The new report by Expert Market Research titled, ‘Global Electrical Steel Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global electrical steel market, assessing the electrical steel market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): About USD 32.8 billion
- Forecast CAGR (2023-2028): 7.2%
The growth in the global market for electrical steel is being driven by the increase of electrical steel in power generation applications. This can be associated with the ability of electrical steel to produce magnetic cores for generators, transformers, and motors. In addition, the ever-growing demand for electricity owing to large-scale urbanisation and industrialisation is influencing the demand for large-scale generators, thereby augmenting the market growth of electrical steel. In the coming years, the market is further expected to benefit from increasing government efforts to provide electricity in remote and rural areas.
Electrical Steel Industry Definition and Segmentation
Electrical steel refers to a steel alloy of iron and silicon and is also called silicon steel. It has excellent electrical properties owing to which it is widely used in transformers, motors, and generators, among other electromagnetic devices.
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Based on type, the market can be segmented into:
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
The regional markets for electrical steel include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Electrical Steel Market Trends
The market growth of electrical steel can be associated with the increasing applications of electrical steel in sustainable applications in different end use sectors. For instance, the increasing deployment of electrical steel in the automotive industry in batteries, motors, and actuators to increase the fuel efficiency of the vehicle is invigorating the market growth. Furthermore, due to increasing fuel prices and rising awareness pertaining to global warming, the introduction and growing popularity of electric vehicles is further enhancing the growth of electrical steel in the automotive sector. Moreover, the growing use of hydra power and other renewable energy sources require electrical steel that can store energy for long durations, thereby contributing to the market growth.
Key Market Players
The major players in the market are ArcelorMittal S.A., China Baowu Steel Group Corp., Ltd., Nippon Steel Corporation, United States Steel Corporation, State Authority of India Limited, and Tata Steel Limited. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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