The global Steel Plates Heat Treatment Process market size was USD 6.7 Billion in 2022 and is expected to register a rapid revenue CAGR of 4% during the forecast period. Infrastructure development and industrialization activities in various parts of the world and rising demand for heat-treated steel plates along with need for construction equipment and large machinery are major factors driving market revenue growth.
Heat-treated steel plates are the best choice for use in various end-use applications including construction, automotive, energy, and aerospace industries. These plates offer high strength, durability, and wear resistance features. In addition, rising demand for premium steel plates with better mechanical qualities, corrosion resistance, and surface polish is also expected to drive revenue growth of the market.
The Automotive and Transport sector is anticipated to see the fastest growth by 2028. Steel is one of the renewable materials and has a high presence in parts and assemblies in automobiles. Heat treatment is a crucial attribute of the manufacture of automotive and transport components. They are unable to withstand stress if the components are not heat treated and may observe crack development or failure. Processes including standardization, annealing, stress relief, hardening, and tempering are likely to witness continued demand due to continuous automotive production and rising demand for new aircraft, thereby driving growth in the market for heat-treated steel plates.
The COVID-19 impact:
The COVID-19 pandemic is likely to interfere to some degree with the development of the business. In this challenging situation, major industry players are pessimistic about the future of the market and are seeking to reshape their strategies for maintaining it. The pandemic had severely affected the automotive industry, and most of the big automakers were forced to stop production and other operations. There is a shortage of workforce in several parts of the world, due to repeated lockdowns. COVID-19 has impacted international trade, exports, and imports and, consequently, industry demand has also significantly decreased. The major market companies are trying to clear their stocks and are focusing on maintaining their cash balances. In a way, this pandemic, amid these bleak times, also provides an opportunity for the growth of the industry as people will become more mindful of health and safety, thereby concentrating on the adoption of green vehicle materials. People's median disposable income is likely to decline, and manufacturers are trying to find creative solutions that can serve customer needs at a much lower cost.
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Heat-Treated Steel Plates Market: Drive factors
As of my last knowledge update in September 2021, the Steel Plates Heat Treatment Process Market growth and demand were driven by several factors. These factors are likely to continue influencing the market beyond that point:
- Increasing Demand from Construction and Infrastructure: Heat-treated steel plates are extensively used in the construction and infrastructure sectors, such as building bridges, high-rise buildings, and industrial structures. As urbanization and industrialization continue to grow in many regions, the demand for heat-treated steel plates is expected to rise.
- Growing Automotive and Transportation Industry: Heat-treated steel plates are crucial in the automotive and transportation sectors, especially for manufacturing heavy-duty trucks, trailers, and railway vehicles. With the increasing demand for these vehicles and the trend toward lightweighting for better fuel efficiency, the demand for advanced heat-treated steel plates is likely to increase.
- Oil and Gas Exploration and Offshore Applications: The oil and gas industry require robust and durable materials to withstand harsh environmental conditions. Heat-treated steel plates are widely used in offshore platforms, pipelines, and other oil and gas infrastructure, contributing to market growth.
- Renewable Energy Sector: As the world focuses more on renewable energy sources, such as wind and solar power, the demand for heat-treated steel plates for wind turbine components and solar structures is also expected to grow.
- Aerospace and Defense Applications: The aerospace and defense industries have stringent requirements for high-strength and lightweight materials. Heat-treated steel plates find applications in aircraft and defense equipment, which drives the market growth.
- Mining and Heavy Machinery: Heat-treated steel plates are used in mining equipment and heavy machinery, which are vital for mining operations and various construction projects.
- Advancements in Heat Treatment Technologies: Continuous improvements in heat treatment processes, such as quenching and tempering, have led to the development of high-performance heat-treated steel plates. These advancements have further boosted the market.
- Focus on Material Strength and Durability: In various industries, there is a growing emphasis on using materials that offer exceptional strength, durability, and resistance to wear and tear, and heat-treated steel plates fulfill these requirements.
- Global Industrialization and Economic Growth: As economies grow and industrialization expands, there is an increased demand for steel products, including heat-treated steel plates, to support infrastructure development and manufacturing sectors.
- Research and Development Initiatives: Ongoing research and development efforts to improve the mechanical properties and performance of heat-treated steel plates are likely to foster market growth.
It's essential to note that market dynamics can change over time due to various factors such as economic fluctuations, technological advancements, and shifts in industry demands. To get the most up-to-date and accurate information, I recommend consulting recent market research reports and industry publications.
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