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Wear Resistant Steel Plates Market Analysis with Ongoing Trends and Growth Forecast 2017-2026
Volume-wise, more than 31,300 thousand tons of wear resistant steel plates will be sold worldwide by the end of 2026., 6/14/2018 - The rapidly expanding wear resistant steel plates market is the focus of a new report added to the market intelligence repository of Fact.MR. This 170-page broad study is headlined as “Wear Resistant Steel Plate Market Research Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2026” which noticeably examines the prospects of the global wear resistant steel plates industry till the end of 2022, using the market’s development trajectory in the recent past as the key indicator of actionable insights into the market’s growth pattern. A blend of primary & secondary research has been implemented for offering estimates and forecasts on the concerned market.

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Global Demand for Wear Resistant Steel Plates to Evolve around High Demand for A514 Steel and Predominant End-use in Mining Industry

The report observes that majority of wear resistant steel plates produced in the world will be used in the mining industry. The economic resurgence of global mining industry will drive the adoption of wear resistant steel plates in the coming years. By the end of 2026, more than 35% of wear resistant steel plates sold worldwide will be used in mining activities such excavating processes, hydroelectric operations, slide conveyors, chutes and deflectors. Construction industry will also represent lucrative growth in terms of end-use, accounting for sales of more than 8,666 thousand tons of wear resistant steel plates by 2026-end.

Product-wise, A514 steel will be a sought-after in the market, meeting the diverse specifications of end-users across a range of applications for wear resistant steel plates. By 2026-end, nearly 11,000 thousand tons of A514 wear resistant steel plates are expected to be sold globally. The study further foresees a high volume growth for AR400 wear resistant steel plates, reflecting a CAGR of 4.1% over the forecast period. Heat-treated characteristics and welding & forming capabilities of AR400 wear resistant steel plates will drive their sales through 2026.

China and India to Represent Key Hubs for Wear Resistant Steel Plate Manufacturing

In 2018 and beyond, the largest market for wear resistant steel plates will be represented by the Asia-Pacific excluding Japan (APEJ) region. Dense presence of APEJ-based steel producers in the global wear resistant steel plate manufacturing landscape will foster the region’s dominance on global market in terms of value and volumes. Throughout the forecast period, nearly 50% of wear resistant steel plates manufactured in the world will be sold in the APEJ region, wherein majority of them will be manufactured in this region as well. China will be the largest contributor to the growth of APEJ wear resistant steel plate market, while India will reflect approximately one-fourth share on the region’s market volume over the forecast period. In the foreseeable future, majority of wear resistant steel plate manufacturers will be eyeing at expanding their bases in China, India and other parts of the APEJ region. 

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