High consumption rate of electrical steel in transformers and motors driving the growth of the Electrical Steel Market

September 25 01:11 2020
High consumption rate of electrical steel in transformers and motors driving the growth of the Electrical Steel Market

Browse 218 market data tables and 49 figures spread through 184 pages and in-depth TOC on “Electrical Steel Market”
Electrical Steel Market by Type (Grain Oriented, Non-Grain Orineted), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automotive, Manufacturing, Household Appliances), and Region (NA, EU, APAC, MEA, SA)

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, and industrialization are the major factors responsible for the growth of the electrical steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.

Download PDF Brochure To Know More: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524

The increasing global automobile production is a major factor driving the growth of the global electrical steel market. The global automotive production is improving year-on-year. The deployment of electrical steel in automotive cars increases a vehicle’s fuel efficiency, thus driving the consumption of electrical steel in the automotive industry. The increasing demand for electric and hybrid vehicles is expected to further boost the growth of the electrical steel market during the forecast period.

Energy conservation is a new trend in the global electrical steel market. Rising electricity consumption and the increasing need for industrial development are the major drivers boosting the demand for transformers, thus driving the global electrical steel market. Electrical steel is mainly used in the power sector because of its high magnetic permeability.

Growing industrialization and the application of motors in the residential sector are driving the growth of electrical steel in motors. Electrical steel has become an essential component of electric motors as it creates stronger magnetic flux, which is key to the torque of an electric motor. Furthermore, it also leads to higher efficiency. Given that the sustainable development program of the United Nations warrants incremented industrialization in the coming year, the vendors in the electrical steel market will be reaping a lot of benefits in terms of revenues. 

The transformer segment is projected to lead the electrical steel market

Based on application, the transformers 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 use of electrical steel results in magnetic flux, and low core loss. Transformers application is also expected to register highest CAGR during the forecast period.

The energy industry is projected to be the major consumer of electrical steel

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 growth is attributed towards increasing population, industrialization and urbanization. Energy industry is also expected to register hghest CAGR during the forecast period.

Based on region, the electrical steel market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2019.

APAC accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to the increasing construction & infrastructure activities, especially in China, Japan, and India, coupled with increasing investments from domestic and foreign investors in the public and private sectors. APAC is also expected to register highest CAGR during the forecast period.

Key players in the electrical steel market, namely, ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan) are considered for the study.  

Request For Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=96179524

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/electrical-steel-market-96179524.html