Market Size of Heat-treated Steel Plates Industry
| 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
*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.
