Thyssenkrupp And Arcelor Mittal Are The Top Ranking Companies In The Forged And Stamped Goods Market
The competitive landscape of the global forged and stamped goods market is relatively fragmented. This is mainly due to a small number of large entities which command significant market share and large numbers of small entities which are focused in local markets, there is a variety of competitors in the market due to low barriers to entry. The top competitors in the global forged and stamped goods market include Thyssenkrupp AG, Arcelor Mittal AG, American Axle & Manufacturing Holdings, Precision Castparts, and Allegheny Technologies Incorporated (ATI). Other competitors in the global forged and stamped goods market are Magna International, Martinrea International, Harvey Vogel Manufacturing, Voestalpine AG and others.
Thyssenkrupp AG was the largest company in the global forged and stamped goods market in 2018. It operates in component technology, elevator technology, industrial solutions and material services to offer products and services in different industries such as the automotive and construction industries. The company was established in 1811 and is headquartered in Essen, Germany.
Thyssenkrupp AG’s growth strategy aims to focus on better development of products and improving services offered by its different business divisions. In October 2018 the company announced to split the whole group into two independent companies, Thyssenkrupp Industrials and Thyssenkrupp Materials to increase its focus on various businesses. Thyssenkrupp Industrials will focus on the automotive business and industrial solutions business, while Thyssenkrupp Materials will focus on material services business, forging business and marine business.
Arcelor Mittal AG was the second largest company in the forged and stamped goods market in 2018. It is involved in steel manufacturing and mining processes. It offers steel products such as steel slabs, steel plates, hots and cold rolled coils and sheets, and finished long products such as bars, rods, sheet piles, and forgings. It offers steel products to be used by end industries such as automotive, construction, and appliances. The company was established in 1976 and is headquartered in Luxembourg City, Luxembourg.
Arcelor Mittal’s growth strategy aims at expanding its manufacturing facilities by allowing investments to increase its plant production capacities. In February 2017, the company allowed an investment of $11.5 million form Lehigh Heavy Forge Corporation to expand its manufacturing facilities that will enhance its manufacturing capabilities for the production of steel ingots.
Other major companies in the forged and stamped goods market such as Allegheny have adopted similar strategies of investing to expand businesses. Allegheny aims at investing in expanding its business to cater to the increasing demand from its end customers. In March 2018, the company announced plans to invest $95 million for a period of three years to expand its iso-thermal forging and heat-treating capabilities to support the increasing demand from its aerospace customers.