Electrical Steel Market to Reach CAGR of 7.0% – Forecast 2021


Posted April 15, 2019 by armaan007

Electrical Steel Market expected to be valued at 38.98 Billion USD by 2021, at a CAGR of 7.0%, during 2016–2021

 
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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Browse 198 market data Tables and 42 Figures spread through 196 Pages and in-depth TOC on “Electrical Steel Market"

The grain-oriented segment held a considerably larger market share in the electrical steel market 

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.

The transformers segment held the largest market share in the Electrical Steel Market 

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 Electrical Steel Market accounted for the largest market share." 

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 Electronics , Industry , Manufacturing
Tags electrical steel applications , electrical steel companies , electrical steel industry , electrical steel manufacturers , electrical steel market , electrical steel market expected to be valued at 3898 billion usd by 2021 , at a cagr of 70 , during 20162021
Last Updated April 15, 2019