Wear Resistant Steel Plate Market

Wear Resistant Steel Plate Market Outlook (2024 to 2034)

The global wear resistant steel plate market size is approximated at US$ 31.46 billion in 2024. Worldwide earnings from the sales of wear resistant steel plates are projected to increase at a CAGR of 4% and reach US$ 46.58 billion by 2034.

Wear resistant steel plates (WRSP) also known as abrasion-resistant steel plates are used in a range of industries for heavy-duty applications to limit the impact of wear and tear on machinery and equipment. It is a high-carbon alloy steel material designed for harsh and high-abrasion conditions offering significantly longer durability than that of conventional steel.

Wear resistant steel plate a high-strength low-alloy (HSLA) steel has less carbon and contains one or more elements such as chromium, nickel, molybdenum, vanadium, titanium, and niobium. These alloy steels have high work-hardening capabilities and offer more strength along with less weight against conventional steels or other metals. Long-term advantages and a range of other additional benefits such as being three times harder than mild steel are driving the demand for wear resistant steel plates across various industries including agriculture industry, earthmoving equipment, mining, and quarrying. Other bundled advantages such as resistivity against an acidic environment are poised to increase its demand during the forecast period.

• East Asia is anticipated to account for 37.4% of the global wear resistant steel plate market share by 2034

Report Attribute	Detail
Wear Resistant Steel Plate Market Size (2024E)	US$ 31.46 Billion
Forecasted Market Value (2034F)	US$ 46.58 Billion
Global Market Growth Rate (2024 to 2034)	4% CAGR
South Korea Market Value (2034F)	US$ 4.59 Billion
AR400 Demand Growth (2024 to 2034)	4% CAGR
Key Companies Profiled	Nippon Steel; Sumitomo Metal Corporation; Bisalloy Steel Group Limited; China Baowu Steel Group Corporation Limited; DHS - Dillinger Hütte Saarstahl AG; GIPO AG; Ansteel Group Corporation; ArcelorMittal; JFE Holdings Incorporation; SSAB AB; Thyssenkrupp AG.

Prevailing oil crisis in the Middle East is inducing a sense of urgency among policymakers on the importance of developing non-oil-based revenue sources. Respective governments in Middle Eastern countries are focusing their attention on boosting their services and the medical tourism sector.

Elsewhere in the Middle East, the focus on developing infrastructure projects is gaining momentum. These megatrends have led to a spike in demand for various types of construction materials and machinery. As these infrastructure projects are behemoth and complex, demand for advanced materials, such as wear resistant steel is exhibiting a spike.

• Short Term (2024 to 2027): Expanding application and incorporation of wear resistant steel plates in the mining industry and the growing need to increase the lifespan of equipment are expected to positively influence the wear resistant steel plate market growth.
• Medium Term (2027 to 2030): The Asia Pacific and MEA regions are anticipated to witness high demand of WRSP due to the ongoing construction activities in these regions, coupled with favorable government initiatives.
• Long Term (2030 to 2034): Increase in the use of wear resistant steel plates in the construction and agriculture industries and its superiority over other metal plates is anticipated to expand its demand growth.

Why are Wear Resistant Steel Plates So Widely Adopted?

“Wear Resistant Steel Plates Increasing Lifespan of Mining Equipment”

Mining industry leaders are focusing on improving operational efficiency and reducing downtime on account of failed/non-functional machinery. The use of equipment that can withstand harsh conditions without undergoing wear and tear is gaining traction in this sector.

With momentum towards increasing the lifetime of mining equipment, the demand for wear resistant steel plates is bound to increase over the assessment period. Typical usage of heavy AR400 is done in the mining industry in large excavating and earth-moving machines which hold the capacity to shift huge tonnages.

Advanced high strength steel are used for the complete range of loading shovels, dump trucks, cutting edges, screen plates, deflectors, silos, chutes, and slide conveyors. Wear resistant steels have become the choice of material in the excavation of mineral ores in a safe and efficient manner.

Other benefits such as lower maintenance costs, high payload capacity, lighter weight, and reduced fuel consumption are contributing to the increasing demand for wear resistant steel plates. In addition, the hydroelectric sector is also witnessing rising demand for electrical steel.

“Farmers Demanding Agricultural Machinery and Equipment Made Using Wear Resistant Steel”

Wear resistant steel plates are increasingly being used in agriculture due to their long-term benefits. Continuous wear and tension are placed on agricultural gear and equipment. The machinery is very prone to abrasion during demanding field labor. The lifespan of agricultural equipment components and the frequency of wear part replacement are extended and reduced, respectively, by the use of wear resistant steel plates.

Growing demand for agricultural equipment in Eastern Europe and North Africa is expected to open up new business opportunities for wear resistant steel plate producers. Due to its additional packaged advantages, including its resistance to corrosive and acidic environments, its demand is rising from a variety of specialized applications. Wear resistant steel are becoming the preferred metal to produce garbage trucks, containers, and wear surfaces that are regularly exposed to acidic and corrosive conditions in municipal and industrial waste management.

Which Factors are Hampering Revenue Growth of Wear Resistant Steel Plate Producers?

“Rising Popularity of Aluminum to Lower Use of Wear Resistant Steel”

Aluminum is a ductile silver-white metal that is typically found in the earth's crust and is used to make aluminum plates. As per the industry application, it is stacked with different types of surface finishing, welding, and shaping.

