Dublin, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The "Global Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%.
The global electrical steel industry has witnessed high growth primarily because electrical steel is a type of steel specialized in producing assured magnetic properties resulting in low core loss, along with high permeability. The unique properties of electrical steel are dependent on the proportion of silicon in it and the addition of silicon increases resistivity improves permeability and decreases hysteresis loss. However, factors such as high production cost and capital investment of electrical steel may inhibit the growth of the market.
In terms of both value and volume, the non-grain-oriented segment will be the fastest-growing segment by 2026
The non-grain-oriented segment is projected to grow at the highest CAGR from 2021 to 2026. The use of non-grain-oriented steel reduces magnetic losses by increasing the concentration of silicon and aluminium in electrical steel sheets. An increase in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles, is expected to increase the demand for non-grain-oriented electrical steel products.
In terms of both value and volume, manufacturing is projected to be the fastest-growing segment from 2021 to 2026, for electrical steel
Manufacturing is projected to be the fastest-growing segment in the electrical steel market. The demand for electrical steel is mainly attributed to the growth of economies across the globe, which is directly linked to the growth of the manufacturing sector. In addition, the growing industrialization in developed & developing economies is also expected to further drive the market for electrical steel.
In terms of both value and volume, transformers are projected to be the fastest-growing segment from 2021 to 2026, for electrical steel
Transformers is projected to be the fastest-growing segment in the electrical steel market. The growth of this segment is mainly attributed to the high demand for electrical steel as it is used in power generation, transmission, and distribution industries. Electrical steel is used in electrical transformer cores and other electrical devices owing to the low hysteresis loss, high permeability, and high resistance it offers. It is used to make iron cores of motors. These cores concentrate the magnetic field and make the electromagnet stronger. Electrical steel is also used in the manufacturing of cores of inductors that are used extensively with capacitors and resistors to create filters for analog circuits and in signal processing.
In terms of both value and volume, the APAC electrical steel market is projected to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2020 to 2026. Emerging economies in APAC are expected to experience significant demand for electrical steel as a result of rapid economic development and urbanization. The growth of the electrical steel market in this region is attributed by the flourishing automotive and energy industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the electrical steel market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Electrical Steel Market
4.2 Electrical Steel Market, by Application
4.3 Electrical Steel Market: Major Countries
4.4 Asia-Pacific: Electrical Steel Market, by Type & Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Urban Population Drives the Demand for Electrical Steel
5.2.1.2 High Consumption Rate of Electrical Steel in Transformers and Motors
5.2.1.3 Growing Electric Vehicles (Evs) Market
5.2.2 Restraints
5.2.2.1 Volatile Prices of Raw Materials
5.2.2.2 Effects of COVID-19 on End-Use Industries
5.2.3 Opportunities
5.2.3.1 Upcoming Regulations and Government Support
5.2.3.2 Increasing Capacity Utilization and Capacity Extension
