Heat-Treated Steel Plates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Heat-Treated Steel Plates Industry Analysis and It is Segmented by Steel Type (Carbon Steel, Stainless Steel, And Alloy Steel), Heat Treatment Type (Annealing, Tempering, Normalizing, And Quenching), End-user Industry (Automotive and Heavy Machinery, Building and Construction, Ship Building and Off-Shore Structures, Energy and Power, And Other End-User Industries), And Geography (Asia Pacific, North America, Europe, South America, And Middle-East and Africa). The Report Offers Market Size and Forecasts for Heat-Treated Steel Plates in Revenue (USD Million) for all the Above Segments.

Heat-Treated Steel Plates Market Size

Heat-treated Steel Plates Market Summary
Study Period 2019-2029
Market Size (2024) USD 7.33 Billion
Market Size (2029) USD 9.02 Billion
CAGR (2024 - 2029) > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Heat-treated Steel Plates Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Heat-Treated Steel Plates Market Analysis

The Heat-treated Steel Plates Market size is estimated at USD 7.33 billion in 2024, and is expected to reach USD 9.02 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

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. Currently, the market has recovered from the pandemic and is growing at a significant rate. COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.

  • The 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 Market Trends

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.
  • 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.
  • The Department for Promotion of Industry and Internal Trade in India proposed investment value of nearly INR 25 billion (~ USD 320 million) in 2022 towards the industrial machinery sector, a significant increase of nearly 29% compared to previous year.
  • Further, in China, several investment and expansion have been made to meet the developing need of speacialist machinery. For example, Naipu Mining Machinery, a Chinese manufacturer of mining equipment in October 2022, announced the investment of USD 25 million to set up a wholly owned subsidiary in Serbia and build a production base in the country.
  • Overall, increasing applications for industrial machinery and a decrease in demand in developing regions are expected to impact the demand for heat-treated steel plates through the years to come.
Heat-treated Steel Plates Market: Proposed Investment in Industrial Machinery Sector, Value in INR Billion, India 2019-2022

Asia-Pacific to Dominate the Market

  • Asia-Pacific region 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 automotive, 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.
  • The Asia-Pacific thermal sector is registering growth, with China primarily driving the growth of the sector. China has the most coal-fired power plants of any country or territory in the world. On the Chinese Mainland as of July 2022, there were 1,118 operational coal power plants. This is approximately four times the number of such power plants in India, which came in second place. China accounts for more than half of worldwide coal electricity generation.
  • China, under its 14th Five-Year Plan (2021-2025), has set the target for coal-power capacity to about 1,100 GW. Thus, the network operator, State Grid, and the China Electricity Council have been targeting to develop hundreds of new coal-fired power stations in the country. The country has been looking forward to developing power plants despite overcapacity in the sector, where more than half of the coal-power plants have been witnessing loss, and few plants have been running at less than 50% of their capacity.
  • Moreover, the construction industry in Asia-Pacific has constantly been growing. India, Japan, and China have witnessed decent growth in recent years.
  • In Japan, according to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) Japan, in 2022, approximately 859.5 thousand housing developments were initiated in Japan, which represented an increase of 0.4% compared to the previous year.
  • Redevelopment projects in the country have been one of the prominent contributors to the growth of the market. For instance, the Yaesu redevelopment project, which includes office, hotel, residential, retail, and educational facilities, is due to be completed by 2023. Other projects include the Shibaura chrome redevelopment and the new Shimbashi building redevelopment with office, retail, and residential spaces.
  • 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.
Heat-treated Steel Plates Market - Growth Rate by Region

Heat-Treated Steel Plates Industry Overview

The heat-treated steel plates market is partly fragmented in nature. The major players in the studied market (not in any particular order) include POSCO, NIPPON STEEL CORPORATION, TATA STEEL LIMITED, JFE Mineral & Alloy Company,Ltd., and thyssenKrupp Steel Europe, among others.

