The global wear resistant steel market revenue is expected to register a moderate CAGR over the forecast period. Rapidly growing construction and mining industries is major factor expected to drive growth of the global wear resistant steel market over the forecast period.

The global wear resistant steel market report has been segmented on the product, application, and region. Based on product, the global wear resistant steel market is segmented based on high manganese steel, middle and low alloy wear resistant steel, erosion corrosion resistant steel, special wear resistant steel, and others. The high manganese steel segment accounts for major revenue share as compared to that of other product types.

Based on application, the global wear resistant steel market is segmented based on mining machinery, construction machinery, transportation, engineering machinery, and others. The construction machinery segment accounts for major revenue share of the market. Increasing construction activities, especially in developing countries, is expected to create demand for construction machinery which in turn drives growth of the segment over the forecast period.

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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. Asia Pacific market accounts for major revenue share of the market, followed by North America and Europe. Increasing demand for wear resistant steel products in India and China, presence of significant market players and increasing number steels plants in the region are major factors expected to drive growth of the market in the region over the forecast period.

Some prominent players in the global wear resistant steel market are Arcelor Mittal S.A., SSAB AB, Thyssenkrupp AG, Tricon Wear Solutions LLC, ESTI, Oakley Steel Limited, Titus Steel, Nucor Corporation, Ambo Stahl, and Baosteel Stainless Steel Co., Ltd.

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