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Report Overview
The global heat treated steel plates market reached a value of around USD 6.04 billion in 2023. The market is expected to grow at a CAGR of 4.1% between 2024 and 2032, reaching a value of around USD 8.69 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Heat Treated Steel Plates Market Trends
Automakers use heat-treated steel plates in electric vehicles to enhance strength and efficiency.
One of the significant trends of the heat treated steel plates market is the rising demand driven by advancements in manufacturing technologies and high-performance materials. The automotive, aerospace, and construction industries are facing a need for lightweight but powerful solutions in order to achieve high efficiency and safety. Demand for recycled material in these heat treatment processes is also driven by the trend for sustainable practices. This trend would most likely be sustained, supporting solid growth in a variety of applications including those emerging markets, such as Asia Pacific.
For instance, the rise in application of steel plates heat-treated to build electric vehicles in the automotive industry. This promotes strength enhancement and decreases weight, thus achieving improved efficiency and performance.
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 2023, the global market for heat-treated steel plates obtained a value of approximately USD 6.04 billion.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8.69 billion by 2032.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124