High purity aluminum plates are widely used in a variety of industries due to their qualities such as lightweight, toughness, and increasingly popular recyclable nature. They are used in the food and beverage sector for packaging and preservation. Aluminum is also exhibiting increasing applications in transportation, military, aerospace, and the production of automotive components.

Use of aluminum plates and sheet coils in the automobile industry is increasing as a result of its advantageous features, which include lightweight, resistance to corrosion, and excellent thermal conductivity. Aluminum plates are light and thin, thus they are perfect for common items such as food and drink cans that need to be stored, sold, and transported in large quantities. Thus, the presence of alternative metal is expected to lower the use of wear resistant steel during the forecast period.

How are Startups Set to Improve Their Market Position?

“New Companies Relying on Advanced Manufacturing Technologies”

Startups are employing digital technologies for the precise production of steel. Integration of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) in steel manufacturing are some of the latest wear resistant steel plate market trends.

• Mecorad a German start-up automates steel manufacturing process. The company makes use of the industrial internet of things (IIoT) for in-line precise measurement & development of hot metals forming of steel and metals. Mecorad enables workers in upstream and downstream processes to manufacture high-quality products, mitigate loss in manufacturing, and link their production unit internally along the value chain.

Country-wise Analysis

What’s Influencing Sales of Wear Resistant Steel Plates in the United States?

“Rising Construction and Mining Activities Driving Demand for Machinery Equipped with Wear Resistant Steel”

Attribute	United States
Market Value (2024E)	US$ 4.56 Billion
Growth Rate (2024 to 2034)	4% CAGR
Projected Value (2034F)	US$ 6.77 Billion

Construction and mining activities are gaining momentum in the United States. These fields make use of heavy weight machinery and equipment to carry out their work. In this context, manufacturers of construction and mining machinery are constantly exploring advanced and wear resistant materials such as steels. Thus, suppliers of wear resistant steel plates are expected to earn high profits in the United States.

What is the Sales Outlook for Wear Resistant Steel Plates in Japan?

“Strict Environmental Regulations Increasing Use of Wear Resistant Steel Plates in Vehicle Production”

Attribute	Japan
Market Value (2024E)	US$ 3.04 Billion
Growth Rate (2024 to 2034)	3.8% CAGR
Projected Value (2034F)	US$ 4.4 Billion

• According to International Trade Administration, after China, the United States, and India, Japan is the 4th largest producer of automobiles.

Strict environmental regulations are driving the use of advanced high strength steel in vehicle production to mitigate carbon gases and lower the weight of automotive components. Japanese automakers are widely using wear resistant steel plates in vehicle production to achieve improved safety and to align with sustainability trend.

Category-wise Analysis

Which Industry is a Key user of Wear Resistant Steel Plates?

“Wear Resistant Steel Plates Increasing Mining Machinery Lifespan”

Attribute	Mining
Segment Value (2024E)	US$ 13.12 Billion
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 19.23 Billion

The mining industry is poised to remain a key consumer of wear resistant steel plates in the manufacturing of earthmoving equipment and attachments. The constant loading and unloading is leading to abrasion of mining machinery as ores are constantly poured or slid over them. Mining activities create wear plates to shield machinery from deterioration. As a result, the need for wear resistant steel plates is anticipated to rise due to the increasing mining operations across the globe.

Why are A514 Steel Plates Widely Preferred?

“Multifaceted Features Driving Use of A514 Wear Resistant Steel Plates”

Attribute	A514 Wear Resistant Steel Plates
Segment Value (2024E)	US$ 10.19 Billion
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 14.95 Billion

A514 wear resistant steel plate is a common type of quenched and tempered (Q&T) steel that offers excellent strength, machinability, and weldability. Due to these qualities, A514 is frequently used in applications including crane booms, hauling equipment, mining equipment, and lifting equipment where wear resistance and the capacity to withstand heavy impact are crucial.

They are mostly used for heavy-duty tasks including excavating, clearing, and scraping. It is primarily intended for use in welded bridges and other structures, as well as in mining and construction, hauling and lifting equipment, bucket parts, and several other high-impact abrasion-resistant applications.

Competitive Landscape

Some of prominent wear resistant steel plate manufacturers are Bisalloy Steel Group Limited, China Baowu Steel Group Corporation Limited, JFE Holdings Incorporation, Nippon Steel, Sumitomo Metal Corporation, SSAB AB, Thyssenkrupp AG, and Voestalpine AG.

Key players in the wear resistant steel plate market are employing various organic and inorganic growth strategies. They are also involved in acquisitions and product launches to concrete their market position. Furthermore, they are driving their focus on establishing themselves in non-legacy markets through collaborations and partnerships. Strengthening the distribution network and long-term contracts with global suppliers is anticipated to increase their market shares.

• In 2022, China Baowu Steel Group Corporation Limited announced the acquisition of 51% shares of Xinsteel.

Fact.MR provides detailed information about the price points of key providers of wear resistant steel plates positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Wear Resistant Steel Plate Market Research

• By Product :

  • A514
  • AR400
  • AR500
  • Others

• By End-use Industry :

  • Mining
  • Construction
  • Agriculture
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa