Electrical Steel Market size was valued at US$ 31.50 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 7.9% through 2021 to 2027, reaching nearly US$ 53.64 Bn.
Electrical Steel Market Overview:
The Global Electrical Steel Market research study, which keeps a close watch on significant rivals, includes strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a thorough assessment of market circumstances in the near future. It’s a deep dive into primary and secondary market drivers, market share, leading industry categories, and regional market analyses. The global Electrical Steel market study looks at important businesses, notable collaborations, mergers and acquisitions, as well as current innovation and corporate policies.
An alloy containing iron and silicon is known as electrical steel. Because silicon is added to electrical steel, it is also referred to as laminate steel or silicon steel. Electrical steel is a form of specialty steel created by altering the magnetic properties of standard steel under the impact of permeability. It’s used to make the cores of power transformers, generators, and inductors, among other things. Because of technological improvements and electrical steel’s great efficiency, the market for electrical steel is gaining traction. Grain-oriented and Non-Grain-oriented are the types of electrical steel.
Market Scope:
According to the forecast period 2021-2027, the global Electrical Steel market is expected to develop at a stable rate between 2021 and 2027. The market is expected to grow fast between now and 2021, with key industry players putting forward aggressive efforts.
Import/export consumption, supply and demand, cost, price, share, sales volume, revenue, and gross margins are all covered in this global Electrical Steel market analysis. In the global Electrical Steel market, this report looks at each producer’s manufacturing sites, capacity, production, ex-factory price, revenue, and market share. The countries (regions) studied include the United States (US), Canada, Mexico, Germany, France, the United Kingdom (UK), Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil, and Saudi Arabia.
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Drivers:
The rising global automobile manufacturing is a key driver of the global electrical steel market’s growth. Every year, global vehicle manufacturing rises. The use of electrical steel in automobiles improves fuel efficiency, resulting in increased demand for electrical steel in the automotive industry. During the forecast period, the growing demand for electric and hybrid vehicles is expected to fuel the growth of the electrical steel market.
In the global electrical steel market, energy conservation is a growing concept. The demand for transformers is being boosted by rising electricity consumption and the growing need for industrial development, which is fuelling the global electrical steel market. Due to its high magnetic permeability, electrical steel is mostly used in the power industry.
The growth of electrical steel in motors is being driven by increasing industrialization and the use of motors in the residential sector. Electrical steel has become a necessary component of electric motors because it produces a greater magnetic flux, which is critical for torque. Additionally, it leads to increased efficiency. Given that the United Nations’ sustainable development program calls for the increased industry in the forecast period, vendors in the electrical steel market are expected to gain greatly in terms of income.
Segmentation:
Based on the Application, the market is segmented into Transformers, Motors, Inductors, and Others. The Transformers segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. This segment’s rise can be due to rising energy consumption around the world. Transformer cores are a crucial component of the transformer, which is made up of electric steel laminations. Current transformers, power transformers, and distribution transformers are the three basic types of transformers.
Companies have been forced to increase their production capacities as the demand for transformers has grown. A new power transformer facility, for example, was commissioned in Kerala, India, in February 2021. The new facility was built with a 12.5 crore investment. The plant’s annual output capacity for power transformers up to 25 MVA in the 132kV class is estimated to reach 1,500 MVA.
Key Players:
• Shagang Group Inc.
• ArcelorMittal
• Ansteel Group Corporation
• Baosteel Group
• POSCO
• Voestalpine Group
• United States Steel Corporation
• Jindal Steel and Power Limited
• HBIS Group
• Allengency Technologies
• Angang Steel Company Limited
• China Steel Corporation
• Electrosteel Limited
• EssarSteel
The research focuses into the latest major developments by top manufacturers and innovation profiles in the Global Electrical Steel Market.
The Competition Strategic Window examines the competitive landscape in terms of markets, applications, and geographies to assist the vendor in determining whether their strengths and future growth prospects are a good match. It describes the best or most advantageous fit for vendors to execute future business expansion and growth over a forecast time period by adopting sequential merger and acquisition plans, geographic development strategies, R&D strategies, and new product launch strategies.
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Regional Analysis:
Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America are the five regions that make up the global Electrical Steel market. The Global Electrical Steel Industry Research digs into the key geographies of the market, as well as notable segments and sub-segments. The study looks at the current condition of regional development in terms of market size, market share, and market volume. Figures, geographies, and revenue are included in this global Electrical Steel market report, as well as an in-depth look at the business chain structure, opportunities, and industry news.
COVID-19 Impact Analysis on Electrical Steel Market:
COVID-19 is a global public health crisis that has harmed practically every industry and is anticipated to hinder industrial progress between 2021 and 2027. Maximize Market Study (MMR) is broadening the scope of its research to include core COVID-19 concerns and possible solutions. COVID-19 is being investigated in light of shifts in consumer demand, purchasing patterns, supply chain rerouting, market dynamics, and government involvement. COVID-19’s influence on the market is assessed in this revised research, which includes insights, analyses, estimates, and forecasts.
Key Questions answered in the Electrical Steel Market Report are:
- Which product segment grabbed the largest share in the Electrical Steel market?
- How is the competitive scenario of the Electrical Steel market?
- Which are the key factors aiding the Electrical Steel market growth?
- Which region holds the maximum share in the Electrical Steel market?
- What will be the CAGR of the Electrical Steel market during the forecast period?
- Which application segment emerged as the leading segment in the Electrical Steel market?
- Which are the prominent players in the Electrical Steel market?
- What key trends are likely to emerge in the Electrical Steel market in the coming years?
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