As indicated by Acumen Research and Consulting, the global electrical steel market size is evaluated to grow at CAGR around 7.2% over the estimate time frame and reach around US$ 23 billion by 2026. Rising investment in infrastructure development, increasing usage of electrical steel in power industry, escalating demand in high speed cars, improved per capita electricity consumption, growing urbanization and technological advancements are some of the key factors that are fueling the electrical steel market growth across the globe. Electrical steel is a speciality steel which is produced by customizing the magnetic properties of usual steel in order to offer high permeability for ensuring low core loss in electrical components. The North America market is likely to grow at remarkable CAGR due to the rapid growth in the automotive industry, growing demand for electric vehicles. Continuous technological advancements in the region are playing the major role in the growth of regional electrical steel market.
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Grain-Oriented Segment is Also Anticipated to Witness a High Demand over the Forecast Period
On the basis of product type, the electrical steel market is segmented into non grain-oriented and grain-oriented. Grain-oriented segment is anticipated to dominate the global electrical steel market over the forecast period owing to the ability of grain oriented electrical steel to improve the efficiency and reduce the weight of the machine. It is primarily used in transformers. The demand for transformers is anticipated to increase due to the rapid growth in the global power industry, thereby fueling the segmental growth. Due to the ability of transmission of power over long distances with minimum energy losses and high power efficiency, the demand for grain-oriented electrical steel is rapidly increasing. Moreover, factors such as growth in the power sector and increasing government initiatives to utilize renewable energy sources are positively influencing the growth of the segment. Also rising industrial and infrastructural development as well as mounting electric power distribution system worldwide are propelling the market growth. On the other hand, the non grain-oriented segment is expected to grow at substantial growth rate throughout the forecast period due to the growth in the manufacturing of automobiles where non-grain based electrical steel is used as a core element in order to enhance the power performance, comfort and fuel economy of automobiles. This factor is expected to boost the segment growth and create immense opportunities in coming years.
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Asia Pacific to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global electrical steel market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is expected to accumulate highest market share in the global electrical steel market. North America is expected to grow at ample growth rate over the forecast period owing to the rapid growth in the automotive industry, growing demand for electric vehicles. Continuous technological advancements in the region are playing the major role in the growth of regional electrical steel market. Growth in the adoption of electrical steel and ongoing technological advancements in the region is also helping the growth of the regional market. Gowing infrastructure development and inclination towards more advanced electric vehicles are supplementing the regional market growth. Large numbers of small and large scale electrical steel manufacturers from the region are rapidly offering more efficient, innovative and cost effective products to the customers. Asia Pacific is also anticipated to growth at considerable pace during the forecast period owing to the development of various innovative high speed cars, government initiatives and escalating power demand from the region.
Group Co Ltd, ArcelorMittal and Tata Steel Limited, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group are Likely to Continue to Lead the Global Electrical Steel Market
The electrical steel market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Shandong Iron and Steel Group Co Ltd, SAIL, ArcelorMittal, Tata Steel Limited, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, United States Steel Corporation, Baosteel Group, Shagang Group Inc., JFE Steel Corporation, An steel Group Corporation, Jindal Steel and Power Limited, HBIS Group and Voestalpine Group.
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