CHICAGO, Sept. 22, 2020 /PRNewswire/ -- According to new research report, "Electrical Steel Market by Application (Transformers, Motors, Inductors), Type (Grain Oriented, Non Grain Oriented) End-Use Industry (Energy, Automotive, Manufacturing, Household Appliances), And Region (NA, EU, APAC, MEA, SA) - Global Forecast To 2025", published by MarketsandMarkets™, the Electrical Steel Market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. Increasing investment, coupled with growth in energy industry across the globe is expected to drive the growth of Electrical Steel Market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the Electrical Steel Market.
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The grain-oriented electrical steel segment is projected to lead the Electrical Steel Market during the forecast period
The grain-oriented electrical steel segment is expected to lead the Electrical Steel Market. This growth can be attributed to its high consumption in transformers (small, medium, and large) and generators. Applications of grain-oriented electrical steel include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wound cores, and power generators. Non-grain oriented electrical steel is expected to register highest CAGR during the forecast period.
The transformer segment is projected to lead the Electrical Steel Market during the forecast period
Based on application, the transformers application is projected to lead the Electrical Steel Market. The growth of this segment can be attributed to the growing energy consumption across the globe. Transformer cores are an integral part of the transformer, which is made up of laminations of electric steel. The use of electrical steel results in magnetic flux, and low core loss. Transformers application is also expected to register highest CAGR during the forecast period.
The energy industry is projected to be the major consumer of electrical steel during the forecast period
Based on end-use industry, the global Electrical Steel Market is segregated into energy, automobiles, manufacturing, household appliances, and others. Others include construction and fabrication. The energy segment is projected to grow at the highest CAGR. This growth is attributed towards increasing population, industrialization and urbanization. Energy industry is also expected to register highest CAGR during the forecast period.
Asia Pacific is projected to be the largest consumer of electrical steel during the forecast period
Based on region, the Electrical Steel Market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2019.
APAC accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to the increasing construction & infrastructure activities, especially in China, Japan, and India, coupled with increasing investments from domestic and foreign investors in the public and private sectors. APAC is also expected to register highest CAGR during the forecast period.
Key players in the Electrical Steel Market, namely, ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan) are considered for the study.
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