Rockville, April 05, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global wear-resistant steel plate market is estimated at US$ 29.1 billion in 2022 and is expected to expand at an impressive CAGR of 4.0% during the forecast years of 2022-2032. The market is poised to grow due to the remarkable use case and safety provided by wear-resistant steel plates.
The wear-resistant steel plate has a three times longer lifespan than standard steel, and it is increasingly being used in heavy gear like earthmoving equipment. Growth in wear resistant steel plate market is mostly driven by its extensive usage in industries such as mining, construction, agriculture, and other industries.
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| Wear Resistant Steel Plate Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2032 |
| Growth momentum & CAGR | Accelerate at a CAGR of 4% |
| Market growth 2023-2033 | US$ 43.1 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Ansteel Group Corporation, ArcelorMittal, Bisalloy Steel Group Limited, China Baowu Steel Group Corporation Limited, DHS - Dillinger Hütte Saarstahl AG, GIPO AG, JFE Holdings Incorporation, Nippon Steel & Sumitomo Metal Corporation, SSAB AB, Thyssenkrupp AG |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Impressive toughness to provide structural strength will amplify WRSP demand to manufacture dump bodies, garbage trucks, recycling containers, and other heavy-duty equipment. Increasing demand from municipal and industrial waste management, waste-to-energy plants, and biomass facilities is set to propel the wear-resistant steel plate market’s growth.
The demand for WRSP is increasing as a result of the need for precision and improved equipment characteristics. Increased demand from agricultural machinery and other niche applications like municipal and industrial waste management will amplify the demand for wear-resistant steel plates.
Key Takeaways from Market Study
- The global wear-resistant steel plate market is projected to expand at a CAGR of 4.0% and be valued at US$ 43.1 billion by 2032
- Europe is expected to reach a valuation of US$ 6.2 billion by the end of 2022
- Under the end-use industry, the mining industry dominates the market and is valued at US$ 10.3 billion in 2022
- Europe had a strong presence in the global market with a 21.2% market share in 2022
- North America is expected to reach a valuation of US$ 4.4 billion by the end of 2022
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Competitive Landscape:
Market players within the WRSP industry have been approaching the market through targeted organic and inorganic growth strategies. Market players are also involved in acquisitions and product launches to concrete their market position.
Players should increase their focus on establishing themselves in non-legacy markets through collaborations and partnerships. Strengthening the distribution network and long-term contracts with global WRSP suppliers in non-legacy markets should be the primary focus of market leaders.
- In August 2022, China Baowu Steel Group Corporation Limited has announced the acquisition of Xinsteel.
- In August 2021, Ansteel Group started the process of its merger with Ben Gang Group. This merger will make them the third-largest producer of steel.
Market Development
The demand for wear-resistant steel plates is well served by leading global players. Major producers have expanded their presence with numerous targeted strategies and strengthened their market base across consumers.
Additionally, prominent players have enhanced their production technology to align with emission norms leaving very less room for new entrants. Innovative product offerings should be prioritized as well to leave a mark in the market.
Market titans like ArcelorMittal, Nippon Steel, and Bisalloy Steel Group Ltd. have done numerous acquisitions, joint ventures, and production capacity expansions to deepen their roots in the global wear-resistant steel plate market.
Segmentation of Wear-Resistant Steel Plate Industry Research
- By Product:
- A514
- AR400
- AR500
- Other Products
- By End-Use Industry:
- Mining
- Construction
- Agriculture
- Other Industries
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global wear-resistant steel plate market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (A514, AR400, AR500, other products), and end-use industry (mining, construction, agriculture, other industries), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Key Questions Covered in the Wear Resistant Steel Plate Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Wear Resistant Steel Plate sales grow until 2032?
- Which are the factors hampering the Wear Resistant Steel Plate demand?
- Which region will spearhead the growth in the global industry by 2032?
- Which are the factors driving sales in the Wear Resistant Steel Plate Market during the forecast period?
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