The report "Electrical Steel Market By Application (Transformers, Motors, Inductors), Type (Grain Oriented, Non Grain Oriented) End-Use Industry (Energy, Automotive, Manufacturing, Household Appliances), And Region (NA, EU, APAC, MEA, SA) - Global Forecast To 2025" , The electrical steel market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025.

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Browse 218 market data tables and 49 figures spread through 184 pages and in-depth TOC on "Electrical Steel Market”

Covid-19 impact on steel industry

Most steel companies have continued production, irrespective of the outbreak of the pandemic. The steel production and allied activities, such as mining, are covered under the Essential Commodities Act. It has to be seen how long the steel companies will continue producing with the demand expected to completely wipe out. Steel companies had booked orders till March-end and had started facing challenges to sell their products from April as most of the auto majors and white goods producers had shut down their manufacturing units.

Stopping production and shutting down the blast furnace is a costly affair for the overleveraged steel companies. Companies producing non-ferrous metals, such as aluminum, copper, zinc, and lead, with continuous processes (such as smelters and pot lines), have urged the government to cover them under the Essential Services Maintenance Act like the steel industry. Most large steel companies such as JSW Steel, Tata Steel, ArcelorMittal, Nippon Steel, and SAIL are continuing their production. The fall in demand will also put brakes on a steady rise in steel prices. Steel companies are increasing prices to bridge the gap with the high global selling price irrespective of this low demand. The situation in China is normalizing in the second half of the year 2020, which has resulted in the reopening of manufacturing/production units.

The steel industry was among the first to have felt the impact of coronavirus before other businesses in the US. The metal and mining industry felt the impact after the initial outbreak in China. The coronavirus has taken a toll on the steel demand in the US. Leading end-use industries, such as energy, automotive, and manufacturing, have curtailed their production. There have also been reports of buyers canceling their orders.

Steel production in the US reduced by 12.7% as of March 28, 2020. The capacity utilization rate also reduced by 71.6%. The Department of Commerce intends to increase the domestic industry’s capacity utilization rate, with Section 232 tariffs. Imports have reduced drastically in the first two months of 2020

The energy industry is expected to account for the largest share of the electrical steel market during the forecast period

Based on end-use industry, the global electrical steel market is segregated into energy, automobiles, manufacturing, household appliances, and others. Others include construction and fabrication. The energy segment is projected to grow at the highest CAGR. This can be attributed to the growth of economies across the globe, which is directly linked to the growth of the power sector. 

The Asia Pacific is projected to be the largest consumer of the electrical steel market

Based on region, the electrical steel market is segmented into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, Asia Pacific accounted for the largest share in 2019 and is also expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the presence of various global steelmakers such as ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, and POSCO Steel in the region.  The availability of labor and raw materials at low-cost in the region are an added advantages for these companies. The rapidly increasing population and urbanization are other factors expected to fuel the growth of the market.

Companies such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan) are the major players in the electrical steel market. 

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