FOR IMMEDIATE RELEASE
September 11, 2018
— The Electrical Steel Market size is estimated to grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at a CAGR of 7.0%. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021.
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The report aims at estimating the market size and future growth potential of the electrical steel market across different segments such as type, application, end-use industry, and region. The other objectives include providing detailed information regarding the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It also aims to study the individual growth trends, future prospects, and contribution of various segments to the total market. The study also analyzes opportunities in the market for stakeholders and details of competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.
The grain-oriented segment is estimated to dominate the type segment of Electrical Steel Market as it helps in reducing the weight of the machine and improving the efficiency of machines. It is mainly used in transformers. Owing to the rapid growth in the power industry, globally, the demand for transformers is expected to increase which will eventually drive the grain-oriented steel market. The non-grain-oriented segment is projected to be the faster-growing segment during the forecast period. Owing to increase in the production of automobiles where non-grain oriented electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles which is expected to increase demand for non-grain-oriented electrical steel products.
Based on application, the Electrical Steel Market is segmented in to transformers, motors, inductors, and others which includes battery and welding equipment. The transformers segment is projected to grow at the highest CAGR from 2016 to 2021. Factors such as increase in demand for energy on a global scale is expected to drive the transformers market over the next few years. Moreover, the need for upgrading transmission and distribution networks and equipment is expected to be a critical success factor for the growth of the transformers industry.
Top companies dominated in the Electrical Steel Market includes ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine Group (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (U.S.), Steel Authority of India Limited. (India), Tata Steel (India), JFE Steel Corporation (India), and Essar Steel (India).
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For more details: http://www.prnewswire.co.in/news-releases/electrical-steel-market-worth-3898-billion-usd-by-2021-618239143.html
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