In terms of value, 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
NEW YORK, Sept. 30, 2020 /PRNewswire/ -- In terms of value, 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. Growing population, urbanization and industrialization has led to increased demand for energy. This has led to growth in consumption of electrical steel. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.
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The transformers segment is the 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. Growth in energy industry has led to increased demand for transformers.
Grain-Oriented is the dominant type which is expected to drive the market.
Based on type, the electrical steel market has been classified into grain-oriented and non-grain-oriented.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.Grain-oriented electrical steel usually has a silicon level of 3%.
It is produced from low carbon steel, and to have its optimum properties, it is developed in the rolling direction because of tight control of the crystal orientation, which is relative to the sheet.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 forecst period.
The energy industry is the major consumer of the electrical steel market.
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 can be attributed to the growth of economies across the globe, which is directly linked to the growth of the power sector.
Energy industry is also expected to register highest CAGr during the forecast period.
Asia Pacific is estimated to account for a major share of the market in 2020 and is projected to grow at the highest CAGR during the forecast period.
Based on region, the electrical steel market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.Among these, Asia Pacific is estimated to account for the largest share of the electrical steel market in 2020 and is also expected to grow at the highest CAGR during the forecast period.
The growth can be attributed to the presence of various global steelmakers such as ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, and POSCO Steel in the region.These companies have production bases majorly in China and India, due to the availability of domestic labor and raw materials at low-cost.
The rapidly increasing population and urbanization are other factors expected to fuel the growth of the market.
Breakdown of primary interviews for the report on the electrical steel market
• By Company Type – Tier 1 – 16%, Tier 2 –36%, and Tier 3 – 48%
• By Designation – C-Level – 16%, Director Level – 24% and Others – 60%
• By Region –Europe- 36%, North America – 24%, Asia Pacific– 20%, South America- 8%, and the Middle East & Africa – 12%
The leading electrical steel manufacturers profiled in this report are ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan).
Research Coverage:
The report covers the electrical steel market based on application, type, end-use industry, and region.This report aims at estimating the size and future growth potential of the electrical steel market across various segmentations.
The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the electrical steel market, high-growth regions, and drivers, restraints, opportunities, and challenges in the market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on various applicatons in the electrical steel market.
• Product Development/Innovation: A detailed insight into upcoming technologies for the manufacture of electrical steel, R&D activities, and new applications in various end-use industries in the market.
• Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for electrical steel across different regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the electrical steel market.
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the electrical steel market.
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