According to the latest report by IMARC Group, titled "Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global electrical steel market reached a value of US$ 35.4 Billion in 2021. Electrical steel refers to a ferromagnetic material that is mainly used in the manufacturing of automobiles and electromagnetic devices. It is generally manufactured using iron and silicon that provides increased resistivity and permeability while reducing hysteresis loss. It is usually melted or cast continuously in an oxygen furnace for attaining the desired shape and thickness while removing the impurities and brittle materials. As a result, it is extensively utilized in the production of rotating and static machines, such as power and distribution transformers, magnetic switches and relays, hermetic and intermittent service motors, inductors, solenoids, and batteries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.These observations will be integrated into the report.
Global Electrical Steel Market Trends:
The global market is primarily driven by the rising adoption of electric vehicles (EVs). Coupled with the increasing preferences for light-weighted automobile variants among individuals, this is providing an impetus to the market growth on the global level. Along with this, rising investments and funding toward infrastructural development projects, including metro stations, warehouses and industrial buildings, is acting as one of the key factors driving the growth of the market. Moreover, the increasing government initiatives promoting the use of renewable resources and the rising need for efficient power transmission, especially across remote locations, are creating a positive outlook for the market. Also, the increasing upgradation activities of existing grid networks and smart grids development are also bolstering the demand for electrical steel. Other factors, including continuous improvements in the automotive and energy industries and extensive research and development (R&D) activities conducted by key players, are also contributing to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 6.07% during the forecast period (2022-2027).
- On the basis of the type, the market has been bifurcated into grain-oriented electrical steel and non-grain-oriented electrical steel.
- Based on the application, the market has been segmented into transformers, motors, generators and others.
- On the basis of the end-use industry, the market has been segregated into energy and power, automobiles, household appliances, building and construction and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Aperam, ArcelorMittal, Baoshan Iron & Steel Co. Ltd. (China Baowu Steel Group Corp. Ltd.), China Steel Corporation, JFE Holdings Inc., JSW Steel Ltd., Nippon Steel Corporation, POSCO, SIJ - Slovenian Steel Group d. d., Steel Authority of India Limited, Sumitomo Corporation, Tata Steel Limited, ThyssenKrupp AG, United States Steel Corporation and Voestalpine AG.
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