Heat Treated Steel Plates Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
|CAGR:||> 3 %|
*Disclaimer: Major Players sorted in no particular order
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Heat Treated Steel Plates Market Analysis
The global heat-treated steel plates market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
The market was significantly impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to a shutdown of manufacturing facilities of almost every industry worldwide for a specified time. Disruption of industrial production impacted metals production, especially steel production. Furthermore, the building and construction industry experienced a temporary slowdown during the period. The majority of construction projects were paused for a specified time across various countries across the world. Moreover, loss of investment plans and termination of planned projects continued even after the lockdown protocols were relaxed. Automotive was another industry that was severely impacted by the pandemic. However, by the end of 2020, most industries started to gain momentum, with recovery expected through the years to come.
- Over the long term, increasing applications in the production of heavy machinery and growing demand from the construction industry in developing countries are driving the market growth.
- Fluctuating raw material prices is expected to hinder the market growth for heat-treated steel plates.
- Increasing application in the energy and power sector is expected to act as an opportunity in the future.
- Due to rapid industrialization and the growing construction sector, the Asia-Pacific region is expected to dominate the heat-treated steel plates market, globally.
Heat Treated Steel Plates Industry Segments
Heat treatment is a controlled process. It is used to change the microstructure of metals and alloys, like steel and aluminum, to give them properties, like improved surface stiffness, temperature tolerance, ductility, and resilience, which is expected to help them last longer. With numerous benefits, heat-treated steel plates play an important role in the construction, infrastructure, and industrial machinery markets. The heat-treated steel plates market is segmented by steel type, heat treatment type, end-user industry, and geography. By steel type, the market is segmented into carbon steel, stainless steel, and alloy steel. By heat treatment type, the market is segmented into annealing, tempering, normalizing, and quenching. By end-user industry, the market is segmented into automotive and heavy machinery, building and construction, shipbuilding and off-shore structures, energy and power, and other end-user industries. The report also covers the market size and forecasts for the heat-treated steel plates market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
|By Steel Type|
|By Heat Treatment Type|
|By End-user Industry|
|Automotive and Heavy Machinery|
|Building and Construction|
|Ship Building and Off-Shore Structures|
|Energy and Power|
|Other End-user Industries|
Heat Treated Steel Plates Market Trends
This section covers the major market trends shaping the Heat Treated Steel Plates Market according to our research experts:
Growing Applications for Machinery Production
- Heat-treated steel plates are used to improve the mechanical and chemical properties of steel without changing any original characteristics. Hence, they are being used by various end-user industries.
- The demand from the automobile and industrial machinery has been growing because of heat-treated steel plate properties. Among all the types of steel, carbon steel has a major share and is used in different applications.
- In August 2020, US Steel announced its decision to invest USD 750 million to modernize and enhance its Gary Works plant in Indiana, the United States.
- In November 2020, Big River Steel announced its decision to expand its Arkansas-based scrap recycling and steel production facility, which may double the hot-rolled steel production capacity of the company to 3.3 million metric tons, annually. This may further facilitate the company’s ability to produce higher grades of the electrical steel used in energy efficiency products and hybrid and electric vehicles.
- Heat-treated steel plates are employed to produce machinery equipment, such as gear teeth profile, crane cable drum, gear wheel, brake drum, machines worm steel, flywheel, railway wheels, crankshaft, hydraulic clutches, electric transmission lines, boiler mountings, etc.
- However, the impact of COVID-19 is expected to decrease the demand and usage of heat-treated steel plates from several end-user industries globally in the short run.
- Overall, increasing applications for industrial machinery and a decrease in demand from the automobiles sector in developing regions are expected to impact the demand for heat-treated steel plates through the years to come.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed manufacturing sector in China, Japan, and India, coupled with the continuous investments done in the region to advance the construction, energy, and power sector through the years.
- The demand from the energy and power sector has been growing significantly in recent years. Heat-treated steel plates are being used for boilers, storage tanks, pressure vessels, and other structural parts most commonly used in hydropower stations, nuclear, and other energy generation plants.
- According to the International Energy Agency (IEA), Asia-Pacific is the largest energy-consuming region in recent years. Although the power and energy market has a positive outlook globally, the COVID-19 outbreak is expected to have a negative impact in the future.
- Moreover, a majority of the global power generation plants are located in China. Some of the upcoming power reactors in China under construction include Fuqing 6, Hongyanhe 5, Shidaowan, Tianwan 6, etc.
