treated steel plates market covered in this report is segmented –
1) By Type: Carbon Steel, Alloy Steel, Stainless Steel
2) By Heat Treatment Type: Annealing, Tempering, Normalizing, Quenching
3) By End-User: Automotive And Heavy Machinery, Building And Construction, Ship Building And Off-Shore Structures, Energy And Power, Other End-user Industries
Subsegments:
1) By Carbon Steel: Low Carbon Steel, Medium Carbon Steel, High Carbon Steel
2) By Alloy Steel: Low Alloy Steel, High Alloy Steel
3) By Stainless Steel: Austenitic Stainless Steel, Ferritic Stainless Steel, Martensitic Stainless steel
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How Are Emerging Trends Reshaping The Dynamics Of The Heat Treated Steel Plates Market?
The rise in business collaboration is a dominant trend in the heat-treated steel plate market, with major players harnessing the power of business contracts, MoUs, and strategic partnerships to solidify their market standing. For example, in May 2023, the Saudi-Arabia-based petroleum refinery company, Aramco, joined forces with Baoshan Iron & Steel Co., Ltd., a Chinese steel company, and the Public Investment Fund (PIF) to create a unified steel plate manufacturing complex in Saudi Arabia. The aim of this joint venture between Aramco, Baosteel, and PIF is to push forward Saudi Arabia's domestic steel production, minimize dependence on foreign imports, and bolster critical sectors including energy, shipbuilding, and construction, which echoes the Saudi Vision 2030's objective of industry diversification and economic expansion.
Who Are the Key Players in the Heat Treated Steel Plates Market?
Major companies operating in the heat treated steel plates market include:
• ArcelorMittal SA
• ThyssenKrupp AG
• Pohang Iron and Steel Company
• Tata Steel Limited
• Baosteel Group
• Outokumpu Oyj
• Nippon Steel Corporation
• Novolipetsk Steel PJSC
• Gerdau SA
• Jiangsu Shagang Group Company Limited
• US Steel Corp.
• Ansteel Group Corporation Limited
• HYUNDAI STEEL Co. Ltd.
• Allegheny Technologies Inc.
• China Baowu Steel Group
• Kobe Steel SA
• Marcegaglia AG
• Novolipetsk Steel
• Ovako Inc.
• Salzgitter AG
• Severstal Ltd.
• Steel Authority of India Limited
• Sumitomo Metal Industries Ltd.
• Tenaris SA
• Voestalpine AG
• Wuhan Iron and Steel Corporation
What Is The Most Dominant Region In The Heat Treated Steel Plates Market?
Asia-Pacific was the largest region in the heat treated steel plates market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the heat treated steel plates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
