The market for wear plates is anticipated to grow annually by 5.1% in 2021, reaching US$ 6.9 Bn by the year’s end. To guarantee the equipment’s long-term safety, wear plates are utilised in a variety of end-use industries.
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 grow 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. Sales in North America are expected to surge at a CAGR of 7.0% through 2031.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12792
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.
Request Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-12792
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.
Ask An Analyst @ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-12792
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?
Buy Complete Report @ https://www.futuremarketinsights.com/checkout/12792
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
Contact Us:
Future Market Insights, Inc
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
Browse All Reports: https://www.futuremarketinsights.com/reports