Press release
Overview of Global Wear Resistant Steel Plate Market: Size, Trends, Share and Growth Forecast till 2026
Fact.MR
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Extending the service life of steel plates is a major industrial concern, taking into account that steel plates when exposed to harsh conditions get damaged by mechanical abrasion. The wearing out of steel plates ends up costing millions of dollars in losses for heavy industries and manufacturing sector players. Replacing these damaged steel plates is an infrastructural dilemma for mining and construction activities, which has characteristically propelled the adoption of wear resistant steel plates. Plant operators are resolutely preferring wear resistant steel plates to avoid operational standstills and disregard the abrasiveness of certain industrial processes.
In the future, wear resistant steel plates will witness an evolving demand as the specifications of end-users will become more diversified. Fact.MR foresees that offering steel plates for variety of abrasive industrial applications will be a key focus area for leading manufacturers of wear resistant steel plates in the world. The study observes that the global market for wear resistant steel plates shall reflect a growth at 3.9% CAGR in terms of value over the forecast period. Volume-wise, more than 31,300 thousand tons of wear resistant steel plates will be sold worldwide by the end of 2026.
Heat-Treated AR400 Steel Plates to Witness Soaring Adoption
Manufacturing of wear resistant steel plates remains predominantly inclined towards standard products such A514 steel plates, which will showcase a high demand through 2026. High strength of A514 steel plates will bolster their use as structural steel in building construction activities of the future. By 2026-end, the estimated sales of A514 wear resistant steel plates across the globe will record a volume of nearly 11,000 thousand tons. In addition, the scope of AR400 wear resistant steel plates will also exhibit a high traction in terms of sales. Over the forecast period, AR400 wear resistant steel plates will reflect highest volume CAGR of 4.1%. Heat-treated characteristics of AR400 wear resistant steel plates will drive their sales, while manufacturers will also focus on improving the welding and forming capabilities of these premium products.
Mining End-use of Wear Resistant Steel Plates to Translate High Profits
The overall end-use of wear resistant steel plates will be highest in the mining industry. In 2017, more than 7,600 thousand tons of wear resistant steel plates will be used for mining activities across the globe. Hydroelectric operations, excavating processes, slide conveyors, loaders, deflectors and chutes will be among the key applications of wear resistant steel plates in the mining industry. The end-use of wear resistant steel plates in construction industry will also remain lucrative, reflecting an average 27% share on global wear resistant steel plate market volumes through 2026.
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Competition Tracking
Providing innovative solutions to meet the specifications will be a prominent trend exercised by wear resistant steel plate manufacturers across the globe. Top steel producing companies such as ArcelorMittal, China Baowu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corporation and Ansteel Group Corporation will be actively partaking in the global production of wear resistant steel plates in the future. The global manufacturing landscape for wear resistant steel plates will also witness the presence of companies namely, SSAB AB, Thyssenkrupp AG, DHS - Dillinger Hütte Saarstahl AG, A R Brown McFarlane & Co Ltd., Voestalpine AG, Precision Grinding, Inc., Xinyu Iron & Steel Co., Ltd., Bisalloy Steel Group Limited, Salzgitter Aktiengesellschaft, and Novolipetsk Steel.
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.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Industrial Goods Marketresearch reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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