Heat Treated Steel Plates Market Size Worth $10.18 Billion By 2032 | CAGR: 5.00%

Heat Treated Steel Plates Market Size Worth $10.18 Billion By 2032 | CAGR: 5.00%


The global heat-treated steel plates market size is expected to reach USD 10.18 billion by 2032, according to a new study by Polaris Market Research. The report “Heat Treated Steel Plates Market Share, Size, Trends, Industry Analysis Report, By Process (Hardening & Tempering, Case Hardening, Annealing), By Application, By Region, And Segment Forecasts, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growth in infrastructure development is anticipated to drive the demand for construction machinery & equipment. As a result, there will be a significant rise in the need for heat treated steel plates, which play a vital role in the manufacturing of robust and durable machinery and equipment used in the construction and transportation sectors. This surge in demand for such plates is expected to be a direct consequence of infrastructure plans and its commitment to economic growth and modernization.

Rapid pace of urbanization in China is expected to lead to increased investments in various infrastructure projects, including highways, railways, & energy facilities. Currently, China's network of highways and railways lags that of developed countries, providing ample opportunities for the country to bolster its economy through extensive infrastructure development initiatives. For instance, in 2019, China approved around 26 infrastructure projects, including rail projects in Kunming, Chongqing, Zhengzhou, & Xian, with a total investment of around USD 142 Bn.

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Increasing aerospace and defense budgets in different countries are expected to drive the demand for heat treated steel plates, as these plates are extensively used in various defense applications, including helicopters, tanks, aircraft, & ships. Notably, the defense budget of the U.S. is the largest globally and exerts a significant influence on the manufacturing sector. This rise in defense spending is likely to have a positive impact on the demand for heat treated steel plates, as they play a critical role in the production of robust and high-performance military equipment and vehicles.

Steel is a sustainable material widely used in automotive components and assemblies. Heat treatment plays a crucial role in the manufacturing of automotive and transportation components. Without proper heat treatment, these components may be unable to withstand stress, leading to crack development or failure. As a result, processes like normalizing, annealing, stress relieving, hardening, and tempering are expected to experience sustained demand due to continuous automotive production and the increasing need for new aircraft. This, in turn, will drive the growth of the market.

Heat Treated Steel Plates Market Report Highlights

  • Hardening & tempering segment held the largest share, due to its toughness & hardness and applicability in different industries
  • Automotive & transportation segment dominated the market, owing to rise in demand of aircrafts, and electric vehicles
  • APAC will grow at rapid pace, owing to government bound manufacturing, construction, and infrastructure industries
  • The global key market players include Nippon Steel, Baosteel, Tata Steel, ArcelorMittal, POSCO, Essar Steel, & Novolipetsk Steel

Polaris Market Research has segmented the heat-treated steel Plates market report based on process, application, and region:

Heat Treated Steel Plates, Process Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hardening & Tempering
  • Case Hardening
  • Annealing
  • Normalizing
  • Others

Heat Treated Steel Plates, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Automotive & Transportation
  • Metalworking
  • Industrial Machinery & Equipment
  • Construction
  • Others

Heat Treated Steel Plates, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Heat Treated Steel Plates Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 6.91 billion

Revenue forecast in 2032

USD 10.18 billion

CAGR

5.00% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Process, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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