Electrical Steel Market size is projected 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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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.

The Asia-Pacific is the most widely populated region in the world, and subsequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China contributes a major market share in the Asia-pacific electrical steel market. Growing industrial activity has resulted in high demand for electrical steel supported by the country's aggressive policies to fund and drive the domestic demand, thus boosting their growth.

electrical steel market is dominated by players such as Arcelor Mittal SA (Luxembourg), POSCO (South Korea), Voestalpine Group (Austria), Baosteel Group Corporation (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United State Steel Corporation (U.S.), Steel Authority of India Limited (India). These players adopted various strategies such as new product launches, expansions & investments, agreements & contracts, and mergers & acquisitions to develop the electrical steel market.

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