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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.
Global Heat Treated Steel Plates Market Growth
A key trend in the heat treated steel plates market anticipated to propel the growth of the global market is the increasing utilisation of heat treated steel plates by the construction sector. There is a rising demand for heat treated steel plates for infrastructural development projects such as the production of commercial centres, bridges, dams, and engineering projects.
The construction sector in India has reported a huge growth of 13.3% for the quarter July-September 2023, which is beneficial for heat treated steel plates as they are being increasingly used in the creation of beams and columns, thereby further strengthening the structure in question. Housing unit sales in the major cities of India increased by 36% in the same period. In addition, the European EV market, 22% of the automotive industry, is a demand booster for heat treated steel plates in EV structural frames, boosting the heat treated steel plates market dynamics and trends. Batteries, taking the second position, are strongest and lightest. Norway and the Netherlands take the lead, and demand for strong and lightweight materials will continue to determine market conditions and encourage growth in general by the industry.
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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