The new report published by QY Research offers insights on the global steel plate market. The steel plate market has been undergoing steady growth since past few years. During the 2018-2025 forecast period, the global market for steel plate is expected to reflect an increase in revenue. In 2018 the global steel plate market was valued at US$53.936 bn and by the end of the forecast year (2025), it is estimated to touch a value more than US$65.033 bn, rising at a CAGR of 3.17% throughout the period of forecast.
Global Steel Plate Market: Market Drivers
Various applications of steel plate are anticipated to create massive demand for the global steel plate market. Steel plate is used for a broad range of construction and it is hinting a positive impact on global steel plate market. The machinery industry has a dependency on steel. Application of steel plate in machinery products is gaining traction creating lucrative opportunities for the global steel plate market. Furthermore, the potential uses of steel plate in the automotive industry are also projected to bode well for the market.
Global Steel Plate Market: Segment Analysis
The global steel plate market is segmented by type and application. In terms of type, the market is segmented into hot rolled steel plate and cold rolled steel plate. Cold rolled steel plate segment was worth US$39.304 bn in 2018. Analysts anticipate this segment will continue to dominate the market in the coming years as well. In terms of application, the market is segmented as construction, machinery, automobile, and others. Among these, the construction segment accounted for a consumption share of over 85.2% in 2018, and hints improvements in the forecast period. The machinery industry is expected to increase at a CAGR of 8.6% over the forecast period as well.
Global Steel Plate Market: Regional Analysis
On the basis of region, the global steel plate market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. North America, China, Europe, Japan are the four regions that are included in this report. In Asia Pacific region, China is the dominant market in the global Steel Plate market in terms of value. The steel plate market of China was valued at US$ 13.582 bn in 2018 and is expected to expand at a value CAGR of 2.37% over the forecast period. The North America market is expected to expand at a meagre rate of 0.96% in terms of revenue as the market is increasing steadily due to the immense demand in this region.
Global Steel Plate Market: The Key Players
The key players studied in the global steel plate market research report are Tisco, EVRAZ, ArcelorMittal, Nucor, Outokumpu, SSAB, Posco, Yusco, Baosteel, Jindal, Acerinox, LISCO, Aperam, NSSC, AK Steel, JFE, and JISCO. These are the key vendors that are included in this report, and the report focuses on major industry players in the global steel plate market.
SSAB, one of the leading steel manufacturers, has come up with a laser cutting machine and state-of-the-art press brake that features a patent-pending bending technology. The company is providing new processing opportunities for customers to explore various innovative equipment to stay ahead in the market to create healthy competition.
Full Report Overview@ https://www.qyresearch.com/index/detail/965992/global-steel-plate-market