Wear Resistant Steel Plate Market

Wear Resistant Steel Plate Market Size, Share, Forecast & Growth Analysis Report, By Product (A514, AR400, AR500), By End-use Industry (Mining, Construction, Agriculture, Other Industries), By Region - Global Insights 2022 to 2032

Analysis of Wear Resistant Steel Plate market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Wear Resistant Steel Plate Market Outlook

The global wear-resistant steel plate (WRSP) market is estimated to be valued at US$ 29.1 billion in 2022 and further expand at a CAGR of 4.0% to reach US$ 43.1 billion by the end of 2032.

Wear-resistant steel plates, also known as abrasion-resistant steel plates are used in a range of industries for heavy-duty applications to limit the impact of wear and tear on machinery and equipment. It is a high-carbon alloy steel material designed for harsh and high-abrasion conditions offering significantly longer durability than that of conventional steel.

Report Attributes


Wear Resistant Steel Plate Market Size (2021A)

US$ 28.1 Billion

Estimated Market Value (2022E)

US$ 29.1 Billion

Forecasted Market Value (2032F)

US$ 43.1 Billion

Global Market Growth Rate (2022-2032)

4.0% CAGR

North America Market Share (2022)


Europe Market Share (2022)


China Market Share (2022)


Market Share of Top 3 Countries


Key Companies Profiled

  • Ansteel Group Corporation
  • ArcelorMittal
  • Bisalloy Steel Group Limited
  • China Baowu Steel Group Corporation Limited
  • DHS - Dillinger Hütte Saarstahl AG
  • JFE Holdings Incorporation
  • Nippon Steel & Sumitomo Metal Corporation
  • Thyssenkrupp AG

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Market’s Buoyancy Analysis

Wear-resistant steel plate is a high-strength low-alloy (HSLA) steel that has less carbon and contains one or more elements like chromium, nickel, molybdenum, vanadium, titanium, and niobium. These alloy steels have high work-hardening capabilities and offer more strength along with less weight against conventional steels or other metals. Long-term advantages and a range of other additional benefits are driving the demand for wear-resistant steel plates across various industries like the agriculture industry, earthmoving equipment, mining, quarrying, and others.

Being three times harder than mild steel, wear-resistant steel plate offers an extended lifespan over conventional steel and finds applications in a range of industries such as agricultural, automotive, and mining industries, etc. Other bundled advantages like resistivity against an acidic environment are poised to proliferate its demand during the forecast period.

  • Short Term (2022 Q2 to 2025): Expanding application and incorporation of wear-resistant steel plates in the mining industry and the need to increase the lifespan of equipment will positively impact wear-resistant steel plate market growth.
  • Medium Term (2025-2028): The Asia Pacific and MEA are anticipated to witness high demand of WRSP due to construction activities going on in these regions, coupled with favorable government initiatives.
  • Long Term (2028-2032): Increase in the use of wear-resistant steel plates in the construction and agriculture industry and its superiority over other metal plates will expand wear-resistant steel plate demand.

According to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.0% CAGR between 2022 and 2032.

Wear resistant steel plate market forecast by Fact.MR

Market share analysis of wear-resistant steel plates based on end-use industry and region is provided in a nutshell in the above image. Under the end-use industry segment, the mining sub-segment dominates with a 35.3% market share in 2022.

“Growing Focus on Increasing the Lifespan of Mining Equipment to Drive the demand for Wear Resistant Steel Plates”

Players in the mining industry are focusing on improving operational efficiency and reducing downtime on account of failed/non-functional machinery. The use of equipment that can withstand harsh conditions without undergoing wear and tear is gaining traction in the mining industry.

With momentum towards increasing the lifetime of mining equipment, the demand for wear-resistant steel plates is bound to increase over the assessment period. Typical usage of heavy AR400 is done in the mining industry in large excavating and earth-moving machines which hold the capacity to shift huge tonnages.

High-strength wear-resistant plates are used for the complete range of loading shovels, dump trucks, cutting edges, screen plates, deflectors, silos, chutes, and slide conveyors. Wear-resistant steels have become the choice of material in the excavation of mineral ores in a safe and efficient manner.

Other bundled benefits such as lower maintenance costs, high payload capacity, lighter weight, and reduced fuel consumption will assist the demand for wear-resistant steel plates. In addition, increasing demand for wear-resistant steel plates in the hydroelectric sector will result in additional demand during the forecast period.

“Surging Demand from Agricultural Machinery and Other Niche Applications to Open Avenues for The Market”

Continuous wear and tension are placed on agricultural gear and equipment. The machinery is very prone to abrasion during demanding field labor. The lifespan of agricultural equipment components and the frequency of wear part replacement are extended and reduced, respectively, by the use of wear-resistant steel plates.

Wear-resistant steel plates are increasingly being used in agriculture due to their long-term benefits.

Due to its additional packaged advantages, including its resistance to corrosive and acidic environments, its demand is rising from a variety of specialized applications. For instance, wear-resistant steel has become the preferred metal to produce garbage trucks, containers, and wear surfaces that are regularly exposed to acidic and corrosive conditions in municipal and industrial waste management.

Additionally, the growing demand for agricultural equipment in Eastern Europe and North Africa is expected to open up new business opportunities.

“Rising Popularity of Aluminum Plates to Obstruct the Market”

Aluminum is a ductile silver-white metal that is typically found in the earth's crust and is used to make aluminum plates. According to the industry application, it is stacked with different types of surface finishing, welding, and shaping.

