Wear Plates Market to Witness a Healthy Growth by 2031
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.
Because it lasts longer than any other steel, it also costs less to maintain. The weight of the equipment is reduced by 30–40% thanks to wear-resistant steel plates. As a result, between 2021 and 2031, the ... moreWear Plates Market to Witness a Healthy Growth by 2031
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.
Because it lasts longer than any other steel, it also costs less to maintain. The weight of the equipment is reduced by 30–40% thanks to wear-resistant steel plates. As a result, between 2021 and 2031, the global market for wear plates is expected to develop at a CAGR of 6.3%.
Due to rising demand from end-use applications, North America is expected to maintain its position as a significant wear plate market regionally over the forecast period. Through 2031, sales in North America are anticipated to grow rapidly at a CAGR of 7.0%.
2016-2020 Global Wear Plate Market Outlook Compared to 2021-2031 Forecast
Future Market Insights (FMI) predicts that the market for wear plates will rise rapidly in the near future as a result of the increase of end-use industries and manufacturing applications.
During the course of the forecast period, demand for wear plates is anticipated to rise as a result of expanding applications in the waste management, pulp & paper, chemicals, and other industries. Growing R&D initiatives will consequently spur the market for wear plates to grow more quickly.
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.
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.
