LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global high strength steel market report until 2021. This research report also lists seven other prominent vendors that are expected to impact the market during the forecast period.
The global high strength steel market is expected to increase its sales backed by strong demand from the automotive sector to bring down the overall weight of automobiles without compromising on the strength and quality of steels used. The corrosion resistance capacity augments the demand for high strength steels globally. The presence of lightweight substitutes has a significant impact on the growth of the market. APAC has emerged as a frontrunner in the consumption of high strength steels on a global level and is expected to dominate the market during the forecast period.
Competitive vendor landscape
The global high strength steel market is subject to intense competition among leading vendors such as ArcelorMittal, POSCO, Shanghai Baosteel Group (Baosteel), and Tata Steel. The success and failure of the vendors in the market largely depends upon the extent of change in the industry's operating environment, such as fluctuations in the cost of capital and increased productivity. These factors could result in rapid changes in competitiveness, positions, and survival of vendors in the market. Positively, companies that are constantly on the lookout for innovative techniques for the manufacture of high strength steel are likely to reap high dividends.
Kshama Upadhyay, an industry expert at Technavio for research on metals and minerals says, “Success for the manufacturers of high strength steel increases in accordance with their ability and receptivity to being sensitive in response to market opportunities that offer better margins. The growth of the construction sector and an increase in construction expenditure have given rise to the significant demand for steel in geographic hotspots such as Asian countries.”
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Top five high strength steel market
ArcelorMittal
ArcelorMittal, along with its subsidiaries, produces flat carbon steel, stainless steel, and long carbon steel. It is involved in the processing, finishing, and distribution of steel. The company has its presence across 60 countries and has an industrial footprint in 19 countries. It is supported by a strong operational network of subsidiaries, such as ArcelorMittal Dofasco, ArcelorMittal Brazil, ArcelorMittal Galati, and ArcelorMittal Point Lisas located across Europe, the Americas, Africa, and APAC.
POSCO
POSCO is an integrated steel producing company that is involved in the manufacture and marketing of a wide range of steel products, such as cold-rolled and hot-rolled plates, wire rods, stainless steel products, and silicon steel sheets. It markets steel products to various industries, such as automotive, home appliances, shipbuilding, engineering, and heavy machinery.
Shanghai Baosteel Group (Baosteel)
Baosteel is a steel and iron conglomerate that is involved in the manufacture and marketing of steel and iron products worldwide. It provides a wide range of steel products, such as automobile steel, electric steel, bearing steel, household electric appliance steel, and high-grade construction steel.
BaoSteel specializes in the development of AHSS to meet the demands of the automotive industry such as of lightweight automobiles coupled with environmental protection.
Tata Steel
Tata Steel is an integrated steel producing company involved in the production and mining of iron ore, as well as marketing and distribution of steel and related products. Its steel product portfolio includes flat products, long products, bearings, and construction products. The company caters to various industries such as the aerospace, automotive, construction, energy and power, consumer goods, packaging, shipbuilding, lifting and excavating, and engineering industry.
United States Steel
United States Steel engages in the manufacture and sale of tubular and flat-rolled steel products principally in Europe and North America. The company's activities can be broadly classified into three segments: Flat-rolled products, tubular products, and the US steel Europe (USSE).
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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