Steel Plate Market to Grow with a CAGR of 3.22% through 2030
Surge in research and development activities is
expected to drive the Global Steel Plate Market growth in the forecast period,
2026-2030.
According to TechSci Research report, “Steel Plate Market
- Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2030F”, the Global Steel Plate Market stood at USD 65239.76
Million in 2024 and is anticipated to grow with a CAGR of 3.22% through 2030. Initiatives
taken by government based on steel plate has led to favorable market conditions
for the Global Steel Plate Market. Several factors contribute to the growth of
various steel plate products.
Investment in R&D is fostering the creation of
high-performance steel plates that meet stringent environmental and safety
standards, while also offering cost-efficiency and improved lifecycle
performance. For instance, the development of lightweight yet robust steel
grades supports the automotive industry’s push toward fuel efficiency and
reduced emissions. Similarly, innovations in wear-resistant and high-strength
plates are enhancing the performance and longevity of infrastructure projects.
One common government approach involves providing financial incentives, including subsidies, tax benefits, and low-interest loans to steel manufacturers. These measures aim to encourage modernization of production facilities, adoption of advanced technologies, and capacity expansion. For instance, many countries have launched programs that support investments in state-of-the-art steelmaking technologies that improve efficiency while reducing carbon emissions, aligning with broader environmental goals.
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The Global Steel Plate Market is segmented into sales
channel, end use, regional distribution, and company.
Based on Sales Channel, Indirect has emerged as the dominating segment in the Global Steel Plate Market in 2024. One
of the primary reasons for the dominance of the indirect segment is its ability
to provide a wide range of product options and immediate availability.
Distributors typically maintain extensive inventories of steel plates in
various grades, sizes, and specifications, enabling customers to source
materials quickly without the lead times associated with direct manufacturing
orders. This ready availability is particularly beneficial for small to
medium-sized enterprises and industries with fluctuating demand.
Based on Region, North America has emerged as the fastest
growing region in the Global Steel Plate Market in 2024. One of the primary
growth catalysts is the resurgence in oil and gas exploration and production,
particularly in shale and unconventional resources. This has led to increased
demand for steel plates used in pipelines, drilling rigs, and refinery
infrastructure that must meet stringent safety and durability standards.
Additionally, ongoing investments in renewable energy infrastructure and
modernization of aging facilities further stimulate market growth.
Major companies operating in Global Steel Plate Market
are:
- Wugang Steel Group Co., Ltd
- Shandong Lenser Materials Co., Ltd
- Essar Steel India Limited
- AM/NS INDIA
- Hyundai Steel
- Jindal Steel and Power (JSP)
- NLMK
- DONGKUKSTEEL MILL CO., LTD
- China Steel Corporation
- Monnet Ispat & Energy Limited (MIEL)
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“One of the key contributions of nanotechnology is the
ability to engineer nanostructured coatings and surface treatments on steel
plates. These advanced coatings significantly improve the longevity of steel
plates used in demanding environments such as marine, automotive, and energy
sectors. For example, nanoscale ceramic or polymer coatings can provide
exceptional protection against oxidation and abrasion, reducing maintenance
costs and extending service life”, said Mr. Karan Chechi, Research Director of
TechSci Research, a research-based management consulting firm.
“Steel Plate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Sales Channel (Direct, Indirect), By End Use (Construction & Infrastructure, Automotive & Transportation, Machinery & Equipment, Shipbuilding, Oil & Gas, Others), By Region and Competition, 2020-2030F”, has evaluated the future growth potential of Global
Steel Plate Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Steel Plate Market.
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