The Global Electrical Steel Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Global Electrical Steel market is segmented by Application (Transformers, Motors, Inductors, and Others); Type (Grain Oriented, Non-Grain Oriented); Application (Energy, Automotive, Manufacturing, Household Appliances, and others); Region (North America, Europe, APAC, ROW).
Introduction
Electrical steel or laminate steel or silicon steel is an iron alloy that has specific magnetic properties and a small hysteresis area that results in low power loss per cycle. They are used widely in motors, generators, inductors, and some electrical appliances.
Rising demand from power generation industries across the globe is driving the market growth. On the other hand, the strength and magnetic properties of electrical steel lower with dynamic temperature change are likely to hamper the market growth.
COVID-19 has negatively impacted the production and demand of steel in various applications. But, the recovering industrial activities across the globe from 2021 beginning are expected to mitigate numerous potential negative impacts caused during COVID-19 and maximize their opportunities in the future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Increasing infrastructure activities
10.2 High consumption rate of electrical steel in transformers and motors
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 ArcelorMittal
15.2 United States Steel Corporation
15.3 POSCO
15.4 Voestalpine
15.5 Baosteel
15.6 Nippon Steel & Sumitomo Metal Corporation
15.7 Tata Steel
15.8 JFE Steel Corporation
15.9 Thyssenkrupp
15.10 JSW Steel
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global electrical steel market is expected to grow to $47.20 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with an 8.02% CAGR.
Based on application, transformers dominated the market in 2020 due to the growing energy consumption across the globe.
APAC region dominated the market in 2020.
Key Trends
Upcoming regulations and government support from emerging countries are anticipated to propel the demand for the market in the coming years.
Increasing capacity utilization and capacity extension are anticipated to drive the market demand
Key Market Players
Some of the key players in the market are ArcelorMittal, POSCO, Voestalpine, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation.
The industry participants are focusing on adopting contracts, expansion, new product launches, acquisitions, and agreements that have helped them expand their businesses in untapped and potential markets.
Growth Drivers and Challenges
Increasing infrastructure activities, industrialization, growth in population, and urbanization is driving the market demand.
The high consumption rate of electrical steel in transformers and motors is also driving the market.