The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for the heat-treated steel plates is expected to grow at a CAGR of approximately 3% globally during the forecast period.
- Increasing applications in the production of heavy machinery and growing demand from the construction industry in developing countries are driving the market growth.
- Fluctuating raw material prices and the outbreak of COVID-19 are the reasons expected to hinder the market growth.
Key Market Trends
Growing Applications for Machinery
- Heat-treated Steel Plates are used to improve the mechanical and chemical properties of steel without changing any original characteristics and hence are being used by various end-user industries.
- The demand from the automobile and industrial machinery has been growing because of heat-treated steel plates properties. Among all the types of steel, carbon steel has a major share and is used in different applications.
- Heat-treated Steel Plates are employed in making machinery equipment such as gear teeth profile, crane cable drum, gear wheel, brake drum, machines worm steel, flywheel, railway wheels, crankshaft, hydraulic clutches, electric transmission lines, boiler mountings, etc.
- The global impact of the COVID-19 is expected to decrease the usage and demand for heat-treated steel plates from several end-user industries.
- Increasing applications for industrial machinery, growing demand from automobiles in developing regions are expected to drive the demand for heat-treated steel plates through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed manufacturing sector in China, Japan, and India, coupled with the continuous investments done in the region to advance the construction, energy, and power sector through the years.
- The demand from the energy and power sector has been growing significantly in recent years. Heat-treated steel plates are being used for boilers, storage tanks, pressure vessels, and other structural parts that are most commonly used in hydropower stations, nuclear and other energy generation plants.
- According to the International Energy Agency (IEA), Asia-Pacific is the largest energy-consuming region in recent years. Although the power and energy market has a positive outlook across the world, the coronavirus (COVID-19) outbreak is expected to have a negative impact in the near future.
- Moreover, a majority of the global power generation plants are located in China, the market is expected to witness a slight slowdown in the coming years due to the closure of many industries in early 2020.
- In developing countries in Asia-Pacific, the construction industry has been growing constantly. India, Singapore, China have witnessed decent growth in recent years.
- Bridges, building structural components, dams, and engineering structures are the reason behind in increasing the demand for heat-treated steel plates from the construction industry.
- Also, heat-treated steel plates are being used in the shipbuilding and off-shore structures, and defense areas. The rise in these activities in Singapore and China in the past two years has increased the demand for heat-treated steel plates.
- With the rapid growth of industrialization, increasing usage of machinery equipment, and construction industries in developing countries, rising power generation plants are expected to drive the market for heat-treated steel plates through the years to come.
The global heat-treated steel plates market is fragmented in nature with many players competing in the market. Some of the major companies are POSCO, Nippon Steel Corporation, Tata Steel Limited, JFE Holdings, and ThyssenKrupp AG, among others.
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