POSCO (South Korea) and ArcelorMittal (Luxembourg) are the Key Players in the Heat-treated Steel Plates Market
Steel is heat-treated to produce a substantial variety of microstructures and properties. Heat treatment typically uses phase transformation during the heating and cooling operations to change a microstructure into a solid state. In the heat treatment process of metal, the processing is mostly thermal and modifies only the lattice structure. Thermomechanical treatments, which modify surface chemistry and component shape and structure, and thermochemical treatments, which alter component shape and structure, are equally important processing approaches that fall within the domain of heat treatment.
MarketsandMarkets projects that the heat-treated steel plates market size will grow from USD 102.36 Billion in 2017 to USD 121.77 Billion by 2022, at a compound annual growth rate (CAGR) of 3.53%. The increase in demand for heat-treated steel plates from the construction industry is driving the growth of the market.
The key players in the heat-treated steel plates market are ArcelorMittal (Luxembourg), Thyssenkrupp AG (Germany), POSCO (South Korea), TATA Steel (India), Baosteel (China), Outokumpu (Finland), JFE Holdings (Japan), Nippon Steel & Sumitomo Metal Corporation (Japan), Novolipetsk Steel (Russia), and Essar Steel (India).
These players have adopted various strategies to expand their global presence and increase their market shares. Expansions and agreements are the major strategies adopted by the market players to achieve growth in the heat-treated steel plates market.
The growth of the heat-treated steel plates market was largely influenced by expansions and agreements in the past five years. The years 2014, 2016, and 2017 witnessed a large number of expansions and agreements by the top players in the market. Acquisitions and divestments were also among the other strategies adopted by the top players in the past five years. A considerable amount of investments were made in technology upgradations and servicing facilities across developed and emerging markets.
Posco is the leading steel manufacturing company in the market. It is engaged in expansions, agreements, and new product launches to provide innovative and advanced solutions to its customers, globally. The company completed the construction of the Steel Forming Laboratory sat the Global R&D Centre of the company in Songdo, Korea to provide full-scale customer support. The establishment of this laboratory would help the company to evaluate products in advance and develop leading technologies in order to provide pre-emptive solutions to customers. Also, the company completed the construction of the world's first automotive steel plant built in Gwangyang, Korea. The plant was built with a production capacity of 500 kilotons to produce 'Giga Steel.' The establishment of the new plant enhanced market presence and product portfolio of the company. These expansions have supported the company’s strategic objective of generating profitable growth in the heat-treated steel plates market.
ArcelorMittal is one of the key steel and mining companies. The company has an industrial footprint in 18 countries and a presence in over 60 countries. The company is adopting multiple business strategies to increase its presence in the global market, including divestitures, agreements, investments, and joint ventures. As of 2016, ArcelorMittal entered into a contract with STX France for the supply of steel for two cruise ships. The order for these ships would be supplied by the European plants of ArcelorMittal that include products such as heavy steel plates and steel sheets.
Related Reports:
Heat-treated Steel Plates Market by Steel Type (Carbon, Alloy, and Stainless), Treatment (Quenching & Tempering, Normalizing, and Stress Relieving), Application (Construction, Energy, Industrial Machinery), and Region - Global Forecast to 2022
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