Heat Treated Steel Plates Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company’s Heat Treated Steel Plates Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, November 1, 2024 /EINPresswire.com/ -- The heat-treated steel plates market has experienced steady growth in recent years, increasing from $66.15 billion in 2023 to $68.78 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. This growth during the historical period can be attributed to infrastructure development, rising demand from the automotive and heavy machinery sectors, increased needs in the building and construction industry, growing requirements from the shipbuilding and offshore structures sector, and applications in military and defense.
What Is The Estimated Market Size Of The Global Heat Treated Steel Plates Market And Its Annual Growth Rate?
The heat-treated steel plates market is projected to experience steady growth in the coming years, reaching $78.95 billion by 2028 with a compound annual growth rate (CAGR) of 3.5%. This anticipated growth can be attributed to renewed investments in infrastructure, an expanding renewable energy sector, growth in the automotive industry, increased industrialization, and the expansion of the aerospace industry.
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Growth Driver Of The Heat Treated Steel Plates Market
The rising number of shipbuilding activities is a significant factor driving the growth of the heat-treated steel plates market. These plates are essential in constructing cargo and passenger ships, offshore drilling platforms, boats, and various other structures and vessels.
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Which Market Players Are Driving The Heat Treated Steel Plates Market Growth?
Key players in the market include 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.
What Are The Emerging Trends Shaping The Heat Treated Steel Plates Market Size?
Key companies in the heat-treated steel plate market are concentrating on plant expansion to accommodate the increasing demand. Plant expansion involves enhancing the physical size, capacity, or capabilities of a manufacturing facility or industrial plant.
How Is The Global Heat Treated Steel Plates Market 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
Geographical Insights: Asia-Pacific Leading The Heat Treated Steel Plates Market
Asia-Pacific was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Heat Treated Steel Plates Market Definition
Heat-treated steel plates refer to a manufacturing process that involves rapid heating and cooling, which alters the physical and sometimes chemical properties of steel. This process enhances the material's mechanical qualities, resulting in characteristics such as improved surface hardness, temperature tolerance, ductility, and resilience, ultimately contributing to greater longevity.
Heat Treated Steel Plates Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global heat treated steel plates market report covering trends, opportunities, strategies, and more
The Heat Treated Steel Plates Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on heat treated steel plates market size, heat treated steel plates market drivers and trends and heat treated steel plates market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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