Market Insights
Asia-Pacific is projected to be the largest and the fastest growing regional market for Heat-Treated Steel Plates during the forecast period owing to increasing consumption of the product in manufacturing offshore structures and hydropower stations. Rapid urbanization and industrialization are among the key factors of growing demand for the product in this region. The emerging economies such as China and India are focusing on generating power from renewable sources, which is expected to boost the constructions of hydropower stations and fuel the demand for heat-treated steel plates in the coming years. In addition, growing use of the product in construction of storage tanks and pressure vessels in the chemicals industry is likely to drive growth of the regional market during the assessment period. Furthermore, growing offshore constructions in the region is expected to propel the growth of heat-treated steel plates market during the forecast period.
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