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

Market Overview

Global Steel Plate Market was valued at USD 65239.76 Million in 2024 and is expected to reach USD 96786.94 Million by 2030 with a CAGR of 3.22% during the forecast period. The global steel plate market is experiencing steady growth, driven by increasing demand across various sectors such as construction, automotive, heavy machinery, and shipbuilding. The Asia-Pacific region leads both in production and consumption of steel plates, bolstered by robust steel manufacturing capabilities, technological advancements, and supportive government policies. Countries like China and India are at the forefront, driven by rapid industrialization and infrastructure development.

The global steel plate market is poised for continued growth, supported by expanding applications across key industries and strong demand in emerging economies. However, challenges such as fluctuating raw material prices and environmental regulations may influence market dynamics in the coming years.

Key Market Drivers

Growth in Construction Industry

The expansion of the construction industry stands as a primary catalyst for the growth of the global steel plate market. As of 2024, the global construction industry is valued at approximately USD 12 trillion, positioning it among the largest economic sectors globally. This valuation highlights the industry’s significant contribution to global Gross Domestic Product (GDP), accounting for roughly 6% of the total. Such a notable share underscores the construction sector’s essential role in driving economic growth and development across various regions. As urbanization accelerates and infrastructure projects proliferate worldwide, the demand for durable and versatile materials like steel plates has surged. These plates are integral to constructing bridges, commercial and residential buildings, and other infrastructural developments, owing to their strength and adaptability.

Emerging economies, particularly in the Asia-Pacific region, are at the forefront of this growth. Over half of the global population currently resides in urban areas, and this figure is projected to reach approximately 5 billion by 2030. A significant portion of this urban expansion is expected to take place in Africa and Asia, driving substantial social, economic, and environmental shifts across these regions. Rapid urban development and substantial investments in infrastructure have positioned this region as a significant player in both the production and consumption of steel plates. The region's robust manufacturing capabilities and supportive government policies further bolster its influence in the global market.

Growth in Automotive Industry

The expansion of the automotive industry is a significant driver of the global steel plate market, as vehicle manufacturers increasingly demand high-performance materials to meet evolving design and regulatory requirements. The global automotive manufacturing market was valued at approximately USD 2.86 trillion in 2021. By 2030, electric vehicles are anticipated to account for around 26% of new car sales worldwide, while an estimated 58 million new autonomous vehicles are expected to be integrated into the global fleet. Steel plates are integral to automotive manufacturing, providing structural strength and safety in components such as chassis, body panels, and suspension systems.

Advanced high-strength steel (AHSS) plates are particularly in demand, as they offer an optimal balance of strength and weight, ensuring safety standards while enabling the design of lighter and more fuel-efficient vehicles. This aligns with the global emphasis on lightweighting vehicles to enhance fuel efficiency and reduce emissions. Furthermore, the automotive industry's shift towards electric vehicles (EVs) has increased the need for specialized steel plates that can accommodate battery packs and electric drivetrains.

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Key Market Challenges

Fluctuating Raw Material Prices

One of the most pressing challenges confronting the global steel plate market is the volatility of raw material prices. Steel plate production relies heavily on essential raw materials such as iron ore, coking coal, and scrap metal. The prices of these inputs are subject to frequent and often unpredictable fluctuations driven by a complex interplay of geopolitical tensions, supply-demand imbalances, regulatory changes, and global economic conditions.

These raw material price volatilities pose substantial operational and financial risks for steel manufacturers. Sudden spikes in the cost of iron ore or coal directly increase production expenses, squeezing profit margins and compelling companies to either absorb the additional costs or pass them on to customers. However, frequent price hikes can erode customer demand, especially in price-sensitive sectors such as construction and automotive, thereby disrupting market stability.

Key Market Trends

Rising Demand of Steel Plate in the Marine Industry  

The marine industry has become a significant driver of the global steel plate market, reflecting the sector's increasing demand for durable, corrosion-resistant materials essential for shipbuilding and offshore infrastructure. The global marine industry is a complex and diverse sector that includes shipbuilding, shipping, port operations, and related activities such as offshore energy and fishing, serving as a vital driver of international trade. It facilitates the transportation of more than 80% of global trade by volume via maritime routes. Additionally, the industry is a significant employer, directly engaging over 1.8 million seafarers and sustaining an extensive workforce across the global supply chain. Steel plates are integral to constructing various marine vessels, including cargo ships, oil tankers, passenger ships, and offshore platforms, owing to their strength, resilience, and ability to withstand harsh maritime conditions.

