Heat-treated Steel Plates Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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).

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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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