Electrical Steel Market Size is projected to reach USD 38.98 Billion By 2021
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"
The grain-oriented segment is estimated to dominate the type segment of Electrical Steel Market as it helps in reducing the weight of the machine and improving the efficiency of machines. It is mainly used in transformers. Owing to the rapid growth in the power industry, globally, the demand for transformers is expected to increase which will eventually drive the grain-oriented steel market. The non-grain-oriented segment is projected to be the faster-growing segment during the forecast period. Owing to increase in the production of automobiles where non-grain oriented electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles which is expected to increase demand for non-grain-oriented electrical steel products.
Based on application, the Electrical Steel Market is segmented in to transformers, motors, inductors, and others which includes battery and welding equipment. The transformers segment is projected to grow at the highest CAGR from 2016 to 2021. Factors such as increase in demand for energy on a global scale is expected to drive the transformers market 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.
The Asia-Pacific is the most widely populated region in the world, and subsequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China contributes a major market share in the Asia-pacific electrical steel market. Growing industrial activity has resulted in high demand for electrical steel supported by the country's aggressive policies to fund and drive the domestic demand, thus boosting their growth. The market for electrical steel in this region is growing at a rapid pace, which is primarily due to the growing manufacturing sector
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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