Aluminum plates are widely used in a variety of industries due to their qualities such as lightweight, toughness, and increasingly popular recyclable nature. For applications, such as those in the food and beverage sector for packaging and preservation, transportation, the military, aerospace, and the production of automotive products, the aluminum plate is widely used.

The use of aluminum plates and sheet coils in the automobile industry has increased as a result of its advantageous features, which include lightweight, resistance to corrosion, and excellent thermal conductivity. Aluminum plates are light and thin, thus they are perfect for common items like food and drink cans that need to be stored, sold, and transported in large quantities.

The presence of alternative steel plates that can be employed for the same application can affect the market negatively.

Country-wise Insights

What is the WRSP Market Scenario in India?

The global construction industry is poised to surpass a market valuation of over US$ ~15.2 trillion by the end of 2030. India is set to drive the construction industry during the forecast period accounting for more than half of the market share by 2032. India will act as a growth engine for construction in emerging markets and will experience almost double the growth rate of China.

After services, construction is the second most lucrative sector of India and is estimated to require over US$ 650 Bn of investment for urban infrastructure in the next two decades. Projects like the development of 100 Smart Cities and 500 AMRUT Cities will propel India's construction industry.

According to Global Construction Perspectives and Oxford Economics, global construction market is poised to expand at a rate of ~4% during the forecast period which will be driven by recovery from economic instability in developed countries coupled with continuous industrialization in emerging countries.

The anticipated scenario is projected to fuel the demand for wear-resistant steel plates during the forecast period. The Indian market for wear-resistant steel plates is expected to reach a valuation of around US$ 2.1 billion in 2022.

How is Growing Investment in Infrastructure Development in the Middle East will Provide Growth Opportunities?

The prevailing oil crisis in the Middle East has induced a sense of urgency among policymakers on the importance of developing non-oil-based revenue sources. Governments in many Middle Eastern countries have focused their attention on boosting their services and the medical tourism sector.

For instance, the Saudi Arabian government under its Vision 2030 strategy is planning to increase its revenues from non-oil sectors from US$ 43 billion to US$ 267 billion (by 2030). In addition, MENA (the Middle East and North Africa) region has planned to spend over US$11 trillion on infrastructure development by 2030.

UAE is diversifying its infrastructure development projects, with Abu Dhabi spending nearly US$ 37 billion on various projects. Elsewhere in the Middle East, the focus on developing infrastructure projects is gaining momentum. These megatrends have led to a spike in demand for various types of construction materials and machinery.

As these infrastructure projects are behemoth and complex, demand for advanced materials, such as wear-resistant steel is witnessing a spike.

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Category-wise Insights

Why is Mining Industry leading the WRSP Market?

The constant loading and unloading lead to abrasion of wear plates as ore is poured or slid over them. Mining activities create wear plates to shield machinery from deterioration. As a result, the need for wear plates in the mining sector is anticipated to rise as mining operations are expanding.

The mining industry is poised to remain a key consumer of wear-resistant steel plates in the manufacturing of earthmoving equipment and attachments.

Ongoing colossal projects across the globe with the trend of smart cities and green buildings will create huge opportunities for market players. Players can target other niche applications as they will make large profits in the long run.

Why is A514 Steel Plate Preferred?

A514 steel plate is a common type of Q&T steel that offers excellent strength, machinability, and weldability. Due to these qualities, A514 is frequently used in applications including crane booms, hauling equipment, mining equipment, and lifting equipment where wear resistance and the capacity to withstand heavy impact are crucial.

They are mostly used for heavy-duty tasks including excavating, clearing, and scraping. It is primarily intended for use in welded bridges and other structures, as well as in mining and construction, hauling and lifting equipment, bucket parts, and several other high-impact abrasion-resistant applications.

Market Players Stratagems Analysis

Prominent WRSP manufacturers are ArcelorMittal, Bisalloy Steel Group Limited, China Baowu Steel Group Corporation Limited, DHS - Dillinger Hütte Saarstahl AG, GIPO AG, JFE Holdings Incorporation, Nippon Steel & Sumitomo Metal Corporation, Novolipetsk Steel, Salzgitter AG, SSAB AB, Thyssenkrupp AG, Voestalpine AG, and Xinyu Iron & Steel Co., Ltd.

Market players within the WRSP industry have been approaching the market through targeted organic and inorganic growth strategies. Market players are also involved in acquisitions and product launches to concrete their market position.

Players should increase their focus on establishing themselves in non-legacy markets through collaborations and partnerships. Strengthening the distribution network and long-term contracts with global WRSP suppliers in non-legacy markets should be the primary focus of market leaders.

  • In August 2022, China Baowu Steel Group Corporation Limited has announced the acquisition of Xinsteel.
  • In August 2021, Ansteel Group started the process of its merger with Ben Gang Group. This merger will make them the third-largest producer of steel.

Fact.MR has provided detailed information about the price points of key manufacturers of wear-resistant steel plates positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

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Segmentation of Wear-Resistant Steel Plate Industry Research

  • By Product :

    • A514
    • AR400
    • AR500
    • Other Products
  • By End-Use Industry :

    • Mining
    • Construction
    • Agriculture
    • Other Industries
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global Wear resistant steel plate market was valued at US$ 28.1 billion in 2021.

The global WRSP market is expected to be valued at US$ 29.1 billion in 2022.

Europe holds around 21.2% share in the global WRSP market.

China holds the maximum share in East Asia and is expected to reach an approximate valuation of US$ 4.8 billion in 2022.

The mining industry accounts for the maximum consumption in the global market.

A514 steel plate accounts for a 33.9% share of global sales.

Wear Resistant Steel Plate Market

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