Steel Plate Market

Global steel plate market expected to reach a value of around USD 234.20 billion by 2027, at a CAGR of around 4.4% between 2019 and 2027.

NEW YORK, UNITED STATES, May 19, 2020 /EINPresswire.com/ -- Facts and Factors Market Research has published a new report titled “Steel Plate Market By Type (Carbon Steel, Tool Steel, Alloy Steel, and Stainless Steel), By Treatment (Rolled, Heat Treated, and Normalized), and By Application (Construction, Shipbuilding, Energy & Power, Industrial Machinery, and Automotive & Defense Vehicles): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.

According to the report, the global steel plate market was valued at approximately USD 158.87 billion in 2018 and is expected to reach a value of around USD 234.20 billion by 2027, at a CAGR of around 4.4% between 2019 and 2027.

Steel Plate is a kind of steel sheet material that can be easily cut and joined to produce a more elegant substance. It is manufactured through compressing many steel layers together into one form of a steel plate which is used to fortify the foundations as well as sustain mass units of weight such as bridges. Moreover, the steel plate has formed a foundation for constructing huge materials and non-workable components.

Moreover, the anti-corrosive and abrasion-resistant feature of the steel plate has made in popular across the globe. It finds a large spectrum of applications in the industries where the super-structural framework and indestructible durability is the necessary condition.

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Some of the key players in the steel plate market include Hyundai Steel, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, United States Steel, JFE Steel Corporation, Tata Steel Limited, Jiangsu Shagang Group Company Limited, Johnson Controls, VÍTKOVICE STEEL, a.s., Nucor, Ansteel Group Corporation, China BaoWu Steel Group Corporation Limited, NLMK, ArcelorMittal, HBIS GROUP, POSCO, and Essar Steel.

Massive demand from end-users to proliferate the market expansion

The escalating usage of steel plate in the automotive, construction and industrial sectors will drive the expansion of the market over the forecast period. Moreover, the burgeoning steel demand with rapid industrialization will propel the expansion of steel plate industry over the forecast timeline.

Furthermore, large-scale urbanization & thriving economy of the Asia Pacific countries is projected to generate lucrative demand for the steel plates over the forecast timeline. Apart from this, the rapidly expanding construction sector in countries like China, India, and Japan in the region will further propel the surge of the steel plate industry over the forecast timespan. Nevertheless, with the steel plate business reaching the point of saturation due to the entry of a large number of new steels plate manufacturers and suppliers, the market growth is likely to experience deterioration over the forecast timeline.

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Carbon steel segment to register highest CAGR over the forecast period

The segment is projected to record the highest growth rate of nearly over 4.0% during the forecast timeline. The product possesses a perfect combination of ductility and strength and can be carburized as well as hardened. The carbon steel finds lucrative applications in construction, wire production, and automotive.

Construction sector to dominate the application landscape in terms of revenue

The segmental growth is due to the massive usage of steel plates in bridges, roads, houses, buildings, and airport construction activities. Moreover, the product is used in the construction sector due to its low weight, reduced costs, and high strength.

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The Asia Pacific to retain a leading position in the global market during the forecast period

The growth of the regional market over the forecast timeline is due to the flourishing construction and automotive sectors in the region. China is likely to be a major regional revenue contributor due to its strong production base.

This report segments the steel plate market as follows:

Global Steel Plate Market: By Type Segment Analysis

Carbon Steel
Tool Steel
Alloy Steel
Stainless Steel

Global Steel Plate Market: By Treatment Segment Analysis

Rolled
Heat Treated
Normalized

Global Steel Plate Market: By Application Segment Analysis

Construction
Shipbuilding
Energy & Power
Industrial Machinery
Automotive & Defense Vehicles

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