Heat Treated Steel Plates Market Analysis: Industry Trends & Future Growth | 2024 To 2033 Key Players ArcelorMittal SA, ThyssenKrupp AG, Pohang Iron and Steel Company, Tata Steel Limited, Baosteel Group.

"The Business Research Company recently released a comprehensive report on the Global Heat Treated Steel Plates Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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

Heat Treated Steel Plates Market 2024 Key Insights:

• 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%.
• Shipbuilding Resurgence Fuels Expansion In The Heat Treated Steel Plates Market
• Strategic Partnerships And Business Contracts Shape The Heat Treated Steel Plates Market
• Asia-Pacific was the largest region in the heat treated steel plates market in 2023

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