Global 9% Nickel Steel Plate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global 9% Nickel Steel Plate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

9% nickel steel plate is a high-strength, low-alloy steel that contains 9% nickel and has excellent toughness and strength at low temperatures. The primary application of 9% nickel steel plates is in cryogenic applications, specifically cryogenic storage plants of liquefied gases such as argon, oxygen, LNG, and nitrogen. The steel plates are useful for both the containment and storage of these gases.

Market Overview:

The latest research study on the global 9% Nickel Steel Plate market finds that the global 9% Nickel Steel Plate market reached a value of USD 2031.37 million in 2022. It’s expected that the market will achieve USD 3714.06 million by 2028, exhibiting a CAGR of 10.58% during the forecast period.

The epidemic has affected 9% of the nickel steel plate industry. The price of raw materials has risen, the supply chain has been interrupted, the production and operation of downstream industries have been impacted, and short-term demand has been affected. In the long run, with the weakening of the impact of the epidemic, the recovery of production and life, the improvement of manufacturing technology, and the continuous development of downstream LNG, clean energy and other industries, the market prospect is broad.

1 Drivers

1.1 Product advantages promote the development of the industry.
1.2 The development of the liquefied natural gas (LNG) industry will drive 9% of the nickel steel market growth.

2 Limitations

2.1 9% nickel steel plate is technically difficult and requires high quality.
2.2 The threat of substitutes.
2.3 Raw material prices fluctuate.

3 Opportunities

3.1 The expansion of the hydrogen industry will bring development opportunities for 9% nickel steel plates.
3.2 Emerging markets have great potential.
With the economic development of emerging economies, the process of industrialization and urbanization has accelerated, and energy demand has increased. However, many Asian emerging economies have insufficient natural gas production capacity and are highly dependent on foreign countries. The growing gap between supply and demand and the geographical mismatch between regions are expected to accelerate the development of LNG business in the future, which in turn will drive the development of the 9% nickel steel industry.

Region Overview:

China was the largest revenue market with a market share of 42.57% in 2017 and 43.61% in 2022, an increase of 1.04%. In 2022, Europe market share was 16.69%, ranking second.

Company Overview:

Nanjing Iron and Steel Company
Nanjing Iron and Steel Co., Ltd. is an industry-leading high-efficiency, full-process iron and steel conglomerate, creating an industrial chain ecosystem with mutual empowerment and compound growth with new steel materials as the core, focusing on industrial development and value growth. The company has a complete production process from ore mining, coking, sintering, ironmaking, steelmaking to steel rolling. All the company's process equipment has completed large-scale and modern transformation, and has an annual production capacity of 10 million tons of steel. In 2000, the company was listed on the Shanghai Stock Exchange.
CHINA BAOWU STEEL GROUP
China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016.
The industry concentrate rate is relatively high. The market share of the top three companies in 2021 was 42.19%. The top three companies are Nanjing Iron and Steel Company, CHINA BAOWU STEEL GROUP and Nippon Steel, with the revenue market share of 16.07%, 14.43% and 11.69% in 2021.

Segmentation Overview:

9% nickel steel plate can be divided into less than 30mm, 30-50mm and other according to the thickness.
Among different product types, Thickness: Less than 30 mm segment is anticipated to contribute the largest market share in 2027.

Application Overview:

Liquefied Natural Gas Tanks
The 9% nickel steel plate is a low-carbon nickel alloy steel with nominal composition of Ni, which is particularly used for low-temperature or cryogenic pressure vessels and plants for processing, transportation.
Transport Ship
Relatively low thermal expansion, low thermal conductivity and good corrosion resistance make 9% nickel steel plates suitable for use in transport ships.
Hydrogen Storage Tank
Hydrogen can be stored physically as either a gas or a liquid. Storage of hydrogen as a gas typically requires high-pressure tanks.

By application, the Liquefied Natural Gas Tanks segment occupied the biggest share from 2017 to 2022.

Key Companies in the global 9% Nickel Steel Plate market covered in Chapter 3:

Nippon Steel
CHINA BAOWU STEEL GROUP
POSCO
Hyundai Steel
Citic Pacific Special Steel Group Co.,ltd.
ArcelorMittal
Angang Steel Group Limited
Wuyang Steel Co., Ltd.
Voestalpine
Nanjing Iron and Steel Company

In Chapter 4 and Chapter 14.2, on the basis of types, the 9% Nickel Steel Plate market from 2018 to 2029 is primarily split into:

Thickness: Less than 30 mm
Thickness: 30-50 mm

Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the 9% Nickel Steel Plate market from 2018 to 2029 covers:

Liquefied Natural Gas (LNG) Tanks
Transport Ship
Hydrogen Storage Tank
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)