Demand For Wear Resistant Steel Plates, Creating An Absolute $ Opportunity Of Us$ 570 Mn By The End Of 2029

Global Wear Resistant Steel Plate Industry Current and Future Outlook

The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.

However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Wear Resistant Steel Plate Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.

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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.

Product

A514
AR400
AR500
Other

End-use Industry

Mining
Construction
Agriculture
Other Industries

Region

North America
Latin America
Europe
Japan
APEJ
MEA

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.
Energy Consumption in the US is Leading to High Adoption of Wear Resistant Steel Plate Market Systems

The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Wear Resistant Steel Plate Market industry negatively.

However, the development in the Wear Resistant Steel Plate Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Wear Resistant Steel Plate Market systems in the region.

Prominent Players in Europe are Focusing on Innovative Solutions

The Wear Resistant Steel Plate Market industry in Europe suffered a tremendous fall during the pandemic, with a lack of resources and manpower required for production. Several manufacturing units were shut to contain the virus.

The prevalence of some of the global leaders in the region such as Johnson Controls and ABB Group has provided a noteworthy boost to the market growth in this region.

The high presence of service providers, government regulations to curb electricity consumption and awareness regarding the installation of building automation systems has laid out lucrative opportunities for market growth.

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Technological Advancements are Leading Innovations in the Wear Resistant Steel Plate Market in China

China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.

Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Wear Resistant Steel Plate Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.

India is Experiencing High Adoption of Wear Resistant Steel Plate Market Systems

The Indian Wear Resistant Steel Plate Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.

With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Wear Resistant Steel Plate Market industry negatively, affecting the overall growth of the industry.

Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.

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Key Long-Term Trends

The global Wear Resistant Steel Plate Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Wear Resistant Steel Plate Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:

Internet of Things (IoT)

The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Wear Resistant Steel Plate Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.

Edge Computing

As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Wear Resistant Steel Plate Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.

For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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