The wear plate market is projected to reach a valuation of?US$ 6.95 Bn?in 2021. Rise in mining and construction activities across the globe is expected to push the sales of wear plates. On account of this, the sales are expected to increase at?6.3% CAGR,?surpassing?US$ 12.82 Bn?over the forecast period of 2021 and 2031.
Wear plates are used in many industrial tools as they are used to prevent damage or abrasion to expensive equipment. Rise in industrialization and heavy use of wear plates in diverse end use sectors is one of the factor driving the sales of the wear plates.
Consequently, wear plates manufacturers are focusing on providing high quality products with long term warranty for these parts. This is accelerating the growth in wear plates market.
Regionally, North America is estimated to dominate the global wear plate market due to expansion of mining, power generation and off- road heavy equipment industries.
Request for a sample PDF: https://www.futuremarketinsights.com/reports/sample/rep-gb-12792
Growing safety concerns in mining, chemicals, and steel & aluminum mills sectors has also increased the use of wear plates across India, China, the U.S. and Germany.
“With advent of automation in the mining, chemicals, and other industrial equipment, several key players are aligning the production of advanced and sustainable wear plates to sustain their positions in the market. Besides this, increasing application of these wear plates in mining sector will boost the market” says an FMI analyst.
Key Takeaways:
- Based on region, North America is expected to account for?22.8%?share for wear plates market in 2021.
- In terms of material, austenitic stainless steel segment is expected to hold the highest market share, exhibiting growth at a?CAGR of 6.4%?in the global wear plates market.
- By thickness, 20- 25 mm sized wear plates are highly sought-after, expanding at a?CAGR of 7.0%?in the global market.
- By end use, mining industry is expected to dominate the market, registering year-on-year (Y-o-Y) growth of?5.0%?by 2021
Inquire for a Discount on this Premium Report: https://www.futuremarketinsights.com/ask-question/rep-gb-12792
Global Wear Plate Market by Category
By Material Type:
- Mild Steel
- Hardox
- Abrasion Resistant Grade
- Flame Hardened Grade
- Austenitic Stainless Steel
- Duplex
- Niobium Carbide
- Alloys
- Tungsten Carbide Coated Steel
- Chromium Carbide Coated Steel
- Boron Carbide Coated Steel
- Bronze
- Carbon Graphite
By Plate Thickness:
- 3 to 6 mm
- 6 to 10 mm
- 10 to 15 mm
- 15 to 20 mm
- 20 to 25 mm
- 25 to 50 mm
- 60 to 120 mm
- 120 to 150 mm
By End Use:
- Mining
- Power Generation
- Cement & Refractories
- Sugar
- Off-Road Construction & Earthmoving Equipment
- Waste Management
- Pulp & Paper
- Chemicals
- Steel & Aluminium Mills
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa (MEA)
Request Customization of the Report: https://www.futuremarketinsights.com/customization-available/rep-gb-12792
Competitive Landscape
Leading players operating in the wear plates market include ArcelorMittal, SSAB, Outokumpu, Nippon Steel Corporation, Thyssenkrupp, EMSCO, Ergotem USA, NeoNickel, Brown Mc Farlane, Hoverdale, Castolin GmbH, ASGCO, and PGI Steel among others.
To gain a competitive edge in the market, key players are focusing on research and development for enhancing their product portfolio. They are also focusing on expanding their production facilities for higher revenue.
Meanwhile, some of the other players are investing in strategic collaborations, mergers and acquisitions to expand their global footprint. For instance:
- In Jan. 2021, Nippon Steel Corporation (Nippon Steel) has launched ZAM-EX, highly corrosion- resistant coated steel sheets for overseas markets. The company sells highly corrosion resistant coated steel sheets for overseas markets under the new brand name, ZAM®-EX
- ?In 2021, SSAB and Peab will collaborate on a high-quality, fossil-free steel. Peab is the first construction company to acquire fossil-free steel from SSAB for its projects as a result of this relationship. Together, the two firms will look into future possibilities for the fossil-free steel might help the building industry lower its carbon impact.
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Latest Report: https://www.futuremarketinsights.com/reports/
LinkedIn| Twitter| Blogs