5.2.4 Challenges
5.2.4.1 Safety and Technological Constraints
5.3 Range Scenario for Electrical Steel Market
5.3.1 Optimistic Scenario
5.3.2 Pessimistic Scenario
5.3.3 Realistic Scenario
5.4 Trends and Disruptions Impacting Customers
5.5 Market Mapping/Ecosystem Map
5.6 Patent Analysis
5.6.1 Introduction
5.6.2 Methodology
5.6.3 Document Type
5.6.4 Insight
5.6.5 Top Companies/Applicants
5.6.6 Disclaimer
5.7 Technology Analysis
5.8 Regulatory Analysis
5.9 Pricing Analysis
5.10 Trade Analysis
5.11 Case Study Analysis
6 Industry Trends
6.1 Introduction
6.2 Supply Chain Analysis
6.2.1 Prominent Companies
6.2.2 Small & Medium-Sized Enterprises
6.3 Porter's Five Forces Analysis
6.3.1 Bargaining Power of Suppliers
6.3.2 Threat of New Entrants
6.3.3 Threat of Substitutes
6.3.4 Bargaining Power of Buyers
6.3.5 Intensity of Competitive Rivalry
6.4 Macroeconomic Indicators (COVID-19)
6.4.1 COVID-19
6.4.2 COVID-19 Impact on Steel Industry
6.4.3 Conclusion
6.5 Value Chain Analysis
7 Electrical Steel Market, by Type
7.1 Introduction
7.2 Grain-Oriented Electrical Steel
7.2.1 Contributes to Energy Conservation
7.3 Non-Grain-Oriented Electrical Steel
7.3.1 Widely Used in Construction of Rotors and Stators
8 Electrical Steel Market, by Application
8.1 Introduction
8.2 Transformers
8.2.1 Increase in Demand for Energy to Drive Segment
8.2.2 Current Transformers
8.2.3 Power Transformers
8.2.4 Distribution Transformers
8.3 Motors
8.3.1 Increasing Application in Transportation and Automotive Industries
8.4 Inductors
8.4.1 Rise in Deployment of Smart Grids is Driving Market Growth
8.5 Others
9 Electrical Steel Market, by End-Use Industry
9.1 Introduction
9.2 Energy
9.2.1 Growing Global Energy Consumption to Increase Demand for Electrical Steel
9.3 Automotive
9.3.1 Electrical Steel is Used in Functional Automotive Components, Such as Fuel Pumps and Electrical Power Steering
9.4 Manufacturing
9.4.1 Growth in New Technologies to Drive Manufacturing Segment
9.5 Household Appliances
9.5.1 Improved Living Standards and Rise in Income to Drive Household Appliances Segment
9.6 Others
10 Electrical Steel Market, by Region
11 Competitive Landscape
11.1 Overview
11.2 Key Player Strategies/Right to Win
11.3 Market Ranking
11.3.1 Arcelormittal
11.3.2 Posco
11.3.3 Voestalpine Ag
11.3.4 Baosteel
11.3.5 Nippon Steel & Sumitomo Metal Corporation
11.4 Revenue Analysis of Top Market Players
11.5 Market Share Analysis
11.6 Company Evaluation Quadrant
11.6.1 Star
11.6.2 Pervasive
11.6.3 Emerging Leaders
11.6.4 Participants
11.7 Competitive Benchmarking
11.7.1 Strength of Product Portfolio
11.7.2 Business Strategy Excellence
11.8 Competitive Leadership Mapping of Smes (Small and Medium-Sized Enterprises)
11.8.1 Progressive Companies
11.8.2 Responsive Companies
11.8.3 Starting Blocks
11.8.4 Dynamic Companies
11.9 Competitive Scenario and Trends
11.9.1 Deals
11.9.2 Others
12 Company Profiles
12.1 Key Companies
12.1.1 Arcelormittal
12.1.2 Posco
12.1.3 Voestalpine Ag
12.1.4 Baosteel
12.1.5 Nippon Steel & Sumitomo Metal Corporation
12.1.6 United States Steel Corporation
12.1.7 Sail
12.1.8 Tata Steel Limited
12.1.9 Thyssenkrupp Ag
12.1.10 Jfe Steel Corporation
12.2 Other Players
12.2.1 Arcelormittal Nippon Steel India Limited
12.2.2 Hebei Puyang Iron and Steel Group
12.2.3 Jiangsu Shagang International Trade Co. Ltd
12.2.4 China Steel Corporation
12.2.5 Jsw Steel
12.2.6 Wuhan Iron and Steel Corporation
12.2.7 Angang Steel Company Limited
12.2.8 Electrosteel Limited
12.2.9 Allengency Technologies
12.2.10 Union Electric Steel Corporation
12.2.11 Euro-Mit Staal B.V.
12.2.12 Tc Metal
12.2.13 Vesuvius plc
12.2.14 Ferric Srl
12.2.15 Walzholz GmbH & Co.
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/myhm2q
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