The market is estimated to reach a valuation of USD 24.40 Billion by 2027 at a significant CAGR of 10.8% in terms of revenue, from USD 10.86 Billion in 2019.
New York, NY -- (SBWIRE) -- 02/04/2021 -- Electrical Steel Market
Electrical steel is a special type of steel manufactured by altering some magnetic properties of steel and is used for producing various devices such as power transformers, inductors, generators, and others. When silicon is added to this electrical steel, it is referred to as laminate steel that is used for the lamination process in electrical components. It has applications in household appliances, manufacturing industries, and automobiles. The market is estimated to reach a valuation of USD 24.40 Billion by 2027 at a significant CAGR of 10.8% in terms of revenue, from USD 10.86 Billion in 2019.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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Rising per capita consumption of electricity is leading to increasing demands in the power and energy sector. The shift towards urbanization is steadily increasing the urban population, and industrial developments across the world are driving the industry's growth in the forecast period. Government initiatives regarding infrastructural development are also largely boosting the demand in the market. The increase in the disposable income of people around the world is contributing to the adoption of electric as well as hybrid vehicles. Electrical steel is widely used in the manufacturing process of these vehicles, and the combination of all these factors are playing a crucial role in the industry's growth.
Market Drivers
The market is driven by the increase in investments in infrastructural development and urbanization globally. There is huge demand from the transmission sector and energy generation, and also the introduction of new electric vehicles is largely propelling the growth of the market in end-user industries, which are the major factors boosting the market growth. The market is restrained by the high maintenance cost and less availability of skilled laborers.
Regional Analysis
On the basis of regional terminology, the market is distributed amongst North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The North American region held the largest market share in terms of revenue and is estimated to witness significant growth during the forecast period. The North American region held the growth rate due to the growing demand for automobiles and electric vehicles in countries, such as the U.S., Mexico, and Canada.
Competitive Terrain:
The global Electrical Steel market has a consolidated presence of a large number of companies that have been performing consistently to achieve optimum market growth. The report comprehensively discusses these companies' current market standing, past performances, demand & supply graphs, sales network, production & consumption patterns, and distribution channels. The report thus points out the effective business approaches undertaken by these market players to build on their market footprint.
The leading companies operating across the global Electrical Steel market are listed below:
ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Voestalpine Group, Baosteel, United States Steel Corporation, Posco, Steel Authority of India Limited, Tata Steel Group, Essar Steel and JFE Steel Corporation.
Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Grain-oriented
Non Grain-oriented
Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Transformers
Motors
Inductors
Others
End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Energy
Automobile
Manufacturing
Household Appliances
Others
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Radical Features of the Electrical Steel Market Report:
Valuable insights into the Electrical Steel market to impart an in-depth understanding of the business verticle
An 8-year forecast estimation along with an analysis of key elements of the market
Technological advancements, regulatory framework, and recent developments covered in the report
Growth analysis and projections until 2027
Statistical analysis of the key players operating in the Electrical Steel industry
Table Of Contents:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Electrical Steel Market Segmentation & Impact Analysis
Chapter 5. Electrical Steel Market, By Type Insights & Trends
Chapter 6. Electrical Steel Market, By Application Insights & Trends
Chapter 7. Electrical Steel Market, By End Use Insights & Trends
Chapter 8. Electrical Steel Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
10.1. ArcelorMittal
10.2. Nippon Steel & Sumitomo Metal Corporation (NSSMC)
10.3. Voestalpine Group
10.4. Baosteel
10.5. United States Steel Corporation
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