Wear Resistant Steel Plate Market
Wear Resistant Steel Plate Market Analysis Report By Product (A514, AR400, AR500), By End-use Industry (Mining, Construction, Agriculture, Other Industries), By Region - Global Insights 2019 to 2027
Wear Resistant Steel Plates Market Soars to New Heights, Superior Lifespan Increasing Application in Heavy Machinery
Wear resistant steel plate offers three times extended lifespan over conventional steels, owing to which it is becoming the material of choice in heavy machinery such as earthmoving equipment. Advanced, viable wear resistant steel plates with yielding strength of 1700, 1500, and 200 MPa meets the requirement of the agricultural industry.
Wear resistant steel plates reduce vehicle weight by 25-40% and also curbs the emission of greenhouse gases owing to which consumption of wear resistant steel plates in the automotive industry will increase significantly over the forecast period. Mining Industry will act as a growth lever for the market and is likely to witness steady growth with an annual growth rate of ~5% throughout the forecast period.
Attributed to all these factors the wear resistant steel plate market is expected to register a growth of ~4% during the forecast period.
Asia Pacific Reigns Supreme, North America and Europe Closing In
APEJ has led the global wear resistant steel plate market in the historical past and will continue on this growth trajectory. The region is all set to create an absolute $ opportunity of ~US$ 4.7 Bn by the end of the forecast period.
China and India, together will account for more than half of the regional demand and will propel the global market in terms of value and volume. APEJ is closely followed by North America and Europe which are expected to witness high growth till 2029.
Europe’s AgriTech 2030 maps out the future for advanced agricultural machinery which will spike the demand for wear resistant steel plates during the forecast period. Manufacturers in the region are also working towards industry-specific products and production expertise, wide-ranging preprocessing possibilities and mergers & acquisitions, which would further help in the growth of the steel construction industry of Europe, which in turn will influence the wear resistant steel plate market.
Untapped Applications Will Offer Remunerative Opportunities for Players
The global wear resistant steel plate market is relatively fragmented, in which SSAB AB, ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, Bisalloy Steel Group Limited and DHS - Dillinger Hutte Saarstahl AG are some of the key stakeholders.
To leverage the immense potential of the global wear resistant steel plate market, several organic and inorganic strategies have been observed by prominent players.
- For instance, in November 2018, SSAB, producer of advanced high-strength steels (AHSS) and quenched & tempered steels (Q&T), announced an investment of approximately US $100 million in Alabama to increases its high-strength steel production capacity by 130 kilotons.
- Similarly, in September 2019, ArcelorMittal, multinational steel manufacturer have announced an investment of US $500 million in Liberia’s mine to extend its mine life to ship around 15 million tons of ore per year. The mining activity will provide the necessary raw material to manufacture abrasion and impact resistant steels for an extended period.
- Furthermore, in March 2018, NIPPON STEEL CORPORATION, announced near US $5.5 billion of investment to expand its market reach worldwide considering mergers and acquisitions for the next three years.
Investments done by the above-mentioned companies will increase their production capacity, penetration in the market and will meet the demand for wear resistant steel plates throughout the assessment period.
Moreover, advanced product offerings by players for harsher environments will open up doorways for new applications.
Wear Resistant Steel Plate Market: Segmentation
Fact.MR has segmented the wear resistant steel plate market on the basis of product, end-use industry, and region.
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