PUNE, India, March 9, 2018 /PRNewswire/ --
The report "Heat-Treated Steel Plates Market by Steel Type (Carbon, Alloy, and Stainless), Treatment (Quenching & Tempering, Normalizing, and Stress Relieving), Application (Construction, Energy, Industrial Machinery), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Heat-Treated Steel Plates Market size is estimated to grow from USD 102.36 Billion in 2017 to USD 121.77 Billion by 2022, at a CAGR of 3.53%. The market is projected to witness significant growth in the next few years, because of the increase in demand for new constructions across the world, resulting from rapid urbanization and industrialization. Large-scale investments in industrial and infrastructural sectors, rise in construction activities in emerging economies, and development of innovative products in the construction market are some of the key factors driving the growth of the Heat-Treated Steel Plates Market.
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Carbon steel segment, by type, to gain maximum traction
The carbon steel segment dominated the market in 2016, and is projected to be the fastest-growing application in the next five years, as a result of its economical price, easy availability, and wide application areas. The core material is highly preferred in the construction industry. The carbon steel plates have found wide applications in manufacturing and construction industries. In manufacturing settings, carbon steel plates serve as a base material for component construction, whereas in case of construction, these plates are utilized in bridges, commercial & municipal buildings, and ships.
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The quenching & tempering segment to witness the highest CAGR during the forecast period
The quenching & tempering segment dominated the market in 2016, and is projected to grow at the highest CAGR in the next five years, compared to other heat treatment methods. This growth is attributed to its property to increase the steel plate's hardness and strength. This treatment, when used in carbon steel plates, minimizes their brittleness.
Construction to be the largest market for heat-treated steel plates, by value
The construction segment dominated the market in 2016, and this trend is projected to remain the same in the next five years, as a result of the rapid urbanization and demand for better quality bridges and buildings. The demand for heat-treated steel plates is expected to be driven by the growing construction, industrial machinery, and energy & power applications. In construction applications, carbon steel is used in the construction of buildings, bridges, ports, dams, factories, and other engineering structures.
Asia Pacific dominated the market for heat-treated steel plates in 2016
The dominance of the Asia Pacific region can be attributed to the increasing demand for steel in building & construction, rising income levels, and the growing middle-class in this region. It is one of the key markets for heat-treated steel plate manufacturers, as the region is witnessing high growth in the construction industry. The market in this region is also growing rapidly due to the presence of numerous leading players. The major players in the Heat-Treated Steel Plates Market in Asia Pacific include POSCO (South Korea), TATA Steel (India), Baosteel (China), JFE Holdings (Japan), Nippon Steel & Sumitomo Metal Corporation (Japan), and Essar Steel (India). China is estimated to contribute a major market share to the Asia Pacific Heat-Treated Steel Plates Market. The large market share is supported by the demand from end-use industries such as shipbuilding, construction, energy, and automotive.
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