- The China Electricity Council announced that the investment of major power companies increased 0.3% Y-o-Y in 2021, despite suffering the largest demand reduction in 2020. The public utility State Grid of China (which accounts for around a third of the electricity investment) announced to invest a total of 450 billion Yuan in 2020, with ultra-high voltage (UHV) projects accounting for 40% of total investment.
- Moreover, the construction industry in Asia-Pacific has constantly been growing. India, Singapore, and China have witnessed decent growth in recent years.
- Bridges, building structural components, dams, and engineering structures are the reason for increasing the demand for heat-treated steel plates from the construction industry.
- Additionally, heat-treated steel plates are being used in shipbuilding and off-shore structures, and defense areas. The rise in these activities in Singapore and China in the past two years has increased the demand for heat-treated steel plates.
- With the rapid growth of industrialization, increasing usage of machinery equipment, and construction industries in developing countries, the rising power generation plants are expected to drive the market for heat-treated steel plates in Asia-Pacific through the years to come.
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Heat Treated Steel Plates Market Competitor Analysis
The global heat-treated steel plates market is partly fragmented in nature, with many players competing in the market. Some of the major companies are POSCO, NIPPON STEEL CORPORATION, Tata Steel, JFE Steel Corporation, and ThyssenKrupp Steel Europe, among others.
Heat Treated Steel Plates Market Top Players
Nippon Steel Corporation
JFE Steel Corporation
ThyssenKrupp Steel Europe
*Disclaimer: Major Players sorted in no particular order
Heat Treated Steel Plates Market Recent Developments
- In February 2021, Tata Steel has restarted work on a pellet plant and cold-roll mill complex expansion at Tata Steel Kalinganagar. It was halted due to the lockdowns. The expansion of the Kalinganagar plant to 8 million metric tons per annum (mtpa) from 3 mtpa is expected to incur a cost of around INR 25,000 crore.
- In December 2019, Danieli was selected to supply equipment for Nucor Corporation and its new greenfield plate steel mill complex in Brandenburg (Kentucky, the United States). Danieli was expected to supply the new Electric Arc Furnace (EAF) Melt Shop and Plate-/Steckel-Mill, as well as an electrical and automation package provided by Danieli Automation. Nucor then decided to invest approximately USD 1.35 billion to build the mill, which is expected to be capable of producing 1.2 million metric tons per year of steel plate products.
Heat Treated Steel Plates Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Applications in Machinery Production
4.1.2 Growing Demand from Construction Industry in Developing Countries
4.2.1 Fluctuating Raw Material Prices
4.2.2 Unfavorable Conditions Arising due to the COVID-19 Impact
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Steel Type
5.1.1 Carbon Steel
5.1.2 Stainless Steel
5.1.3 Alloy Steel
5.2 By Heat Treatment Type
5.3 By End-user Industry
5.3.1 Automotive and Heavy Machinery
5.3.2 Building and Construction
5.3.3 Ship Building and Off-Shore Structures
5.3.4 Energy and Power
5.3.5 Other End-user Industries
5.4 By Geography
5.4.1 Asia Pacific
18.104.22.168 South Korea
22.214.171.124 Rest of Asia Pacific
5.4.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Nordic Countries
220.127.116.11 Rest of Europe
5.4.4 South America
18.104.22.168 Rest of South America
5.4.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Baosteel Group
6.4.3 HYUNDAI STEEL
6.4.4 JFE Steel Corporation
6.4.5 NIPPON STEEL CORPORATION
6.4.9 Tata Steel
6.4.10 ThyssenKrupp Steel Europe
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Applications in Energy and Power
7.2 Other Opportunities
Heat Treated Steel Plates Market Research FAQs
What is the study period of this market?
The Heat-treated Steel Plates Market is studied from 2018 - 2028.
What is the growth rate of Heat-treated Steel Plates Market?
The Heat-treated Steel Plates Market is growing at a CAGR of >3% over the next 5 years.
Which region has highest growth rate in Heat-treated Steel Plates Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Heat-treated Steel Plates Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Heat-treated Steel Plates Market?
POSCO, Nippon Steel Corporation , Tata Steel, JFE Steel Corporation, ThyssenKrupp Steel Europe are the major companies operating in Heat-treated Steel Plates Market.
Heat-treated Steel Plates Industry Reports
In-depth industry statistics and market share insights of the Heat-treated Steel Plates sector for 2020, 2021, and 2022. The Heat-treated Steel Plates research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Heat-treated Steel Plates report PDF.