Wear Resistant Steel Plate Market: Mining End-use of Wear Resistant Steel Plates to Translate High Profits
March 7, 2019 by Steve Blade
As we leap ahead through rapid industrialization and urbanization, the conditions for key structural commodities such as steel plates are becoming harsher. Despite the exception strength characteristics, steel plates continue to suffer the brunt of mechanical abrasion during their use across a variety of industrial applications. The future will reflect a high demand for wear resistant steel plates, considering their abilities in terms of long service life and adaptability to diverse specifications and varying abrasion.
Fact.MR’s latest market research study foresees that the global market for wear resistant steel plates will touch an estimated valuation of US$ 34.2 billion by the end of 2026. For the period, 2017-2026, the wear resistant steel plate market is assessed to expand at a volume CAGR of 3.5%, reflecting a moderate growth restrained by volatile prices, soaring use of alternatives in steel applications, and supply chain discrepancies.
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Manufacturing of wear resistant steel plates remains predominantly inclined towards standard products such A514 steel plates, which will showcase a high demand through 2026. High strength of A514 steel plates will bolster their use as structural steel in building construction activities of the future. By 2026-end, the estimated sales of A514 wear resistant steel plates across the globe will record a volume of nearly 11,000 thousand tons. In addition, the scope of AR400 wear resistant steel plates will also exhibit a high traction in terms of sales. Over the forecast period, AR400 wear resistant steel plates will reflect highest volume CAGR of 4.1%. Heat-treated characteristics of AR400 wear resistant steel plates will drive their sales, while manufacturers will also focus on improving the welding and forming capabilities of these premium products.
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Product-wise, A514 steel will be a sought-after in the market, meeting the diverse specifications of end-users across a range of applications for wear resistant steel plates. By 2026-end, nearly 11,000 thousand tons of A514 wear resistant steel plates are expected to be sold globally. The study further foresees a high volume growth for AR400 wear resistant steel plates, reflecting a CAGR of 4.1% over the forecast period. Heat-treated characteristics and welding & forming capabilities of AR400 wear resistant steel plates will drive their sales through 2026.
Providing innovative solutions to meet the specifications will be a prominent trend exercised by wear resistant steel plate manufacturers across the globe. Top steel producing companies such as ArcelorMittal, China Baowu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corporation and Ansteel Group Corporation will be actively partaking in the global production of wear resistant steel plates in the future. The global manufacturing landscape for wear resistant steel plates will also witness the presence of companies namely, SSAB AB, Thyssenkrupp AG, DHS - Dillinger Hütte Saarstahl AG, A R Brown McFarlane & Co Ltd., Voestalpine AG, Precision Grinding, Inc., Xinyu Iron & Steel Co., Ltd., Bisalloy Steel Group Limited, Salzgitter Aktiengesellschaft, and Novolipetsk Steel.
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