Electrical Steel Market to be Worth USD 38.98 Billion by 2021


Posted November 27, 2018 by armaan007

Electrical Steel Market expected to stand at USD 38.98 Billion by 2021, at a CAGR of 7.0%, between 2016–2021

 
[191 Pages Report] The overall Electrical Steel Market is expected to grow from USD 26.35 billion in 2015 to USD 38.98 billion by 2021, at a CAGR of 7.0% from 2016 to 2021. Electrical steel is a unique type of steel specialized to produce assured magnetic properties resulting in low core loss along with high permeability. Its unique properties are dependent on the proportion of silicon. Electrical steel is manufactured in the form of cold-rolled strips, with a thickness of less than 2 mm. These strips are called laminated strips and when stacked together they form a core. Electrical steel is also known as transformer steel and silicon steel. Electrical steel is being used in many applications such as transformer, motors, inductors and, and battery and wielding equipment’s. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

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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.

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. The market for electrical steel in this region is growing at a rapid pace, which is primarily due to the growing manufacturing sector

The major players 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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Issued By Markets and Markets
Country India
Categories Construction , Industry , Marketing
Tags electrical steel , electrical steel applications , electrical steel industry , electrical steel manufacturers , electrical steel market
Last Updated November 27, 2018