Global Electrical Steel Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Electrical Steel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global electrical steel market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global electrical steel market report has been segmented on the basis of product type, material, and region.
Electrical steel, also called as laminate steel or silicon steel, is made up of iron and silicon and are of two types grain oriented and non-grain oriented electrical steel. Electrical steel is a high-power steel used appliances such as air conditioners, refrigerators, and high-power coolers. This steel is used by consumer appliance manufacturers as this steel is environment-friendly as compared to regular steel. They are used in core manufacturing of transformers, inductors and motors. Electrical steel is used in compressor motors, relays, switches, etc.
Increasing use of electrical steel in core manufacturing of motors, transformers, and inductors is the major factor expected to drive growth of the global electrical steel market. In addition, growing existing end-use sectors such as power generators and white goods of electrical steel, rising electricity consumption, urbanization, and increasing need for infrastructure and industrial development are some other factors expected to drive growth of the global electrical steel market. Furthermore, advancements in technologies, along with development of electric steel with high efficiency are expected to drive revenue growth of market. However, volatile price of raw material and high cost of investments for production and distribution are major factor expected to restraint growth of the global market. In addition, reprocessing of electrical steel is a critical process, which is expected to hamper growth of the market.
Major manufacturers are focus on collaborating with local players in order to enhance their product offerings as well as expand their geographical presence is a major trend observed in the market, currently. In 2017 for instance, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group acquired NISSHIN STEEL CO., LTD., an integrated blast furnace steel manufacturer that specializes in surface-treated steel, stainless steel, and ordinary and special steel. NISSHIN STEEL CO., LTD became a subsidiary of NSSMC through this acquisition.
North America market is estimated to account for highest revenue share in the global electrical steel market over the forecast period, owing to increasing highest electrical steel production in countries in the region. Asia Pacific market is expected to account for the second-highest revenue share in the global electrical steel market, due to high requirement and consumption of electricity in the countries in the region. The market in Europe is projected to register fastest growth rate in terms of revenue due to rise in urban and sub-urban population, and development of industries such as construction and automotive in the countries in the region. Moreover, the markets in Latin America and Middle East & Africa are expected to register moderate growth rate over the forecast period. Revenue from the market in Middle East & Africa is projected to register a CAGR of X.X% in the global electric steel market over the forecast period.
Global electrical steel market segmentation:
- Non grain-oriented
- Others (Battery and welding equipment)
By End-use Industry:
- Household Appliances
- Others (Construction and fabrication)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- ArcelorMittal S.A.
- voestalpine Böhler Welding
- China Baowu Steel Group Corp., Ltd.
- Nippon Steel & Sumitomo Metal Corporation
- United States Steel Corporation
- Steel Authority of India Limited
- Tata Steel Limited
- JFE Steel Corporation
- Essar Steel
- Allengency Technologies
- Angang Steel Company Limited
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