Heat Treated Steel Plates Market Insights, Growth, Share, Size, Demand 2024-2033

The heat treated steel plates market size has grown steadily in recent years. It will grow from $66.15 billion in 2023 to $68.78 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to infrastructure development, increasing demand from the automotive and heavy machinery industry, growing demand from the building and construction industry, rising demand from the shipbuilding and offshore structures industry, military and defense applications.

The heat treated steel plates market size is expected to see steady growth in the next few years. It will grow to $78.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to renewed infrastructure investments, growing renewable energy sector, growing in the automotive industry, increased industrialization, expansion of aerospace industry. Major trends in the forecast period include advancements in heavy machinery manufacturing, customization and specialized steel alloys, digitalization in manufacturing, development of ultra-high-strength steel, global supply chain optimization.

Market Overview -
Heat-treated steel plates refer to a process of manufacturing steel plates by rapid heating and cooling, which modifies steel's physical and occasionally chemical characteristics and affects the material's mechanical qualities to give them properties such as improved surface stiffness, temperature tolerance, ductility, and resilience, which is expected to help them last longer.

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Shipbuilding Resurgence Fuels Expansion In The Heat Treated Steel Plates Market
The increasing number of shipbuilding activities is significantly driving the growth of the heat treated steel plates market. Heat-treated steel plates are used in the construction of cargo and passenger ships, offshore drilling platforms, boats, and other structures and vessels. For instance, in October 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the number of merchant fleet or vessel registrations increased to 103 thousand in January 2022, with an increase of 9.57% from the previous year. China, the Republic of Korea, and Japan collectively accounted for 94% of global shipbuilding activities. This increasing number of shipbuilding activities will invariably create a huge demand for heat-treated steel plates. Hence, the growing number of shipbuilding activities is expected to propel the growth of the heat treated steel plates market over the coming years.

Competitive Landscape -
Major companies operating in the heat treated steel plates market report are ArcelorMittal SA, ThyssenKrupp AG, Pohang Iron and Steel Company, Tata Steel Limited, Baosteel Group, Outokumpu Oyj, Japan Future Enterprise Holdings Inc., Nippon Steel Corporation, Novolipetsk Steel PJSC, Essar Gujarat Limited, Gerdau SA, Jiangsu Shagang Group Company Limited, US Steel Corp., Ansteel Group Corporation Limited, HYUNDAI STEEL Co. Ltd., Nuclear Corporation of America, Acerinox SA, Armco and Kawasaki Steel Corp., Allegheny Technologies Inc., China Baowu Steel Group, Kobe Steel SA, Marcegaglia AG, Novolipetsk Steel, Ovako Inc., Salzgitter AG, Severstal Ltd., Steel Authority of India Limited, Sumitomo Metal Industries Ltd., Tenaris SA, Voestalpine AG, Welspun Corp Limited, Wuhan Iron and Steel Corporation

Strategic Partnerships And Business Contracts Shape The Heat Treated Steel Plates Market
Business collaboration is a key trend gaining popularity in the heat-treated steel plate market. Major companies operating in the heat-treated steel plate sector are focused on business collaboration through business contracts, MoUs, and strategic partnerships to strengthen their position. For instance, in July 2021, Tenova LOI Thermprocess, a leading global company in the field of heat treatment plants based in Essen, was contracted by VIZ-Stal, part of the Russian NLMK Group, to supply a decarburization and coating line (DCL) for VIZ-Ekaterinburg Stal's factory in Russia. The contract involves heat treatment, mechanical and process equipment engineering, supply and monitoring, and related electrical, measurement, and control systems for a DCL line.

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Key Segments -

The heat treated steel plates market covered in this report is segmented -
1) By Type: Carbon Steel, Alloy Steel, Stainless Steel
2) By Heat Treatment Type: Annealing, Tempering, Normalizing, Quenching
3) By End-user: Automotive and Heavy Machinery, Building and Construction, Ship Building and Off-Shore Structures, Energy and Power, Other End-user Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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