As we leap ahead through rapid industrialization and urbanization, the conditions for key structural commodities such as steel plates are becoming harsher. Despite the exception strength characteristics, steel plates continue to suffer the brunt of mechanical abrasion during their use across a variety of industrial applications. The future will reflect a high demand for wear resistant steel plates, considering their abilities in terms of long service life and adaptability to diverse specifications and varying abrasion.
Fact.MR’s latest market research study foresees that the global market for wear resistant steel plates will touch an estimated valuation of US$ 34.2 billion by the end of 2026. For the period, 2017-2026, the global wear resistant steel plate market is assessed to expand at a volume CAGR of 3.5%, reflecting a moderate growth restrained by volatile prices, soaring use of alternatives in steel applications, and supply chain discrepancies.
Global Demand for Wear Resistant Steel Plates to Evolve around High Demand for A514 Steel and Predominant End-use in Mining Industry
The report observes that majority of wear resistant steel plates produced in the world will be used in the mining industry. The economic resurgence of global mining industry will drive the adoption of wear resistant steel plates in the coming years. By the end of 2026, more than 35% of wear resistant steel plates sold worldwide will be used in mining activities such excavating processes, hydroelectric operations, slide conveyors, chutes and deflectors. Construction industry will also represent lucrative growth in terms of end-use, accounting for sales of more than 8,666 thousand tons of wear resistant steel plates by 2026-end.
Product-wise, A514 steel will be a sought-after in the market, meeting the diverse specifications of end-users across a range of applications for wear resistant steel plates. By 2026-end, nearly 11,000 thousand tons of A514 wear resistant steel plates are expected to be sold globally. The study further foresees a high volume growth for AR400 wear resistant steel plates, reflecting a CAGR of 4.1% over the forecast period. Heat-treated characteristics and welding & forming capabilities of AR400 wear resistant steel plates will drive their sales through 2026.
Competitor Analysis: ArcelorMittal to Reflect Distinct Contribution towards Market Growth
ArcelorMittal, the world’s largest steel producer, is a key stakeholder in the global market for wear resistant steel plates. The industry leader will witness stiff competition from prominent steel producers namely, Nippon Steel & Sumitomo Metal Corporation, China Baowu Steel Group Corporation Limited, and Ansteel Group Corporation. The global wear resistant steel plate competition landscape will also exhibit a consolidate participation of companies such as SSAB AB, Thyssenkrupp AG, DHS - Dillinger Hütte Saarstahl AG, Voestalpine AG, A R Brown McFarlane & Co Ltd, Precision Grinding, Inc., Xinyu Iron & Steel Co., Ltd., Bisalloy Steel Group Limited, Novolipetsk Steel, and Salzgitter Aktiengesellschaft. Collectively, these players will be responsible for catering to the global demands of wear resistant steel plates in the near future.
China and India to Represent Key Hubs for Wear Resistant Steel Plate Manufacturing
In 2018 and beyond, the largest market for wear resistant steel plates will be represented by the Asia-Pacific excluding Japan (APEJ) region. Dense presence of APEJ-based steel producers in the global wear resistant steel plate manufacturing landscape will foster the region’s dominance on global market in terms of value and volumes. Throughout the forecast period, nearly 50% of wear resistant steel plates manufactured in the world will be sold in the APEJ region, wherein majority of them will be manufactured in this region as well. China will be the largest contributor to the growth of APEJ wear resistant steel plate market, while India will reflect approximately one-fourth share on the region’s market volume over the forecast period. In the foreseeable future, majority of wear resistant steel plate manufacturers will be eyeing at expanding their bases in China, India and other parts of the APEJ region.