The global heat-treated Steel plates market size was USD 6.7 Billion in 2022 and is expected to register a rapid revenue CAGR of 4% during the forecast period. Infrastructure development and industrialization activities in various parts of the world and rising demand for heat-treated steel plates along with need for construction equipment and large machinery are major factors driving market revenue growth.
Heat-treated steel plates are the best choice for use in various end-use applications including construction, automotive, energy, and aerospace industries. These plates offer high strength, durability, and wear resistance features. In addition, rising demand for premium steel plates with better mechanical qualities, corrosion resistance, and surface polish is also expected to drive revenue growth of the market.
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.
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.
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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.
- 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.
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