Steel Plate Market Size, Share Global Analysis Report, 2021 - 2026

Industry Insights

[185+ Pages Report] Facts & Factors has recently published the latest “Global Steel Plate Market” report that covers the spectacle of the market in an analytical and comprehensive manner. The global steel plate market is estimated to value USD 145.8 Billion by 2026 from an initial value of USD 107.8 Billion in the year 2020 at a CAGR value of 4.7%.

Market Overview

Steel is an alloy that is constructed from iron and a few percent growths of carbon that often incorporates further strength and fracture resistance when compared to other forms of irons. Steel often boasts of higher tensile strength, and lower costs and is often used in food-related applications due to bacteria-killing properties. Additionally, based on the temperature-based treatment delivered, steel can take two crystalline forms namely – body-centered cubic and face-centered cubic.

Industry Growth Factors

The global steel plates market is expected to be driven by rising shipbuilding activities primarily in Asia-Pacific countries such as Japan, South Korea, China, and other South-Asian countries coupled with newly developing production techniques to name a few. Additionally, specialized and customized vessels pertaining to offshore support ranging in the form of vessels, yachts, and dredgers will further increase the footprint of the global steel plates market during the forecast period. Moreover, the rising demand for applications such as offshore equipment, repair pieces, and structural parts is expected to open new revenue opportunities for the global steel plate market during the forecast period.

The rising demand for construction needs coupled with increasing production arising from the automotive and aircraft sector will boost the global steel plate market during the forecast period. Rising government spending coupled with an increasing number of production centers across the globe will increase the consumer base for the global steel plate market during the forecast period. However, changing geopolitical situations coupled with disruptions in trade practices are expected to hamper the market growth for the global steel plate market during the forecast period.

Segmentation Analysis

The global steel plate market is segmented into process, application, and regions.

On the basis of process, the global steel plate market is divided into hardening & tempering, case hardening, annealing, normalizing, and others. The case hardening segment is expected to witness the fastest growing CAGR during the forecast period owing to low-cost measures coupled with rising benefits pertaining to higher strength, rising hardness, and the latter’s ability to form complex shapes. Additional factors pertaining to wear resistance coupled with the ability to absorb the stress without failure are expected to dominate the market share during the advent of the forecast. On the basis of application, the global steel plate market is classified into automotive &transportation, metalworking, industrial machinery & equipment, construction, and others. The automotive and transportation category is expected to witness the largest market share during the advent of the forecast owing to the rising demand for automobiles coupled with the integration of steel plates into various automobile grades such as trucks, automotive sections, and structural sections of railways.

Report Scope

Regional Analysis

Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to increasing consumption from various end-user sectors coupled with the rising industrial sector to name a few. Additionally, increasing demand from the sectors pertaining to energy, transportation, information, and water transportation is expected to boost the steel plate market in the region during the forecast period. North America is expected to contribute a significant market share during the forecast period after the latter region owing to rising construction spending, increasing automotive production, and a rapidly growing aerospace and defense sector to name a few.

Competitive Players

• Nippon Steel Corporation
• Baosteel
• Tata Steel
• ArcelorMittal
• POSCO
• Outokumpu
• JFE Holdings
• Thyssenkrupp AG
• Essar Steel
• Novolipetsk Steel

By Process Segment Analysis

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

By Application Segment Analysis

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