The latest research report published by Fact.MR on the survey of wear-resistant steel plate market reveals a strong resurgence of end-use industries, spearheaded by mining, especially in the Asia Pacific, is creating a highly conducive environment for the growth of the wear-resistant steel plate market.

Manufacturers of heavy machinery equipment are preferring wear-resistant steel plates over conventional steel plates, as these have significantly longer lifespans at a marginal cost difference. Attributed to the above facts and rising demand for high-strength low-alloy (HSLA) steel from agricultural, automotive, and mining industries, the global wear-resistant steel plate market is expected to grow at a CAGR of 4% over the forecast period.

Asia Pacific Reigns Supreme In The Wear Resistant Steel Plate Industry

APEJ has led the global wear-resistant steel plate market in the historical past and will continue on this growth trajectory. The region is all set to create an absolute $ opportunity of ~US$ 4.7 Bn by the end of the forecast period.

China and India together will account for more than half of the regional demand and will propel the global market in terms of value and volume. APEJ is closely followed by North America and Europe which are expected to witness high growth till 2029.

Key Takeaways of Wear Resistant Steel Plate Market:

· The use of wear-resistant steel plates in agriculture is set to increase in terms of market share over the long term forecast, however, mining will retain the lion’s share in the wear-resistant steel plate market.
· Demand for wear-resistant steel plates has witnessed a spike on account of growing emphasis on improving efficiency in carrying out complex excavation projects.
· The rapid growth of mining as an industry will drive the demand for wear-resistant steel plates, creating an absolute $ opportunity of ~US$ 570 Mn by the end of 2029.
· Hardness combined with good formability- the AR400 segment is projected to witness steady growth in the global wear-resistant steel plate market.
· With high tensile strength and its predominant use as structural steel, A514 will cater to nearly 40% of the global demand in the wear-resistant steel plate market by 2029.
· APEJ is expected to continue its supremacy in terms of demand, accounting for close to half the global demand.

“On account of its long-term advantages, demand for high-quality wear-resistant steel plates has been growing in the agriculture and automotive industry and in the range of new applications which include acidic & freezing environments, the recycling business, and municipal waste.”

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