[184 Pages Report] 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. Increasing infrastructure activities, rising demand in power sector, industrialization, growth in population, and urbanization has played vital role in the growth of the electrical steel market.
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Browse 218 market data tables and 49 figures spread through 184 pages and in-depth TOC on "Electrical Steel Market”
The transformers segment is expected to lead the electrical steel market during the forecast period.
Based on application, the transformer's application is projected to lead the electrical steel market. The growth of this segment can be attributed to the growing energy consumption across the globe. Transformer cores are an integral part of the transformer, which is made up of laminations of electric steel. The three main types of transformers are current transformers, power transformers, and distribution transformers.
The grain-oriented segment is expected to lead the electrical steel market during the forecast period.
Based on type, the electrical steel market has been segregated into grain-oriented and non-grain-oriented. Among these, the grain-oriented electrical steel segment is expected to lead the electrical steel market. This growth can be attributed to its high consumption in transformers (small, medium, and large) and generators. Grain-oriented electrical steel usually has a silicon level of 3%. It is produced from low carbon steel, and to have its optimum properties, it is developed in the rolling direction because of tight control of the crystal orientation, which is relative to the sheet. Applications of grain-oriented electrical steel include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wound cores, and power generators.
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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