PUBLISHER: The Business Research Company | PRODUCT CODE: 1392696
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392696
“Heat Treated Steel Plates Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heat treated steel plates market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heat treated steel plates? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The heat treated steel plates market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Heat-treated steel plates refer to a process of manufacturing steel plates by rapid heating and cooling, which modifies steel's physical and occasionally chemical characteristics and affects the material's mechanical qualities to give them properties such as improved surface stiffness, temperature tolerance, ductility, and resilience, which is expected to help them last longer.
The main types of heat-treated steel plates are carbon steel, alloy steel, and stainless steel. Carbon steel refers to a type of heat-treated steel plant that is used in pipes, crankshafts, cutting tools, and so on. The different types of heat treatments include annealing, tempering, normalizing, and quenching and are used by several sectors such as automotive and heavy machinery, building and construction, shipbuilding and off-shore structures, energy and power, and others.
The heat treated steel plates market research report is one of a series of new reports from The Business Research Company that provides heat treated steel plates market statistics, including global market size, regional shares, competitors with a heat treated steel plates market share, detailed heat treated steel plates market segments, market trends and opportunities, and any further data you may need to thrive in the heat treated steel plates industry. This heat treated steel plates market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The heat treated steel plates market size has grown steadily in recent years. It will grow from $66. 15 billion in 2023 to $68. 78 billion in 2024 at a compound annual growth rate (CAGR) of 4. 0%. The growth in the historic period can be attributed to infrastructure development, increasing demand from the automotive and heavy machinery industry, growing demand from the building and construction industry, rising demand from the shipbuilding and offshore structures industry, military and defense applications.
The heat treated steel plates market size is expected to see steady growth in the next few years. It will grow to $78. 95 billion in 2028 at a compound annual growth rate (CAGR) of 3. 5%. The growth in the forecast period can be attributed to renewed infrastructure investments, growing renewable energy sector, growing in the automotive industry, increased industrialization, expansion of aerospace industry. Major trends in the forecast period include advancements in heavy machinery manufacturing, customization and specialized steel alloys, digitalization in manufacturing, development of ultra-high-strength steel, global supply chain optimization.
The increasing number of shipbuilding activities is significantly driving the growth of the heat treated steel plates market. Heat-treated steel plates are used in the construction of cargo and passenger ships, offshore drilling platforms, boats, and other structures and vessels. For instance, in October 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the number of merchant fleet or vessel registrations increased to 103 thousand in January 2022, with an increase of 9. 57% from the previous year. China, the Republic of Korea, and Japan collectively accounted for 94% of global shipbuilding activities. This increasing number of shipbuilding activities will invariably create a huge demand for heat-treated steel plates. Hence, the growing number of shipbuilding activities is expected to propel the growth of the heat treated steel plates market over the coming years.
The growing automotive industry is expected to boost the growth of the heat-treated steel plate market going forward. The automotive industry refers to the sector involved in the design, development, manufacturing, marketing, and sales of motor vehicles, including cars, trucks, motorcycles, and other types of vehicles. The heightened demand for heat-treated steel plates arises from their use in producing high-performance components such as engine parts, transmission systems, and chassis, aligning with the automotive industry's pursuit of improved vehicle performance and efficiency. For instance, in June 2023, according to a report published by Cox Automotive, a US-based provider of automotive services and technology, car sales volume will climb by 11. 6% annually to 7. 65 million units in the first half of 2023. This increase was driven by new work (1. 1%) and repair and maintenance (0. 8%). The number of units sold in June is predicted to increase from 1. 1 million to 1. 3 million. Therefore, the growing automotive industry is driving the growth of the heat-treated steel plate market.
Business collaboration is a key trend gaining popularity in the heat-treated steel plate market. Major companies operating in the heat-treated steel plate sector are focused on business collaboration through business contracts, MoUs, and strategic partnerships to strengthen their position. For instance, in July 2021, Tenova LOI Thermprocess, a leading global company in the field of heat treatment plants based in Essen, was contracted by VIZ-Stal, part of the Russian NLMK Group, to supply a decarburization and coating line (DCL) for VIZ-Ekaterinburg Stal's factory in Russia. The contract involves heat treatment, mechanical and process equipment engineering, supply and monitoring, and related electrical, measurement, and control systems for a DCL line.
Major companies operating in the heat-treated steel plate market are focusing on plant expansion to meet the growing demand. Plant expansion refers to the process of increasing the physical size, capacity, or capabilities of a manufacturing facility or industrial plant. For example, in May 2023, Nucor Corporation, a US-based company that produces steel and related products, reorganize the company's plate group and moved its production to Nucor's other plate mills, including the company's new state-of-the-art plate mill in Brandenburg, Kentucky, which opened in early 2023. The Brandenburg mill will manufacture discrete, coiled, and heat-treated plate in widths ranging from 60 to 168 inches and gauges ranging from 3/16 to 14 inches.
In February 2023, Nucor Corporation, a US-based steel production company, acquired California Steel Industries Inc. for a deal worth $400 million. Through this acquisition, Nucor established a robust presence in the Western region. It further enhances their capacity to manufacture a broader spectrum of value-added sheet products for the modern economy. California Steel Industries Inc. is a US-based steel processing and finishing company providing steel-hot-rolled bars.
Major companies operating in the in the heat treated steel plates market report are ArcelorMittal SA, ThyssenKrupp AG, Pohang Iron and Steel Company, Tata Steel Limited, Baosteel Group, Outokumpu Oyj, Japan Future Enterprise Holdings Inc., Nippon Steel Corporation, Novolipetsk Steel PJSC, Essar Gujarat Limited, Gerdau SA, Jiangsu Shagang Group Company Limited, US Steel Corp., Ansteel Group Corporation Limited, HYUNDAI STEEL Co. Ltd., Nuclear Corporation of America, Acerinox SA, Armco and Kawasaki Steel Corp., 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, Welspun Corp Limited, Wuhan Iron and Steel Corporation
Asia-Pacific was the largest region in the heat treated steel plates market in 2023. 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
The countries covered in the heat treated steel plates market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The market for heat-treated steel plates consists of sales of manganese steel, nickel steel, nickel-chromium steel, and carbon-molybdenum steel. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.