Extending the service life of steel plates is a major industrial concern, taking into account that steel plates when exposed to harsh conditions get damaged by mechanical abrasion. The wearing out of steel plates ends up costing millions of dollars in losses for heavy industries and manufacturing sector players. Replacing these damaged steel plates is an infrastructural dilemma for mining and construction activities, which has characteristically propelled the adoption of wear resistant steel plates. Plant operators are resolutely preferring wear resistant steel plates to avoid operational standstills and disregard the abrasiveness of certain industrial processes.
In the future, wear resistant steel plates will witness an evolving demand as the specifications of end-users will become more diversified. Fact.MR foresees that offering steel plates for variety of abrasive industrial applications will be a key focus area for leading manufacturers of wear resistant steel plates in the world. The study observes that the global wear resistant steel plates market shall reflect a growth at 3.9% CAGR in terms of value over the forecast period. Volume-wise, more than 31,300 thousand tons of wear resistant steel plates will be sold worldwide by the end of 2026.
The overall end-use of wear resistant steel plates will be highest in the mining industry. In 2017, more than 7,600 thousand tons of wear resistant steel plates will be used for mining activities across the globe. Hydroelectric operations, excavating processes, slide conveyors, loaders, deflectors and chutes will be among the key applications of wear resistant steel plates in the mining industry. The end-use of wear resistant steel plates in construction industry will also remain lucrative, reflecting an average 27% share on global wear resistant steel plate market volumes through 2026.
Providing innovative solutions to meet the specifications will be a prominent trend exercised by wear resistant steel plate manufacturers across the globe. Top steel producing companies such as ArcelorMittal, China Baowu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corporation and Ansteel Group Corporation will be actively partaking in the global production of wear resistant steel plates in the future. The global manufacturing landscape for wear resistant steel plates will also witness the presence of companies namely, SSAB AB, Thyssenkrupp AG, DHS – Dillinger Hütte Saarstahl AG, A R Brown McFarlane & Co Ltd., Voestalpine AG, Precision Grinding, Inc., Xinyu Iron & Steel Co., Ltd., Bisalloy Steel Group Limited, Salzgitter Aktiengesellschaft, and Novolipetsk Steel.
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