Steel Plate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F

The Steel Plate Market was valued at USD 65.23 Billion in 2024, and is expected to reach USD 96.78 Billion by 2030, rising at a CAGR of 3.22%. The market is witnessing steady expansion, fueled by increasing demand from sectors such as construction, automotive, heavy machinery, and shipbuilding. Asia-Pacific dominates global production and consumption, with countries like China and India leading due to rapid industrialization, infrastructure growth, and government support for the steel industry. Steel plates are essential in structural frameworks, equipment manufacturing, and ship construction owing to their strength, versatility, and resilience. While the market outlook remains positive, challenges such as volatile raw material costs and environmental compliance requirements may affect growth trajectories. Nevertheless, ongoing urbanization, technological improvements, and rising demand in emerging economies continue to provide strong support for future market development.

Key Market Drivers

Growth in Construction Industry

The expansion of the global construction industry significantly fuels the demand for steel plates, making it a key growth driver in this market. In 2024, the construction industry was valued at approximately USD 12 trillion, representing around 6% of global GDP. This highlights the sector’s substantial economic influence. With ongoing urbanization, infrastructure modernization, and large-scale development projects across various countries, the need for durable construction materials is increasing. Steel plates are widely used in the construction of bridges, high-rise buildings, and public infrastructure due to their high strength, adaptability, and load-bearing capacity. Their ability to support large structures while ensuring structural integrity positions steel plates as a critical component in construction-related applications.

Key Market Challenges

Fluctuating Raw Material Prices

Price volatility in raw materials such as iron ore, coking coal, and scrap metal remains a major challenge for the global steel plate market. These materials are essential for steel production and are often subject to unpredictable price changes influenced by geopolitical conflicts, supply chain disruptions, demand fluctuations, and regulatory developments. Spikes in input costs increase operational expenses for manufacturers, which can reduce profitability or force price hikes that may deter buyers - particularly in cost-sensitive industries like construction and automotive. Such uncertainty complicates procurement planning and budgeting, ultimately affecting supply chain efficiency and market stability.

Key Market Trends

Rising Demand of Steel Plate in the Marine Industry

The marine sector is emerging as a key growth area for the steel plate market, driven by the industry's need for robust, corrosion-resistant materials suitable for shipbuilding and offshore structures. Accounting for over 80% of global trade volume, the maritime industry plays a crucial role in the global economy. Steel plates are fundamental in constructing vessels such as oil tankers, cargo ships, and offshore rigs due to their strength and durability in extreme oceanic environments. Technological advancements, including the Thermo-Mechanical Control Process (TMCP), have improved the performance of marine-grade steel plates, enabling lighter and more fuel-efficient vessels that comply with environmental regulations. These innovations are further supporting the sector’s shift toward safer, more sustainable shipbuilding practices

Key Market Players

• Wugang Steel Group Co., Ltd
• Shandong Lenser Materials Co., Ltd
• Essar Steel India Limited
• AM/NS INDIA
• Hyundai Steel
• Jindal Steel and Power (JSP)
• NLMK
• DONGKUKSTEEL MILL CO., LTD
• China Steel Corporation
• Monnet Ispat & Energy Limited (MIEL)

Report Scope

In this report, the Global Steel Plate Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Steel Plate Market, By Sales Channel:

• Direct
• Indirect

Steel Plate Market, By End Use:

• Construction & Infrastructure
• Automotive & Transportation
• Machinery & Equipment
• Shipbuilding
• Oil & Gas
• Others

Steel Plate Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Steel Plate Market.

Available Customizations

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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