Electrical Steel Market likely to reach beyond 38.98 Billion USD by 2021 at a CAGR of 7.0%
MarketsandMarkets projects that the Electrical Steel Market size will grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at an estimated CAGR of 7.0%. The electrical steel market is witnessing considerable growth due to advancements in technology and the high efficiency of electrical steel. The electrical steel market has immense opportunities due to the increasing demand from the power sector.
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Browse 198 market data Tables and 42 Figures spread through 196 Pages and in-depth TOC on “Electrical Steel Market"
Target Audience
- Raw material suppliers and producers
- Regulatory bodies
- Electric steel distributors/suppliers
- Local governments
- Market research and consulting firms
- End users (energy, automobiles, industrial, and household appliances)
ArcelorMittal (Luxembourg), one of the top players in the steel industry, aims to maintain its position in the market through acquisitions, agreements, and partnerships. As part of this strategy, the company has mainly focused on agreement & collaborations. In the last few years, ArcelorMittal has entered into various significant supply agreements, acquired companies, expanded production facilities, and launched new products to expand its presence in the steel market. The company focuses on expanding its customer base in the Asia-Pacific region in order to develop its steel business. The company has exclusive research centers across the globe for special plates and flat products. In February 2017, ArcelorMittal has opened a new production line worth USD 66.3 million called the Jet Vapor Deposition (JVD) line, at its facilities in Kessales, Belgium. Arcelor Mittal formed a joint venture with Cellino Group to hold a 35% share in February, 2017.
POSCO (South Korea) expanded its presence through various strategic developments such as new product developments and agreements. The company has focused on the expansion of its production facilities in China and other Asian countries. The key strategy of the company is to enhance its technology base through investments in R&D and facility expansion. In December 2016, POSCO ICT established its EV-charging infrastructure at the headquarters of ICE located in San Jose, capital of Costa Rica.
The global electrical steel market is dominated by players such as Arcelor Mittal SA (Luxembourg), POSCO (South Korea), Voestalpine Group (Austria), Baosteel Group Corporation (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United State Steel Corporation (U.S.), Steel Authority of India Limited (India). These players adopted various strategies such as new product launches, expansions & investments, agreements & contracts, and mergers & acquisitions to develop the electrical steel market.
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