Global Electrical Steel Market (2021 to 2028) - Size, Share & Trends Analysis Report - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Electrical Steel Market Size, Share & Trends Analysis Report By Product (GOES, NGOES), By Application (Transformer, Motor, Inductor), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global electrical steel market size is expected to reach USD 34.3 billion by 2028. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028.

Companies Mentioned

• ArcelorMittal
• POSCO
• thyssenkrupp AG
• JFE Steel
• Cleveland-Cliffs Corporation
• NIPPON STEEL CORPORATION
• ChinaSteel
• Tata Steel
• Baosteel Group
• United States Steel

The growing need for power generation has augmented the demand for transformers, generators, and other such products that require electrical steel to deliver enhanced performance.

Electrical steel is an iron alloy that contains varying amounts of silicon. Based on its composition and application, it is also referred to as lamination steel, silicon steel, transformer steel, and relay steel. Its phenomenal magnetic properties make it of vital use in rotating and static machines.

Considering the huge potential growth in the electric vehicles market, companies from different industries are expressing interest in electric car manufacturing. For instance, in March 2021, Xiaomi announced that it plans to produce electric vehicles in partnership with Great Wall Motor. The company expects to launch its electric vehicles around 2023.

Growth in the end-use industries has made the market highly competitive. The market players are engaged in developing new grades, increasing their production, and expanding their reach to cater to the growing demand for the product. For instance, in March 2021, ArcelorMittal announced to invest a sum of EUR 13 million (~USD 15.9 million) in its Saint Chely d'Apcher plant in France, which manufactures iCARe electrical steel for the automotive sector.

Electrical Steel Market Report Highlights

• The grain-oriented electrical steel segment is anticipated to register a CAGR of 5.5%, in terms of revenue, over the forecast period. The growth can be attributed to the increasing production of transformers
• The motor segment is anticipated to register a CAGR of 5.2%, in terms of revenue, over the forecast period. The increasing production of electric vehicles has accelerated the manufacturing of electric motors, which in turn is expected to augment the demand for electrical steel over the coming years
• Europe is anticipated to register a CAGR of 5.5%, in terms of revenue, over the forecast period. Increasing sales of electric vehicles in the region has attracted foreign companies to set up factories in Europe, which, in turn, is expected to boost the consumption of electrical steel in the region
• Asia Pacific accounted for a revenue share of over 71.0% in 2020 of the global market. Focus on rural electrification in developing economies of the region is expected to augment the need for transformers and eventually consumption of electrical steel in coming years

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Market Variables, Trends, and Scope

3.1. Market Outlook

3.1.1. Global Steel Industry Outlook

3.2. Penetration & Growth Prospect Mapping

3.3. Industry Value Chain Analysis

3.3.1. Raw Material Trends

3.3.2. Production & Manufacturing Trends

3.3.3. Sales Channel Analysis

3.4. Regulatory Framework

3.5. Electrical Steel Market- Market Dynamics

3.5.1. Market Driver Analysis

3.5.2. Market Restraint Analysis

3.5.3. Market Opportunity Analysis

3.5.4. Market Challenge Analysis - Impact of COVID-19

3.6. Electrical Steel Industry - Porter's Five Forces Analysis

3.6.1. Bargaining Power of Suppliers

3.6.2. Bargaining Power of Buyers

3.6.3. Threat of Substitution

3.6.4. Threat of New Entrants

3.6.5. Competitive Rivalry

3.7. Electrical Steel Industry - PESTLE Analysis

3.7.1. Political Landscape

3.7.2. Economic Landscape

3.7.3. Social Landscape

3.7.4. Technology Landscape

3.7.5. Environmental Landscape

3.7.6. Legal Landscape

Chapter 4. Electrical Steel Market: Product Estimates & Trend Analysis

Chapter 5. Electrical Steel Market: Application Estimates & Trend Analysis

Chapter 6. Electrical Steel Market: Regional Estimates & Trend Analysis

Chapter 7. Competitive Landscape

7.1. Key Players & Recent Developments & Their Impact On The Industry

7.2. Vendor Landscape

7.2.1. Company Market Position Analysis

7.2.2. List of raw material suppliers, distributors, and other prominent manufacturers

7.2.3. List of potential customers

Chapter 8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/hzpbtk