Heat-Treated Steel Plates Market Leaders

  1. POSCO

  2. JFE Mineral & Alloy Company,Ltd.

  3. thyssenKrupp Steel Europe



*Disclaimer: Major Players sorted in no particular order

Heat-treated Steel Market Concentration
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Heat-Treated Steel Plates Market News

  • October 2023: Tata Steel breaks the ground for its upcoming 7,50,000 tonne per annum scrap-based electric arc furnace (EAF) steel plant in Ludhiana.
  • September 2023: Tata Steel and the UK Government jointly agree on a proposal for the largest investment in the UK Steel Industry in developing the proposed transition pathway for the future of sustainable steelmaking in the UK.

Heat-Treated Steel Plates Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Applications in Machinery Production

      2. 4.1.2 Growing Demand from Construction Industry in Developing Countries

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Fluctuating Raw Material Prices

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 By Steel Type

      1. 5.1.1 Carbon Steel

      2. 5.1.2 Stainless Steel

      3. 5.1.3 Alloy Steel

    2. 5.2 By Heat Treatment Type

      1. 5.2.1 Annealing

      2. 5.2.2 Tempering

      3. 5.2.3 Normalizing

      4. 5.2.4 Quenching

    3. 5.3 By End-user Industry

      1. 5.3.1 Automotive and Heavy Machinery

      2. 5.3.2 Building and Construction

      3. 5.3.3 Ship Building and Off-Shore Structures

      4. 5.3.4 Energy and Power

      5. 5.3.5 Others (Metalworking, Transportation, etc.)

    4. 5.4 By Geography

      1. 5.4.1 Asia Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Malaysia

        6. Thailand

        7. Indonesia

        8. Vietnam

        9. Rest of Asia Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. NORDIC

        7. Turkey

        8. Russia

        9. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Colombia

        4. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Nigeria

        4. Qatar

        5. Egypt

        6. UAE

        7. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ArcelorMittal

      2. 6.4.2 Baosteel Group

      3. 6.4.3 HYUNDAI STEEL

      4. 6.4.4 JFE Mineral & Alloy Company,Ltd.


      6. 6.4.6 NUCOR

      7. 6.4.7 Outokumpu

      8. 6.4.8 POSCO

      9. 6.4.9 TATA STEEL LIMITED

      10. 6.4.10 thyssenKrupp Steel Europe

    5. *List Not Exhaustive

    1. 7.1 Increasing Applications in Energy and Power

    2. 7.2 Other Opportunities

**Subject to Availability
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Heat-Treated Steel Plates Industry Segmentation

Heat treatment is a controlled process used to change the microstructure of metals and alloys, like steel and aluminum. Heat treatment provides properties such as improved surface stiffness, temperature tolerance, ductility, and resilience to metal and alloys 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 others (metalworking, transportation, etc). The report also covers the market size and forecasts for the market in 27 countries across the globe. For each segment, the market sizing and forecasts have been done on the basis of value (USD).

By Steel Type
Carbon Steel
Stainless Steel
Alloy Steel
By Heat Treatment Type
By End-user Industry
Automotive and Heavy Machinery
Building and Construction
Ship Building and Off-Shore Structures
Energy and Power
Others (Metalworking, Transportation, etc.)
By Geography
Asia Pacific
South Korea
Rest of Asia Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Heat-Treated Steel Plates Market Research FAQs

The Heat-treated Steel Plates Market size is expected to reach USD 7.33 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 9.02 billion by 2029.

In 2024, the Heat-treated Steel Plates Market size is expected to reach USD 7.33 billion.

POSCO, JFE Mineral & Alloy Company,Ltd., thyssenKrupp Steel Europe, NIPPON STEEL CORPORATION and TATA STEEL LIMITED are the major companies operating in the Heat-treated Steel Plates Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Heat-treated Steel Plates Market.

In 2023, the Heat-treated Steel Plates Market size was estimated at USD 7.04 billion. The report covers the Heat-treated Steel Plates Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Heat-treated Steel Plates Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Heat Treated Steel Plates Industry Report

Statistics for the 2024 Heat Treated Steel Plates market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Heat Treated Steel Plates analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Heat-Treated Steel Plates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)