Electrical Steel Market Size is projected to reach USD 38.98 Billion By 2021
The report [196 pages] "Electrical Steel Market by Type (Grain-oriented and Non Grain-oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automobile, Manufacturing, Household Appliances), and Region - Global Forecast to 2021", The electrical steel market size is estimated to grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at a compound annual growth rate (CAGR) of 7.0% from 2016 to 2021.
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Premium Insights of the report:
- Developing Economies to Witness Higher Demand for Electrical Steel
- Electrical Steel Market, By Type
- Electrical Steel Market, By Application
- Electrical Steel Market, By End-Use Industry
- Asia Pacific: Electrical Steel Market
- Electrical Steel Market: Regional Snapshot
Based on type, the electrical steel market is segmented into grain-oriented and non-grain-oriented electrical steel. Non-grain-oriented electrical steel is projected to grow at a higher CAGR during the forecast period. Increased in the production of automobiles where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles is expected to increase the demand for non-grain oriented electrical steel products.
In terms of value, the transformer industry, by application, is projected to grow at the highest CAGR during the forecasted year. Factors such as increase in demand for energy on a global scale is expected to drive the transformers segment over the next few years. Moreover, the need for upgrading transmission and distribution networks and equipment is expected to be a critical success factor for the growth of the transformers industry.
In terms of value, the energy sector, by end-use, is projected to grow at the highest rate during the forecast period. This can be attributed to the growth of economies across the globe, which is directly linked to the growth of the power sector. In addition, the growing industrialization in developed & developing economies is also expected to further drive the energy segment in the electrical steel market.
Major companies profiled in the Electrical Steel Market includes ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine Group (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (U.S.), Steel Authority of India Limited. (India), Tata Steel (India), JFE Steel Corporation (India), and Essar Steel (India).
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