Global Heat Treated Steel Plates Market Overview 2024: Size, Drivers, And Trends
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The Business Research Company’s Heat Treated Steel Plates Global Market Report 2024 offers crucial insights into the heat treated steel plates market help businesses analyse and build stronger strategies.
Steady Growth Trajectory
- The heat treated steel plates market has witnessed steady growth, with revenues reaching $66.15 billion in 2023, poised to reach $68.78 billion in 2024, reflecting a CAGR of 4.0%.
- Forecast indicates continued expansion, with the market projected to attain $78.95 billion by 2028, with a CAGR of 3.5%.
Shipbuilding Resurgence Driving Market Expansion
- Increasing shipbuilding activities globally are propelling the demand for heat treated steel plates, used extensively in constructing cargo and passenger ships, offshore platforms, and vessels.
- With China, the Republic of Korea, and Japan accounting for 94% of global shipbuilding activities, the demand for heat treated steel plates is poised to surge.
Strategic Partnerships Fuel Market Growth
- Major players in the heat-treated steel plate market are forging strategic partnerships and business contracts to enhance their market presence.
- For instance, Tenova LOI Thermprocess secured a contract with VIZ-Stal to supply a decarburization and coating line, underscoring the importance of business collaborations in driving market expansion.
Key Acquisitions Shaping the Landscape
- Nucor Corporation’s acquisition of California Steel Industries Inc. for $400 million underscores the strategic moves within the industry to expand geographic presence and product offerings.
- Such acquisitions strengthen companies’ capacities to manufacture value-added sheet products, driving competitiveness in the market.
- Type: Carbon Steel, Alloy Steel, Stainless Steel.
- Heat Treatment Type: Annealing, Tempering, Normalizing, Quenching.
- End-user: Automotive and Heavy Machinery, Building and Construction, Ship Building and Off-Shore Structures, Energy and Power, Others.
- Asia-Pacific emerged as the largest region in the heat treated steel plates market in 2023, driven by robust infrastructure development and industrialization.
- North America is anticipated to be the fastest-growing region, fueled by increased investments in renewable energy and infrastructure projects.
Future Trends and Outlook
- Advancements in heavy machinery manufacturing, customization of steel alloys, and digitalization in manufacturing processes are anticipated trends in the market.
- The development of ultra-high-strength steel and global supply chain optimization will further shape the market landscape.
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The Heat Treated Steel Plates Global Market Report 2024 provides a comprehensive outlook of the heat treated steel plates market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heat treated steel plates market forecast offers a thorough analysis on heat treated steel plates market size, heat treated steel plates market share, prominent players and their strategies.
The Table Of Content For The Heat Treated Steel Plates Market Include:
1. Heat Treated Steel Plates Market Executive Summary
2. Heat Treated Steel Plates Market Segments
3. Heat Treated Steel Plates Market Size And Heat Treated Steel Plates Market Growth Rate
4. Key Heat Treated Steel Plates Market Trends
5. Major Heat Treated Steel Plates Market Drivers
25. Key Mergers And Acquisitions In The Heat Treated Steel Plates Market
26. Top Heat Treated Steel Plates Companies
27. Heat Treated Steel Plates Market Opportunities And Strategies
28. Heat Treated Steel Plates Market, Conclusions And Recommendations
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