Strong resurgence of end-use industries, spearheaded by mining, especially in Asia Pacific, is creating a highly conducive environment for growth of the wear-resistant steel plates market. Manufacturers of heavy machinery equipment are preferring wear resistant steel plates over conventional steel plates, as these have significantly longer lifespan at a marginal cost difference. Attributed to the above facts and rising demand for high-strength low-alloy (HSLA) steel from agricultural, automotive and mining industry, the global wear resistant steel plate market is expected to grow at a CAGR of 4% over the forecast period.
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Key Takeaways of Wear Resistant Steel Plate Market:
- The use of wear resistant steel plates in agriculture is set to increase in terms of market share over the long term forecast, however, mining will retain the lion’s share in the wear resistant steel plate market.
- Demand for wear resistant steel plates has witnessed a spike on account of growing emphasis on improving efficiency in carrying out complex excavation projects.
- The rapid growth of mining as an industry will drive the demand for wear resistant steel plates, creating an absolute $ opportunity of ~US$ 570 Mn by the end of 2029
- Hardness combined with good formability- the AR400 segment is projected to witness steady growth in the global wear resistant steel plate market.
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- With high tensile strength and its predominant use as a structural steel, A514 will cater to nearly 40% of the global demand in the wear resistant steel plate market till 2029
- APEJ is expected to continue its supremacy in terms of demand, accounting for close to half the global demand.
“On account of its long-term advantages, demand for high quality wear resistant steel plates has been growing in the agriculture and automotive industry and in the range of new applications which include acidic & freezing environments, the recycling business and municipal waste”
Wear Resistant Steel Plate Market: Competitive Landscape
ArcelorMittal is a key stakeholder facing stiff competition from other prominent players such as SSAB AB, Nippon Steel & Sumitomo Metal Corporation, China Baowu Steel Group Corporation Limited, and Ansteel Group Corporation.
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The wear resistant steel plate market is well matured, however it has plenty of room for improvement. Top stakeholders are focusing on expansion of production capacity, mining contracts and have done billions of dollars of investment for mergers and acquisitions to leverage the huge potential in the wear resistant steel plate market.
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