Heat-treated steel plates are generally applied for changing the mechanical as well as physical features of the steel without altering the shape of the steel. These steel plates are made up of that type of steel that has resisted a scaling temperature of 500°C.
This heat-treated process is helpful in increasing and improving hardness, ductility, elasticity, and toughness of the steel. Heat treating processes are of four types such as annealing, tempering, normalizing, and quenching. They are widely used in energy & power, construction, industrial machinery, automotive & defense vehicles, & shipbuilding. However, there is some limitation to heat treatment processes and volatile raw material prices might hamper the growth of the market.
COVID-19 Impact Analysis
- The unfavorable global effects of COVID-19 are already evident and had a big impact on the heat-treated steel plates market in 2020.
- The World Health Organization (WHWO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the grain-oriented silicon steel to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factor
Key factors expected to drive growth of the global heat-treated steel plates market include increase in urbanization, construction activities in emerging economies, and large-scale investments in the industrial and infrastructure industries across the globe.
In addition, increase in demand from manufacturing and construction industries coupled with the rise in demand for infrastructure such as manufacturing of bridges, dams, commercial hubs, engineering structures are some other factors expected to drive growth of the global heat-treated steel plates market. Furthermore, increasing usage of heat-treated steel plates in energy & power, industrial machinery, automotive & defense vehicles, and shipbuilding are other factors expected to drive growth of the target market over the forecasted period.
- Growing Applications for Machinery Expected to Boost Market Growth
- Heat-treated steel plates are employed in making 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, and others. The demand from the automobile and industrial machinery grows because of heat-treated steel plates properties. Among all the types of steel, carbon steel has a major share and is used in different applications. Increasing applications for industrial machinery and growing demand from automobiles in developing regions are expected to drive the demand for heat-treated steel plates.
- Asia-Pacific Undergoes A Process of Urbanization and Industrialization, Thus, Expected to Boost Market Growth
- The demand from the energy and power sector grows significantly in recent years. Heat-treated steel plates are being used for boilers, storage tanks, pressure vessels, and other structural parts that are most commonly used in hydropower stations, nuclear and other energy generation plants. Asia-Pacific 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 construction, energy, and power sectors through the years.
- Increased Construction and Development Activities and Government Aid Help in Market Growth
- The North American market is expected to register substantially high revenue growth rate in the global market during the forecast period, due to the increase in construction activities in residential and commercial sectors, growing production and sale of automobiles, and higher demand from the product from the aerospace sector. In addition, government support for building well-established aerospace and defense sector is expected to support revenue growth of the heat-treated steel plates market in the region.
Key Benefits of Report
- This study presents the analytical depiction of the heat-treated steel plates industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the heat-treated steel plates market share.
- The current market is quantitatively analyzed to highlight the Heat-treated steel plates market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Heat-treated steel plates market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in Heat-treated Steel Plates Market Report
- Who are the leading market players active in the heat-treated steel plates market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Heat-treated Steel Plates Market Report Highlights
Key Market Players
NIPPON STEEL CORPORATION, ThyssenKrupp AG, Outokumpu, NLMK,, JFE Holdings, Inc., POSCO, AM/NS India, Tata Steel, ArcelorMittal, Baosteel Group Hu ICP
Other Key Market Players
Precision Steel Warehouse Inc., JSW, METINVEST, Simplex Metal & Alloys., Jindal Steel & Power Ltd, SHAGANG GROUP Inc., SAIL, China Ansteel Group Corporation Limited, Voestalpine AG, HYUNDAI STEEL