Heat-treated steel plates are used to alter the mechanical and physical properties of steel without changing its shape. The heat treatment process helps to increase or improve hardness, ductility, elasticity, and toughness of the steel. There are four major types of heat treating processes for steel: annealing, tempering, normalizing, and quenching.
Heat-treated Steel Plates Market: Segmentation
The heat-treated steel plates market can be segmented based on steel and application. Based on steel, the heat-treated steel plates market can be segmented into carbon steel, alloy steel, and stainless steel. Carbon steel was a major segment of the market in 2017 and is projected to remain dominant during the forecast period. Carbon steel is the most common type of steel that is readily available at low prices and can be used for a wide range of applications. This is the major factor that is anticipated to drive demand for carbon steel in the coming years. In terms of application, the heat-treated steel plates market can be segmented into automotive, building & construction, ship building, industrial machinery, energy & power, and others. Building & construction was a key application segment in 2017 and is anticipated to remain prominent in the near future. Rise in urbanization and increase in demand for infrastructure such as bridges, dams, commercial hubs, engineering structures are projected to drive demand for heat-treated steel plates during the forecast period.
Heat-treated Steel Plates Market: Region-wise Outlook
Based on region, the heat-treated steel plates market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held a major share of the heat-treated steel plates market in 2017. The region is likely to remain dominant during the forecast period. Rise in demand for steel across various end-use industries in order to cater to the demand of the everincreasing population is anticipated to drive the heat-treated steel plates market in Asia Pacific. China and India are the two major countries that constitute a majority of the demand for heat-treated steel plates. Increase in demand for heat-treated steel plates in construction and industrial machinery in China and India, which are densely populous countries and are considered as global manufacturing hub, is anticipated to propel the market in Asia Pacific between 2018 and 2026. The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. After Asia Pacific, Europe accounted for a major share of the heat-treated steel market in 2017. Presence of a large number of automotive companies is a significant factor contributing to the demand for heat-treated steel plates in Europe. North America is a prominent region of the heat-treated steel plates market. Presence of major end-user industries such as ship building, defense, and automotive and a revival of the U.S. economy are projected to boost demand for heat-treated steel plates in the region in the near future.The market in other regions such as Latin America and Middle East is expected to expand at a sluggish rate during the forecast period.
Heat-treated Steel Plates Market: Key Players
A large number of companies operate in the global heat-treated steel plates market. They include ArcelorMittal S.A., Posco, Nippon Steel & Sumitomo Metal Corporation, JFE Holdings, Baosteel, and Tata Steel. Major companies in the heat-treated steel plates market adopt strategies such as product expansions and agreements to meet the rising customer demand.
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