The global Steel Plate market stood at approximately 33 million tonnes in 2023 and is anticipated to grow at a CAGR of 2.5% during the forecast period until 2034.
Steel plates are versatile materials used across numerous industries for various applications due to their exceptional strength, durability, and corrosion resistance. In the construction sector, steel plates serve as integral components for building infrastructure such as skyscrapers, bridges, and stadiums, providing structural support and stability. In shipbuilding, steel plates form the backbone of vessels, offering superior strength and corrosion resistance to withstand harsh marine environments. The automotive industry relies on steel plates for manufacturing vehicle frames, chassis, and body panels, benefiting from their high strength-to-weight ratio and crash resistance properties. Additionally, steel plates find extensive use in heavy machinery and equipment manufacturing, where their robustness and durability are essential for withstanding extreme operating conditions. In the oil and gas industry, steel plates are utilized in the construction of storage tanks, pressure vessels, and pipelines for transporting liquids and gases safely. Moreover, steel plates play a vital role in aerospace and defense applications, where their high strength and ballistic resistance make them suitable for aircraft components, armor plating, and military vehicles. Across various industrial sectors, steel plates are indispensable for manufacturing industrial equipment, machinery components, tooling, and structural supports. Furthermore, steel plates are used in consumer goods manufacturing, including household appliances, furniture, and recreational equipment, where their strength, durability, and aesthetic appeal contribute to product quality and longevity.
The anticipated surge in revenue growth within the global heat-treated steel plates industry is propelled by various factors, notably the escalating pace of urbanization and construction activities in emerging economies. Concurrently, substantial investments in both enterprises and infrastructure projects worldwide are poised to further boost the market expansion. Moreover, heightened demand from heavy industries and related sectors for critical infrastructural developments like bridges, reservoirs, and commercial complexes is set to contribute significantly to revenue augmentation. Additionally, the increasing utilization of steel plates across diverse sectors, including electrical and electronics, industrial equipment, military applications, automobiles, and shipbuilding, is anticipated to drive substantial revenue growth throughout the forecast period. These factors collectively underscore the optimistic outlook for the global heat-treated steel plates industry, highlighting its resilience and adaptability to meet the evolving demands of various sectors and foster sustainable growth in the foreseeable future. The global Steel Plate market is likely to reach approximately 45 million tonnes in 2034.
The Asia Pacific region commands a substantial share of the global Steel Plate market, primarily due to several key factors driving demand and production in the region. Rapid industrialization and urbanization across countries like China, India, Japan, and South Korea have spurred significant investments in infrastructure development, construction, and manufacturing sectors, consequently boosting the demand for steel plates. Moreover, the automotive industry in the Asia Pacific region is one of the largest and fastest-growing globally, with steel plates being a primary material for vehicle manufacturing. Additionally, the burgeoning shipbuilding industry in countries such as China and South Korea contributes to the region's dominance in the steel plate market, as steel plates are essential for constructing ships and maritime structures. Furthermore, the presence of robust steel manufacturing capabilities, technological advancements in production processes, and favorable government policies supporting the steel industry further bolster the Asia Pacific region's position in the global steel plate market. Overall, the Asia Pacific region remains a significant player in both the production and consumption of steel plates, driving the market's growth and shaping its dynamics on a global scale.
Based on the end-use, the global Steel Plate market is segmented into Construction, Automotive, Heavy Equipment and Machinery, and Others. Among these, the Construction industry is the major segment. This industry held about 65% of the global Steel Plate market in the year 2023.
Significant players in the Global Steel Plate market are ArcelorMittal S.A., Thyssenkrupp AG, POSCO, TATA Iron & Steel Co. Ltd., Baosteel Iron & Steel Co. Ltd., Outokumpu Oyj, JFE Holdings Co. Ltd., Nippon Steel Engineering Co. Ltd., Sumitomo Metal Industry Ltd., Novolipetsk Steel Group, and Essar Steel India Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Steel Plate which covers production, demand and supply of Steel Plate market in the globe.
• To analyse and forecast the market size of Steel Plate
• To classify and forecast Global Steel Plate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Steel Plate market in the globe.
To extract data for Global Steel Plate market, primary research surveys were conducted with Steel Plate manufacturers, suppliers, distributors, wholesalers, and traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Steel Plate market over the coming years.
ChemAnalyst calculated Steel Plate demand across the globe by analyzing the volume of Steel Plate consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Steel Plate manufacturers and other stakeholders
• Organizations, forums and alliances related to Steel Plate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Steel Plate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Steel Plate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
33 million tonnes
Market size Volume in 2034
45 million tonnes
Growth Rate
CAGR of 2.5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Construction, Automotive, Heavy Equipment and Machinery, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Steel Plate in terms of volume in 2023?
Ans:
The global market size of Steel Plate has reached approximately 33 million tonnes in 2023.
Q2.
Which region is one of the leading consumers of Steel Plate?
Ans:
The Asia Pacific region is one of the leading consumers of Steel Plate globally.
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