Heat-Treated Steel Plates Market Share 2020- Growth, Forecast, Overview, Demand
Posted by Mangesh Mahajan on March 5th, 2020
Asia-Pacific is projected to be the largest and the fastest growing regional market for Heat-Treated Steel Plates during the forecast period owing to increasing consumption of the product in manufacturing offshore structures and hydropower stations. Rapid urbanization and industrialization are among the key factors of growing demand for the product in this region. The emerging economies such as China and India are focusing on generating power from renewable sources, which is expected to boost the constructions of hydropower stations and fuel the demand for heat-treated steel plates in the coming years. In addition, growing use of the product in construction of storage tanks and pressure vessels in the chemicals industry is likely to drive growth of the regional market during the assessment period. Furthermore, growing offshore constructions in the region is expected to propel the growth of heat-treated steel plates market during the forecast period.
The Global Heat-Treated Steel Plates Market Share has been categorized into type, treatment process, application, end-use industry, and region.
On the basis of type, the global heat-treated steel plates market has been segmented into carbon, alloy, stainless steel, and clad.
Based on treatment process, the global heat-treated steel plates market has been divided into annealing, hardening, surface hardening, normalizing, spheroidizing, and others.
Bridges, buildings, ships, offshore structures, hydro power stations, storage tanks, boilers and pressure vessels, and machinery among others are the major application segments of the global heat-treated steel plates market.
By end-use industry, the global heat-treated steel plates market has been segmented as building & construction, energy & power, shipbuilding, defense, and others.
The US is anticipated to lead the market in North America owing to the increasing demand of product in the offshore constructions and manufacturing of various machine components in the industries. Increasing exploration & production of oil and gas in the US leading to a demand of high strength steel for building offshore construction is expected to be the key factor of driving regional market growth during the forecast period.
Heat-treated steel plates market in Latin America and Middle East & Africa are estimated to witness substantial growth during the forecast period. Most of the offshore constructions in the Middle East region are aging and require repair and maintenance, due to which the demand of product increases and expected to fuel market growth in the coming years.
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About the AuthorMangesh Mahajan
Joined: July 17th, 2019
Articles Posted: 502
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