Fact.MR has reported a 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 steel from agricultural, automotive and mining industry, the global wear resistant steel plate market is expected to grow at a compounded annual growth rate (CAGR) of 4% over the forecast period.
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 in the wear resistant steel plate market.
- 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 US dollar opportunity of US$ 570 million 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% 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.
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