Technological advancements in steel production have also contributed to this trend. Innovations such as the Thermo-Mechanical Control Process (TMCP) have enhanced the properties of marine steel plates, making them more resilient to harsh environmental conditions. These developments enable the construction of lighter, more fuel-efficient vessels that meet stringent environmental standards.

Segmental Insights

Sales Channel Insights

Based on Sales Channel, Direct have emerged as the fastest growing segment in the Global Steel Plate Market in 2024. One key factor driving growth in the direct segment is the increasing demand from industries such as construction, automotive, and shipbuilding, which often require large volumes of steel plates with particular specifications. By purchasing directly from steel producers or authorized distributors, these industries can reduce intermediaries, minimize procurement costs, and streamline supply chain processes.

End Use Insights

Based on End Use, Oil & Gas have emerged as the fastest growing segment in the Global Steel Plate Market during the forecast period. Increasing global energy demand, particularly from emerging economies, has driven significant investments in upstream and midstream infrastructure. This includes exploration and production activities in challenging locations such as deepwater offshore fields and Arctic regions, which require specialized steel plates with enhanced mechanical properties and resistance to extreme temperatures and pressures. Moreover, the ongoing shift toward energy transition has not diminished the importance of oil and gas infrastructure.

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Regional Insights

Based on Region, Asia Pacific have emerged as the dominating region in the Global Steel Plate Market in 2024. The region is experiencing rapid industrialization and urbanization, particularly in countries such as China, India, South Korea, and Japan. This accelerated growth has significantly increased demand for steel plates across various sectors including construction, automotive, shipbuilding, and energy. The scale and pace of infrastructure projects ranging from commercial buildings and highways to ports and power plants—are unprecedented, driving robust consumption of steel plates.

Recent Development

• In August 2024, Global Steel Philippines Inc. commenced steel plate production at its plate mill in Iligan, with an estimated capacity of 20,000 tons per month. The facility aims to serve regional customers and markets across Southeast Asia. Additionally, Global Steel is exploring investments in the regional mining sector to support its steel manufacturing operations. However, the company has not finalized any joint venture agreements with other investment groups, as it continues to assess the availability of iron ore deposits. Meanwhile, some Indian investors remain cautious, closely monitoring developments in the Philippine market before making commitments.
• In September 2024, the Korea Trade Commission announced the initiation of an anti-dumping investigation targeting stainless steel plates imported from China, specifically those with a minimum thickness of 4.75mm and a width of at least 600mm. This probe was launched in response to a petition filed by domestic steel producer DK Corporation in June 2024. The investigation will cover the period from January to December 2023, while the injury assessment period extends from January 2021 through June 2024. A preliminary ruling is anticipated within three months.
• In May 2025, Uzbek steel leader Uzmetkombinat is set to inaugurate a new foundry and rolling complex in Bekabad. Upon reaching full operational capacity, the facility is projected to produce over 1 million tons of hot-rolled steel annually, enabling Uzbekistan to reduce steel imports and enhance its export capabilities. The production line employs a continuous process, where semi-finished products are directly fed into rolling without reheating, thereby improving efficiency and lowering energy consumption. While the company has yet to officially confirm the launch timeline, it emphasized that the project represents a strategic initiative to bolster the national economy and strengthen the steel industry's competitiveness. The complex is outfitted with advanced Danieli technologies, including a 120-ton electric arc furnace, a continuous casting machine, a rolling mill, and supporting equipment, alongside modern filtration and energy-saving systems.
• In May 2024, JFE Steel Corporation announced the launch of its solutions-business brand, JFE Resolus, aimed at delivering innovative solutions to a broad customer base, including sectors beyond the steel industry. This initiative leverages the advanced manufacturing and operational technologies JFE Steel has developed over many years in steel production. Historically, JFE Steel has offered technology-driven solutions primarily to clients within the steel sector, drawing on its expertise in quality control, productivity enhancement, plant maintenance, and environmental management. Recognizing the broader applicability of these technologies, the company established JFE Resolus to address the diverse and evolving needs of a wider range of industries with tailored, cutting-edge solutions.

Key Market Players

• 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)

Report Scope

In this report, the Global Steel Plate Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Steel Plate Market, By Sales Channel:

o   Direct

o   Indirect

• Steel Plate Market, By End Use:

o   Construction & Infrastructure

o   Automotive & Transportation

o   Machinery & Equipment

o   Shipbuilding

o   Oil & Gas

o   Others

• Steel Plate Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Steel Plate Market.

Available Customizations:

Global Steel Plate Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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