Wear resistant steel plate has a three-fold longer lifespan than normal steels, making it the material of choice for heavy machinery such as earthmoving equipment. The agriculture business requires advanced, viable wear resistant steel plates with yield strengths of 1700, 1500, and 200 MPa.
Wear resistant steel plates lower vehicle weight by 25-40% while also reducing greenhouse gas emissions, resulting in a considerable increase in wear resistant steel plate use in the automotive industry throughout the projection period. The mining industry will act as a growth lever for the market, with an annual growth rate of 5% expected over the projected period.
Wear Resistant Steel Plate Market: Segmentation
Fact.MR has segmented the wear resistant steel plate market on the basis of product, end-use industry, and region.
The Most Important Takeaways from the Wear Resistant Steel Plate Market:
Over the long run, the usage of wear resistant steel plates in agriculture is expected to grow in market share, although mining will continue to dominate the wear resistant steel plate market.
The demand for wear-resistant steel plates has increased as a result of a rising focus on increasing efficiency in the execution of complex excavation operations.
The need for wear resistant steel plates will be driven by the rapid growth of the mining industry, producing an absolute $ potential of US$ 570 million by the end of 2029.
The AR400 sector of the global wear resistant steel plate market is expected to increase steadily due to its hardness and formability.
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