APEJ has led the global wear resistant steel plate market in the historical past and will continue on this growth trajectory. The region is all set to create an absolute $ opportunity of ~US$ 4.7 Bn by the end of the forecast period.
Rockville, United States – January 6, 2020 /MarketersMedia/ —
Wear resistant steel plates are preferred because of their robust nature. They are known to have long lifespan as compared to steel. This makes them an ideal choice in production of heavy machineries like earthmoving equipment. Steel plates that are resistant to wear come in varied strengths. 1700, 1500, and 200 MPa are some of the strength categories that are increasingly used in agriculture industry. These steel plates are employed in vehicles as they reduce the weight of the vehicle by 25-40%. Moreover, they are useful in reducing the pollution caused by greenhouse gases. Both the factors are responsible to surge the implementation of wear resistant steel in automotive industry. Mining industry is another prominent application area in the global market and wear resistant steel’s application is expected to grow at a rate of around 5% CAGR in this sector in the coming years.
Recent Fact.MR report predicts the global wear resistant steel plate market to grow at ̴ 4% CAGR in the period 2019-2027. APEJ is the region which is known to dominate the global market and is expected to continue its dominance in the coming years. Opportunities worth ~US$ 4.7 Bn are anticipated to be generated in the global market by the end of the year 2027. China along with India is projected to be responsible for greater half of the regional demand and is expected to surge the wear resistant steel plate market in near future in terms of volume as well as value. Other regions like Europe and North America are also surfacing as prominent regions in the global market.
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Europe is Prominent Region
AgriTech 2030, based in Europe is paving the future trajectory of global market for wear resistant steel plate. Fact.MR report anticipates that it will accelerate the demand in the global market with help of advanced agricultural machinery. Manufacturers are striving to create products specific to industry and production. They are leveraging all the possibilities of preprocessing along with actively merging and acquiring other businesses. Such developments boost European steel construction industry which significantly affects the global wear resistant steel plate market.
The global market is highly fragmented in nature. Major stake holders in global market are ArcelorMittal, Thyssenkrupp AG, DHS – Dillinger Hutte Saarstahl AG and Bisalloy Steel Group Limited. Prominent players are creating strategies to take advantage of the upcoming opportunities in global market. SSAB invested US $100 million to enhance its production capacity of high-strength steel. ArcelorMittal made an investment of US $500 million to expand life of its mines. The increased mining activities will be utilized to generate raw materials to create impact resistant steels. NIPPON STEEL CORPORATION invested around US $5.5 billion to expand its current global market. Investments are being readily done by companies to achieve different targets like enhanced production capacity, greater market penetration and to suffice the surged demand for wear resistant steel plates. Advanced producers are being offered which can withstand harsher environments and generate opportunities of new applications.
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