New report published by QY Research which offers insights on the global Steel Plate market. The Steel Plate market has been experiencing steady growth graph since past years. During the 2018-2025 timeline, the global market for Steel Plate is expected to reflect a 1.2x increase in the revenue growth. In 2018 the global Steel Plate market is valued at US$ 53,936.3 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 65,032.8 Mn growing at a value CAGR of 3.17% throughout the period of forecast.
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Global Steel Plate Market: Market Driver and Restraint
Applications of Steel Plate are anticipated to create new business segments in the market. Steel Plate is in use for a broad range of Construction. The companies are focusing on launching products that are launched in many regions.
Manufacturers are exploring the potential of Steel Plate in Machinery. Application of Steel Plate in Machinery products is gaining traction in the recent years. Further, there are also potential uses in the areas of Automobile.
Global Steel Plate Market: Key Takeaways
· The key differentiation strategy is to broaden distribution channel, such as independent sports outlet, franchised sports outlet, modern trade channel, direct to customer institutional channel, direct to customer online channel, third party online channel, etc.
· In terms of form, the demand for Hot Rolled Steel Plate is the highest, followed by Cold Rolled Steel Plate.
· One of the major challenges for the Steel Plate market is the changes in downstream consumer demand. Other challenges are price volatility risk, rising demand for product quality and keen international competition.
Global Steel Plate Market: Forecast by Application
Application segment consists of Construction, Machinery, Automobile, and others. Among Construction industry segment, Steel Plate finds applications estimated to account for a consumption share of over 85.2% in 2018. The Machinery segment is expected to increase at a CAGR of 8.6% over the forecast period.
Global Steel Plate Market: Forecast by Form
This segment includes Hot Rolled Steel Plate and Cold Rolled Steel Plate. In terms of volume, Cold Rolled Steel Plate segment is expected to remain dominant in the global Steel Plate market. Cold Rolled Steel Plate segment in the global Steel Plate market is create absolute $ opportunity of US$ 39,303.7 Mn in 2018.
Global Steel Plate Market: Forecast by Region
North America, China, Europe, Japan are the four regions that are included in this report. China is the dominant market in the global Steel Plate market in terms of value. The China Steel Plate market is valued at US$ 13,581.6 Mn 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 robust rate of 0.96% in terms of revenue over the forecast period due to the steadily increasing consumption in this region.
Global Steel Plate Market: Key Players
Tisco, Arcelormittal, EVRAZ, Nucor, SSAB, Outokumpu, Posco, Baosteel, Yusco, Acerinox, Jindal, Aperam, LISCO, AK Steel, NSSC, JFE, JISCO are the key vendors included in this report.
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