09-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Steel Plate Market By Process (Hardening & Tempering, Case Hardening, Annealing, Normalizing, & Others), By Application (Automotive & Transportation, Metalworking, Industrial Machinery & Equipment, Construction, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026”. According to the report, the global steel plate market was valued at approximately USD 107.8 Billion in 2020 and is expected to reach a value of around USD 145.8 Billion by 2026, at a CAGR of around 4.7% between 2021 and 2026.
Steel Plate is a kind of steel sheet material that can be easily cut and joined to produce a more elegant substance. It is manufactured by compressing many steel layers together into one form of a steel plate which is used to fortify the foundations as well as sustain mass units of weight such as bridges. Moreover, the steel plate has formed a foundation for constructing huge materials and non-workable components.
Browse the full “Steel Plate Market By Process (Hardening & Tempering, Case Hardening, Annealing, Normalizing, & Others), By Application (Automotive & Transportation, Metalworking, Industrial Machinery & Equipment, Construction, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” Report at https://www.fnfresearch.com/steel-plate-market-by-type-carbon-steel-tool-115
Moreover, the anti-corrosive and abrasion-resistant feature of the steel plate has made in popular across the globe. It finds a large spectrum of applications in the industries where the super-structural framework and indestructible durability is the necessary condition.
Massive demand from end-users to proliferate the market expansion
The escalating usage of steel plates in the automotive, construction, and industrial sectors will drive the expansion of the market over the forecast period. Moreover, the burgeoning steel demand with rapid industrialization will propel the expansion of the steel plate industry over the forecast timeline.
Furthermore, the large-scale urbanization & thriving economy of the Asia Pacific countries is projected to generate lucrative demand for the steel plates over the forecast timeline. Apart from this, the rapidly expanding construction sector in countries like China, India, and Japan in the region will further propel the surge of the steel plate industry over the forecast timespan. Nevertheless, with the steel plate business reaching the point of saturation due to the entry of a large number of new steels plate manufacturers and suppliers, the market growth is likely to experience deterioration over the forecast timeline.
Carbon steel segment to register highest CAGR over the forecast period
The segment is projected to record the highest growth rate of nearly over 4.0% during the forecast timeline. The product possesses a perfect combination of ductility and strength and can be carburized as well as hardened. Carbon steel finds lucrative applications in construction, wire production, and automotive.
Construction sector dominate the application landscape in terms of revenue
The segmental growth is due to the massive usage of steel plates in bridges, roads, houses, buildings, and airport construction activities. Moreover, the product is used in the construction sector due to its low weight, reduced costs, and high strength.
The Asia Pacific to retain a leading position in the global market during the forecast period
The growth of the regional market over the forecast timeline is due to the flourishing construction and automotive sectors in the region. China is likely to be a major regional revenue contributor due to its strong production base.
Top Market Players
The key market participants for the global steel plate market are Nippon Steel Corporation, Baosteel, Tata Steel, ArcelorMittal, POSCO, Outokumpu, JFE Holdings, Thyssenkrupp AG, Essar Steel, and Novolipetsk Steel, among others.
This report segments the steel plate market as follows:
Global Steel Plate Market: By Process Segment Analysis
Global Steel Plate Market: By Application Segment Analysis
Global Steel Plate Market: Regional Segment Analysis
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