Wear Resistant Steel Market Size, Share, By Product (High Manganese Steel, Middle and Low Alloy Wear Resistant Steel, Erosion Corrosion Resistant Steel, Special Wear Resistant Steel, and Others), Type (Under HBW 400, 400 HB, 450 HB, 500 HB, and Above HBW 500), Thickness (3/16 Inch, 1/4 Inch, 5/16 Inch, 3/8 Inch, and 1/2 Inch), End-User (Mining and Quarrying, Construction and Infrastructure, Oil and Gas, Power Generation, and Others), and Region - Trends, Analysis, and Forecast till 2035

• Wear resistant steel market size is projected to grow at USD 47.0 Billion in 2035.
• The target market size was value at USD 32.1 Billion in 2024.
• The market is growing at a CAGR of 4.3%.

Market Overview:

Wear resistant steel generally has a higher carbon content and also contains manganese, chromium, nickel, vanadium, and boron. These alloying elements increase the hardness and the ductility. These elements also have a positive effect on corrosion resistance, to a limited degree. Wear resistant steel, which is also known as abrasion-resistant steel, has many benefits compared to conventional steel, such as longer service life, higher payloads, easy to weld and cut, and has consistent thickness and flatness. There is a rapid growth in real estate, mining, and automobile industries which in turn creates a demand for wear resistant steel resulting in wear resistant steel market expansion.

Key Takeaways:

• North America has the highest wear resistant steel market share due to the established infrastructure and manufacturing industry and growing demand for heavy machinery.
• Asia Pacific is expected to be the fastest growing market during the forecast period due to the industrialization and urbanization and increasing population in the region.

Key Drivers of Target Market:

The Long Service Life of Wear Resistant Steel is Influencing the Market Growth

The wear resistant steel has a much longer service life compared to the conventional high-strength steel. This reduces the need for replacement, which helps in saving money on materials and maintenance, making it more affordable, further influencing the wear resistant steel market growth.

• For instance, in December 2024, according to CHEMSHUN, wear resistant ceramic lined elbow pipe were important components for pipeline connection and change of direction. However, since the conveyed materials change direction at the elbows, the elbows were needed to withstand great impact and wear. The elbow material comprise of experienced cast stone, cast steel, alloy, and other materials. These abrasion resistant ceramic lined elbows are mainly reflected in excellent wear, resistance, and long service life.

Material Fatigue of Steel May Impede Market Expansion

The constant movements cause indentations or weakening in the surface, which can further cause fractures of cracks in the base of the steel, thus impeding the market expansion. Compressive surface residual stress normally increases fatigue resistance as it subtracts from the applied stress.

• Counterbalance Statements: Tensile residual stress at the surface of a component add to the tensile stress being applied, leading to reduced fatigue resistance.

Opportunities:

Use of Wear Resistant Steel to Reduce Harmful Emissions Fuels the Market Expansions

Wear resistant steel is used in constructing certain machineries, which help in the reduction of emission of harmful gases and has lower operational costs resulting in the market expansion.

• For instance, in October 2024, Primetals Technologies patented bend-resistant staves ensured a longer lifetime. These wear-resistant hexagonal inserts lower the operating costs and carbon emissions through reduced coke usage. Blast Funace No.1 at Dragon Steel Corporation’s (DSC) plant in Taichung, Taiwan, is one such stave commissioned by Primetals Technologies. 

The wear resistant steel market can be categorized into product, type, thickness, end-user, and region.

Product

On the basis of product, the target market can be classified into high manganese steel, middle and low alloy wear resistant steel, erosion corrosion resistant steel, special wear resistant steel, and others. The special wear resistant steel holds the largest wear resistant steel market share as it is extremely resistant to abrasive wear, therefore, extending the product life of the components.

• For instance, in February 2020, according to Reliance Foundry, high carbon steels are very hard, which makes it good at resisting abrasion and retaining shape. These carbon steels are a kind of special wear resistant and can withstand significant force before deforming. Unfortunately, hard metals are also brittle when placed under extreme tensile stress, and high carbon steels are more probable to crack than bend.

Type

The market can be segmented into under HBW 400, 400 HB, 450 HB, 500 HB, above HBW 500, and others, on the basis of type. The HB 450 or Haradox 450 dominates the market as it has good bending and wearing properties and is more resistant to dents and abrasion compared with others. It has a nominal hardness of 450 HBW, which helps in reducing the plate thickness and makes the equipment lighter.

• For instance, in August 2024, according to Usiminas steelworks, the effects of heat treatment on the mechanical properties of HB 450 wear resistant steel in the form of heavy plates were investigated. For heating, carried out from 400°C to 600°C, a very significant drop in hardness and tensile strength and an increase in total elongation and absorbed energy values were observed. The abrasive wear resistance, evaluated by dry-sand rubber wheel test, increased with the heating up to 500°C. With the additional rise in temperature to 600°C, the abrasive wear resistance decreased, reaching a similar level to the reference state (steel in as-delivered condition).

