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Report Overview
The global heat treated steel plates market reached a value of nearly USD 6.29 Billion in 2024. The market is assessed to grow at a CAGR of 4.10% during the forecast period of 2025-2034 to attain a value of around USD 9.40 Billion by 2034. The market is being driven by the rapid industrialisation and urbanisation, rising infrastructural development activities, growing focus on customisation, increasing emphasis on sustainability, and technological advancements and innovations.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Heat treated steel plates, due to their excellent durability, strength, and resistance to wear and tear, are used in infrastructural development activities such as highways, bridges, buildings, and other large-scale civil engineering works. The Asian Development Bank estimates Asia needs to achieve USD 1.7 trillion annually for infrastructure by 2030. This is boosting the demand for advanced materials in construction and heavy machinery, which rely on heat treated steel plates for components like chassis, booms, and arms to withstand heavy loads and harsh operating conditions.
- Renewable energy infrastructure projects, including solar, wind, hydroelectric power plants, and energy storage and transmission networks require advanced materials such as heat-treated steel plates for their construction and operation. Global investments in renewable energy projects are likely to surpass $2 trillion annually, thus increasing steel demand. As the renewable energy sector expands, the demand for customised heat treated steel solutions, including plates, to meet the specific structural requirements of different renewable energy systems is increasing, thus boosting the growth of the heat treated steel plates market.
- Defence budgets around the world, which are critical for funding military expenditures, including the development of defence infrastructure, vehicles, and equipment, are likely to reach $2 trillion in 2025. Armoured military vehicles as well as military aircraft and naval ships require heat treated steel plates due to their durability, toughness, high-strength, and resistance to ballistic impacts. In the forecast period, increasing R&D activities to create advanced armour technologies are expected to boost the fuel the heat treated steel plates market development.
Competitive Landscape
Large steel manufacturers, specialised heat treatment companies, and suppliers are the heat treated steel plates key players. These are the firms that spearhead innovation and production capacity; meanwhile, on the demand side, sectors like automotive, construction, and aerospace take up the demand for high-performance materials in these applications. Collaboration with technological advancement is also pivotal for the heat treated steel plates companies.
Key Market Players
Key industry leaders in this market are:
ArcelorMittal S.A., headquartered in Luxembourg City, Luxembourg and founded in 2006, is a market leader in multiple global industries, including automotive, construction, home appliances, and packaging. The company also has extensive distribution networks, sizable captive raw material supplies, and cutting-edge research and development and technology. A variety of completed and semi-finished steel products are produced and sold by this company.
POSCO, founded in 1968, is an integrated steel manufacturer in heat treated steel plates industry with its headquarters in North Gyeongsang, South Korea. The company supplies silicon steel sheets, hot-rolled and cold-rolled goods, plates, wire rods, and stainless-steel products for the engineering, automotive, and machinery industries. POSCO also engages in activities related to network and system integration, raw material and steel trade, and power generation.
Nippon Steel Corporation, established in 1950 and based out of Tokyo, Japan, is a leading producer of steel goods, manufacturing and producing steel and related products for a variety of industrial uses. Flat products, structural steel, bars and wire rods, pipes and tubes, steel plates, fabrications goods, railroad vehicle and equipment parts, titanium, and speciality stainless steel products are all part of its product line.
Other market players in the heat treated steel plates industry include Tata Steel Limited, JFE Steel Corporation, Baosteel Group Hu ICP, Hyundai Steel Co., Ltd., ThyssenKrupp AG, NLMK Group, and Nucor Corporation, among others.
Heat Treated Steel Plates Market Report Snapshots
Heat Treated Steel Plates Market Size
Heat Treated Steel Plates Market Growth
Heat Treated Steel Plates Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate value of USD 6.29 Billion.
The market is projected to grow at a CAGR of 4.10% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 9.40 Billion by 2034.
The major drivers of the market include the advantages offered by heat treated steel plates, expansion of production units, growing industrialisation, and rising aerospace and defence budgets.
Rising demand for premium steel plates, increasing shipbuilding activities, and large-scale investments in various industrial sectors are the key trends of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Heat treatment increases the wear resistance of the plate by hardening the material and supplementing the strength of the plate.
The various types of heat treated steel plates in the market include carbon steel, alloy steel, and stainless steel.
The significant applications of heat treated steel plates include automotive and heavy machinery, building and construction, ship building and off-shore structures, and energy and power, among others.
The major players in the heat treated steel plates market, according to the report, are ArcelorMittal S.A., POSCO, Nippon Steel Corporation, Tata Steel Limited, JFE Steel Corporation, Baosteel Group Hu ICP, Hyundai Steel Co., Ltd., ThyssenKrupp AG, NLMK Group, and Nucor Corporation, among others.
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