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 four percent over 2019 to 2027, according to a report by Fact.MR.
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
- 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.
- With high tensile strength and its predominant use as a structural steel, A514 will cater to nearly 40 percent 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 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.
Check out these articles:
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!