COVID-19: Strategy shift for high-strength steel market
In June analysis, Technavio has been monitoring the high strength steel market and reports that it is poised to grow by US$ 14.51 million during 2020-2024, progressing at a CAGR of over 10% during the forecast period. Its report offers up-to-date analysis on the current market scenario, latest trends and drivers, and the overall market environment.
“Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities,” commented the analyst.
“The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ArcelorMittal SA; Essar Steel India Ltd.; HBIS Group Co. Ltd.; Hyundai Steel Co.; JSW Steel Ltd.; Nippon Steel Corp.; Nucor Corp.; POSCO Group; Tata Steel Ltd. and United States Steel Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments,” it added.
Growing demand for high-strength steel in the automobile industry has been instrumental in driving the growth of the market. Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. A free sample of the report can be downloaded at https://www.technavio.com/talk-to-us?report=IRTNTR43016 or see www.technavio.com/