The global wear plate market is expected to register year-on-year growth of 5.1% in 2021, reaching US$ 6.9 Billion by the end of 2021. Wear plates are used in a variety of end-use sectors to assure the long-term safety of the equipment.
It also saves money on maintenance as it lasts longer than any other steel. Wear-resistant steel plates reduces the weight of the equipment by 30-40%. On account of this, the global wear plates is anticipated to exhibit growth at a CAGR of 6.3% between 2021 and 2031.
Regionally, North America is projected to remain a key wear plate market over the forecast period owing to increasing demand from end-use applications. Sales in North America are expected to surge at a CAGR of 7.0% through 2031.
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2016-2020 Global Wear Plate Market Outlook Compared to 2021-2031 Forecast
According to Future Market Insights (FMI), the wear plates market is likely to witness robust growth in the near future, on the back of expansion of end-use industries and applications in manufacturing.
On account of growing applications in waste management, pulp & paper, chemicals, and other industries, demand in wear plate market is expected to increase over the forecast period. Subsequently, growing research and development activities will accelerate the growth in the wear plate market.
Historically, the wear plate market grew at 2.0% CAGR between 2016 and 2020. Increasing material cost and lack of professional labour hampered the demand for wear plates in various end-use sectors, severely impacting the growth.
As per FMI, the sales in the wear plate market are likely to increase at a CAGR of 5.8%, in terms of volume over the assessment period of 2021-2031. Growth in the market is attributable to increasing applications in mining, power generation, steel & aluminium mills, and others.
Will Increasing Application in End-Use Industries Propel the Sales of Wear Plates?
Wear plates protect the equipment by coating it with a protective layer. It aids in the prevention of damage and ensures proper usage, extending the usable life of each piece of equipment.
Every movement creates abrasion as the mechanical pieces, which are usually made of metal, grinding against each other. If it breaks, the replacement cost and the cost of unwanted downtime, will be inefficient.
Protecting the most vulnerable parts of the equipment with protective covers is one way to prevent harm. Hence, end users are providing safe and secure communication between suppliers and customers to protect the machinery.
What are the Factors Restraining the Wear Plate Market Demand?
Lack of raw material is one of the major factor dampening the sales of wear plates, especially in underdeveloped regions. With increasing need for wear plates and rising raw material costs, the market players are expected to witness decline in sales.
New trade and tax rules are putting pressure on producers to satisfy demand, resulting in the spike of raw material prices. This is expected to have a ripple effect across all end-use industries.
Across several countries, strict government actions and the shortage of plate are expected to have a negative impact on the wear plate market.
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Competitive Landscape
Over the past few years, numerous acquisitions and expansion activities has been witnessed to improve the supply of the wear plate market. Several key players are also focusing on improving the efficiency of products for various applications.
Meanwhile, some of the manufacturers are establishing their manufacturing facilities for the untapped potential and to strengthen their global presence, especially in U.S., India, Germany, and China.
For Instance,
- In 2021, ArcelorMittal has announced that its Sestao steel facility in Spain will be the first full-scale zero-carbon steel plant in the world. The Sestao facility will produce zero carbon emissions by using green hydrogen and renewable electricity. the Sestao facility – which produces flat steel products for the automotive and construction industries as well as general industry.
- In 2021, Bennes Vincent was the first tipper body manufacturer in France to introduce a new Hardox 500 Tuf steel-only product range. Bennes Vincent’s revolutionary “Multi-Blocs” rear tippers have taken the market by storm a year after their launch, promising end-users decreased tare weight, more payload and hence improved profitability.
- In 2020, ASGCO is expanding and relocating its headquarters to a new facility in Nazareth, Pennsylvania. ASGCO has purchased 19 acres in eastern Pennsylvania and is now constructing a new facility to fulfill the increased demand for their products and services.
Key Questions Answered in the Report
What is the current size of the global wear plate market?
At what CAGR, the demand will likely grow for the wear plate market during the forecasted period?
What is the total share of wear plate market players?
What is the market outlook of the wear plate market in China?
Which countries are the key consumers of the wear plate market?
What are the key strategies shaping the global wear plate market?
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