According to the research report titled ‘Global Wear Plate Market Size study, by Material Type (Mild Steel, Austenitic Stainless Steel, Alloy, Bronze, Others), by End-use (Mining, Power Generation, Cement & Refractories, Sugar, Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global wear plate market is anticipated to register a healthy CAGR during 2022-2028.
As per report findings, widespread product adoption due to rapid industrialization, and rising waste management sector are the major growth determinants for global wear plate market.
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Notably, ArcelorMittal claimed that its Spain located Sestao steel facility will become the World’s first full-size zero-carbon steel plant in 2021. Meanwhile, Bennes Vincent was the first tipper body maker in France to launch a new Hardox 500 Tuf steel-only product line in 2021.
For the unversed, wear plates are abrasion-resistant plates or liners intended to lessen deterioration on surfaces subjected to severe impact. These plates are designed to be functional for a variety of equipment and products used in the mining, earthmoving, and other industrial sectors.
Furthermore, growing R&D activities are expected to bolster industry trends in the coming years. However, paucity of raw materials may hamper market growth over the forecast period.
Based on material type, worldwide wear plate industry is branched into bronze, alloy, austenitic stainless steel, mild steel, and others. In terms of end-use, the marketplace is divided into sugar, cement & refractories, power generation, mining, and others.
Regionally, the latest industry trends are studied across North America (U.S., Canada), Europe (UK, France, Germany, Spain, Italy), Asia Pacific (China, South Korea, India, Australia, Japan), and Latin America (Brazil, Mexico).
Among these, North America market is showcasing notable growth at present, due to rising demand from end-use applications, increasing industrialization, and growing sales of equipment protection materials.
Whereas Asia Pacific industry is poised to witness a healthy CAGR over the analysis timeframe, on the back of rising product application in the iron and steel industries.
Speaking of competitive landscape, ASGCO® Complete Conveyor Solutions Company, Castolin Eutectic GmbH, voestalpine Stahl GmbH, Hoverdale UK Ltd., Brown McFarlane Limited, NeoNickel Ltd., Ergotem USA LLC, EMSCO Inc., ThyssenKrupp
AG, and PGI Steel are the leading players in global wear plate market.