The projected global market for heat-treated steel plates market is expected to reach USD 8,667.9 Million by 2028, with a CAGR of 4.60%. This growth is driven by increased demand in the construction industry, large-scale investments in infrastructure and manufacturing, and rapid urbanization in emerging economies, with the construction sector expected to account for the largest market share. The rise in urbanization is also expected to increase investment in highways, railways, and energy infrastructure, particularly in China, which has a comparatively low network of highways and railways. Consequently, building machinery and equipment will be in demand, leading to increased demand for heat-treated steel plates.
The aerospace and defense sectors are also expected to drive demand for heat-treated steel plates, given increasing budgets in different countries, especially the United States, which has the world's largest military budget. The automotive and transport sector is predicted to grow the fastest by 2028, with heat treatment being a critical aspect of the manufacture of automotive and transport components.
The COVID-19 pandemic has impacted the industry, with major industry players pessimistic about the market's future and focusing on reshaping their strategies to maintain it. The pandemic has caused a shortage of workforce in several parts of the world due to repeated lockdowns and has significantly decreased industry demand, which the major market companies are attempting to address by focusing on maintaining their cash balances. However, the pandemic also provides an opportunity for the industry to grow as people become more conscious of health and safety, leading to the adoption of green vehicle materials.
The Asia-Pacific region accounts for the largest share of the market, and it is expected to see significant growth by 2027, driven by the expansion of the construction, automotive, and industrial machinery industries in emerging economies. 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. The market is segmented based on steel type, treatment type, application, and region.
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Heat-Treated Steel Plates Market: Drive factors
The Heat-Treated Steel Plates Market is being driven by several factors, including:
1. Growing construction activities: As construction activities continue to grow worldwide, the demand for heat-treated steel plates is also increasing.
2. Large-scale investment in infrastructure and manufacturing: There has been a significant increase in large-scale investment in infrastructure and manufacturing in emerging economies, leading to a rise in demand for heat-treated steel plates.
3. Rapid urbanization: Rapid urbanization in emerging economies is driving growth in demand for heat-treated steel plates, as the construction of new infrastructure and buildings is required to accommodate the growing urban population.
4. Increasing aerospace and defense budgets: The increasing aerospace and defense budgets of different countries are likely to propel demand for heat-treated steel plates, as these plates are used in helicopters, tanks, aircraft, and ships.
5. Growth in the automotive and transport sector: The automotive and transport sector is expected to see the fastest growth in demand for heat-treated steel plates, as steel is one of the renewable materials and has a high presence in parts and assemblies in automobiles.
However, the COVID-19 pandemic has impacted the industry negatively, leading to a decrease in demand for heat-treated steel plates due to disruptions in international trade, exports, and imports, and workforce shortages caused by repeated lockdowns.
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