Thickness

The market for wear-resistant steel is divided into five different thicknesses including 3/16, 1/4, 5/16, 3/8, and 1/2 inches. The 3/16 inch segment of thickness leads the market in terms of share as it is versatile and cost-effective.

• For instance, the data published by Leeco Steel LLC, states that this company sells AR600 abrasion resistant steel plate, which is the most durable abrasion-resistant plate and are available from thickness ranging from 3/16 inch to 3/4 inch.

End-User

Based on end-user, the wear resistant steel market can be classified into mining and quarrying, construction and infrastructure, oil and gas, power generation, and others. The mining and quarrying segment is expected to lead the market during the forecast period. The growth is attributed to high demand for wear-resistant steel plates in this industry, such as, the need for durable and abrasion-resistant components in mining equipment, namely, crushers, excavators and conveyor systems.

• For instance, in October 2024, Sandvik Rock Processing’s HX900 wear resistant steel plates were launched in Africa. The results achieved by the HX900 plates were remarkable, which further extended wear life by many multiples in real life mining applications. The plates are mainly used in applications, such as feeders, feed chutes, transfer chutes, skirt liners, rock box edge liners, load-haul equipment and buckets, in countries including Australia, Brazil, Peru, Sweden, and the U.S.

Region

Geographically, the wear resistant steel market can be categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

North America:  North America holds the largest wear resistant steel market share due to their established infrastructure and manufacturing, growing demand for heavy machinery, industrial growth and advancements in metal technology.

Asia Pacific: Asia Pacific is expected to be the fastest growing market for wear-resistant steel during the forecast period due to the industrialization and urbanization in the region, the increasing population of the region, and the increasing demand from the mining sector.

• For instance, in September 2024, the Indian government received 75 applications for its production-linked incentive (PLI) scheme for specialty steel, all domestic players, including steel majors Tata Steel, JSW Steel, JSPL, AMNS India, and SAIL. The  USD 0.73 Billion PLI scheme is aimed to expand India’s local production capacity of specialty steel, such as wear resistant steel products, lower import dependency, and create an export-oriented production base. The scheme hoped to benefit both major (integrated) steel players and downstream manufacturing MSME entities.

Wear Resistant Steel Market Report Scope:

Segmentation:

By Product:

• High Manganese Steel
• Middle and Low Alloy Wear Resistant Steel
• Erosion Corrosion Resistant Steel
• Special Wear Resistant Steel
• Others

By Type:

• Under HBW 400
• 400 HB
• 450 HB
• 500 HB
• Above HBW 500

By Thickness:

• 3/16 Inch
• 1/4 Inch
• 5/16 Inch
• 3/8 Inch
• 1/2 Inch

By End User:

• Mining and Quarrying
• Construction and Infrastructure
• Oil and Gas
• Power Generation
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the wear resistant steel market include SSAB, Tricon Inc., Oakley Inc., and others. The key players are adopting strategies for the growth of the market such as huge distribution network, strong brand reputation, key strategies, significant marketing, and fundamental investments.

List of Key Players in the Market:

• SSAB
• Tricon Inc.
• ArcelorMittal
• Thyssenkrupp AG.
• Titus Industries Inc.
• ESTI
• Nucor Corp.
• Ambo Stahl
• Baoshan Iron & Steel Co., Ltd.
• CeraMetal se S.A
• CONQUEST STEEL AND ALLOYS
• Sambhav Pipes & Fittings
• PRODUR

• In January 2025, Union Minister of Steel and Heavy Industries in the presence of senior officials from the ministry and captains from the industry at Vigyan Bhavan, New Delhi, launched the second round of PLI scheme for Specialty Steel, such as Wear Resistant Steel, Plated Steel Products, Specialty Rails, Alloy Steel Products and Steel Wires and Electrical Steel, termed as PLI Scheme 1.1. PLI scheme 1.1 is a specialty Steel for five product categories which is the same as the existing PLI Scheme to enable further participation as industry participants requested the ministry for relaxation.
• In June 2024, a recent article published in Nanomaterials demonstrated the use of WMoTaNb refractory high-entropy alloy as a reinforcement material to strengthen laser-cladding 316L stainless steel. 316L stainless steel is an essential component of modern industry due to its high mechanical strength, good corrosion resistance, and low cost. WMoTaNb HEAs and 316L stainless steel powder mix were procured commercially and a coaxial powder-feeding laser setup was used to fabricate the laser-cladding specimens from these raw materials under argon protection.

Analyst View:

The wear resistance steel market have certain driving factors leading to its substantial growth. Some of its key driving factors include a long service life compared to conventional steel, higher payloads, absorption of energy from impact, making it ideal for applications with a risk in collision, resistance from corrosion, good temperature resistance, and have low maintenance. It also have applications in agriculture, waste management, and construction.

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