Heat-treated Steel Plates Market Size (2024 - 2029)

Heat-Treated Steel Plates Market Analysis

The Heat-treated Steel Plates Market size is estimated at USD 7.33 billion in 2024, and is expected to reach USD 9.02 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The market was significantly impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to a shutdown of manufacturing facilities of almost every industry worldwide for a specified time. Disruption of industrial production impacted metals production, especially steel production. Furthermore, the building and construction industry experienced a temporary slowdown during the period. Currently, the market has recovered from the pandemic and is growing at a significant rate. COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.

• The increasing applications in the production of heavy machinery and growing demand from the construction industry in developing countries are driving the market growth.
• Fluctuating raw material prices is expected to hinder the market growth for heat-treated steel plates.
• Increasing application in the energy and power sector is expected to act as an opportunity in the future.
• Due to rapid industrialization and the growing construction sector, the Asia-Pacific region is expected to dominate the heat-treated steel plates market, globally.

Heat-Treated Steel Plates Industry Segmentation

Heat treatment is a controlled process used to change the microstructure of metals and alloys, like steel and aluminum. Heat treatment provides properties such as improved surface stiffness, temperature tolerance, ductility, and resilience to metal and alloys which is expected to help them last longer. With numerous benefits, heat-treated steel plates play an important role in the construction, infrastructure, and industrial machinery markets.

The heat-treated steel plates market is segmented by steel type, heat treatment type, end-user industry, and geography. By steel type, the market is segmented into carbon steel, stainless steel, and alloy steel. By heat treatment type, the market is segmented into annealing, tempering, normalizing, and quenching. By end-user industry, the market is segmented into automotive and heavy machinery, building and construction, shipbuilding and off-shore structures, energy and power, and others (metalworking, transportation, etc). The report also covers the market size and forecasts for the market in 27 countries across the globe. For each segment, the market sizing and forecasts have been done on the basis of value (USD).