SEOUL-- May 23, 2022 -- The latest research report published by Fact.MR on the survey of wear-resistant steel plate market reveals a strong resurgence of end-use industries, spearheaded by mining, especially in the Asia Pacific, is creating a highly conducive environment for the growth of the wear-resistant steel plate market.
Manufacturers of heavy machinery equipment are preferring wear-resistant steel plates over conventional steel plates, as these have significantly longer lifespans at a marginal cost difference. Attributed to the above facts and rising demand for high-strength low-alloy (HSLA) steel from agricultural, automotive, and mining industries, the global wear-resistant steel plate market is expected to grow at a CAGR of 4% over the forecast period.
Asia Pacific Reigns Supreme In The Wear Resistant Steel Plate Industry
APEJ has led the global wear-resistant steel plate market in the historical past and will continue on this growth trajectory. The region is all set to create an absolute $ opportunity of ~US$ 4.7 Bn by the end of the forecast period.
China and India together will account for more than half of the regional demand and will propel the global market in terms of value and volume. APEJ is closely followed by North America and Europe which are expected to witness high growth till 2029.
Key Takeaways of Wear Resistant Steel Plate Market:
· The use of wear-resistant steel plates in agriculture is set to increase in terms of market share over the long term forecast, however, mining will retain the lion’s share in the wear-resistant steel plate market.
· Demand for wear-resistant steel plates has witnessed a spike on account of growing emphasis on improving efficiency in carrying out complex excavation projects.
· The rapid growth of mining as an industry will drive the demand for wear-resistant steel plates, creating an absolute $ opportunity of ~US$ 570 Mn by the end of 2029.
· Hardness combined with good formability- the AR400 segment is projected to witness steady growth in the global wear-resistant steel plate market.
· With high tensile strength and its predominant use as structural steel, A514 will cater to nearly 40% of the global demand in the wear-resistant steel plate market by 2029.
· APEJ is expected to continue its supremacy in terms of demand, accounting for close to half the global demand.
“On account of its long-term advantages, demand for high-quality wear-resistant steel plates has been growing in the agriculture and automotive industry and in the range of new applications which include acidic & freezing environments, the recycling business, and municipal waste.”
Wear Resistant Steel Plate Market: Segmentation
Fact.MR has segmented the wear-resistant steel plate market on the basis of product, end-use industry, and region.
Wear Resistant Steel Plate Market: Competitive Landscape
ArcelorMittal is a key stakeholder facing stiff competition from other prominent players such as SSAB AB, Nippon Steel & Sumitomo Metal Corporation, China Baowu Steel Group Corporation Limited, and Ansteel Group Corporation. The wear-resistant steel plate market is well matured, however, it has plenty of room for improvement. Top stakeholders are focusing on the expansion of production capacity, and mining contracts and have done billions of dollars of investment for mergers and acquisitions to leverage the huge potential in the wear-resistant steel plate market.
Some Notable Offerings by Fact.MR Report on Wear Resistant Steel Plate market:
· We will provide you with an analysis of the extent to which this Wear Resistant Steel Plate market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
· We will also help to identify customary/ standard terms and conditions, such as offers, worthiness, warranty, and others.
· Also, this report will help you to identify any trends to forecast growth rates.
· The analyzed report will forecast the general tendency for supply and demand.
After reading the Market insights of the Wear Resistant Steel Plate Report, readers can:
· Understand the drivers, restraints, opportunities, and trends affecting the Sales of the market.
· Analyze key regions holding a significant share of total Wear Resistant Steel Plate market revenue.
· Study the growth outlook of the Wear Resistant Steel Plate market scenario, including production, consumption, history, and forecast.
· Learn consumption pattern and impact of each end-use & supply-side analysis of Wear Resistant Steel Plate market.
· Investigate the recent R&D projects performed by each market player & competitive analysis of Wear Resistant Steel Plate Market Players.
