Electrical Steel - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Electrical Steel Market is accounted for $34.95 billion in 2019 and is expected to reach $67.13 billion by 2027 growing at a CAGR of 8.5% during the forecast period. While the factors like more consumption rate of electrical steel in transformers & motors and growing municipal population proliferate the demand for electrical steel thereby driving the growth of the market. However, volatile price of raw material is hampering the market growth.
Electrical steel is a type of specialty steel, manufactured by modifying the magnetic properties of conventional steel to induce high permeability. Electrical steel is extensively used in cores of transformers, motors and generators. They are designed to provide high attractive flux density, high permeability and lowest amount energy loss and extensively used in automotive, energy and manufacturing industries.
Based on the type, the grain oriented electrical steel segment is likely to have a huge demand due to it improves the transformer performance by enhancing the effectiveness and reducing equipment weight. These products contain large sized grains that help in reducing hysteresis loss, are energy capable steel and broadly used in transformers and power generators.
By geography, North America is estimated to have a lucrative growth owing to increase in demand for automotive and electric vehicles in the region. These products ensure minimum energy loss, increase the efficiency of machine and enhance the fuel economy of automotive. Increasing urbanization, growing electric vehicles sales along with rising preference of manufacturers for steel components and rising technological advancements further promote the regional demand.
Some of the key players profiled in the electrical steel market include JFE Steel Corporation, Essar Steel, Hebei Puyang Iron and Steel Group, Jiangsu Shagang International Trade Co. Ltd., China Steel Corporation, JSW Steel, Wuhan Iron & Steel Corporation, Thyssenkrupp AG, Voestalpine Group, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited, Tata Steel Limited and Posco.
• Grain-Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel
• Other Applications
End Users Covered:
• Household Appliances
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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