Electrical Steel Market by Type, Application, End-use Industry and Region - Global Forecasts to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.

The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%.

In terms of both value and volume, the non-grain-oriented segment will be the fastest-growing segment by 2026

The non-grain-oriented segment is projected to grow at the highest CAGR from 2021 to 2026. The use of non-grain-oriented steel reduces magnetic losses by increasing the concentration of silicon and aluminium in electrical steel sheets. An increase in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles, is expected to increase the demand for non-grain-oriented electrical steel products.

In terms of both value and volume, manufacturing is projected to be the fastest-growing segment from 2021 to 2026, for electrical steel

Manufacturing is projected to be the fastest-growing segment in the electrical steel market. The demand for electrical steel is mainly attributed to the growth of economies across the globe, which is directly linked to the growth of the manufacturing sector. In addition, the growing industrialization in developed & developing economies is also expected to further drive the market for electrical steel.

In terms of both value and volume, transformers are projected to be the fastest-growing segment from 2021 to 2026, for electrical steel

Transformers is projected to be the fastest-growing segment in the electrical steel market. The growth of this segment is mainly attributed to the high demand for electrical steel as it is used in power generation, transmission, and distribution industries. Electrical steel is used in electrical transformer cores and other electrical devices owing to the low hysteresis loss, high permeability, and high resistance it offers. It is used to make iron cores of motors. These cores concentrate the magnetic field and make the electromagnet stronger. Electrical steel is also used in the manufacturing of cores of inductors that are used extensively with capacitors and resistors to create filters for analog circuits and in signal processing.

In terms of both value and volume, the APAC electrical steel market is projected to grow at the highest CAGR during the forecast period

In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2020 to 2026. Emerging economies in APAC are expected to experience significant demand for electrical steel as a result of rapid economic development and urbanization. The growth of the electrical steel market in this region is attributed by the flourishing automotive and energy industry.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the electrical steel market.

Market Dynamics

Drivers

• Increasing Urban Population Drives the Demand for Electrical Steel
• High Consumption Rate of Electrical Steel in Transformers and Motors
• Growing Electric Vehicles (EVs) Market

Restraints

• Volatile Prices of Raw Materials
• Effects of COVID-19 on End-Use Industries

Opportunities

• Upcoming Regulations and Government Support
• Increasing Capacity Utilization and Capacity Extension

Challenges

• Safety and Technological Constraints

Companies Mentioned

• Allengency Technologies
• Angang Steel Company Limited
• Arcelormittal
• Arcelormittal Nippon Steel India Limited
• Baosteel
• China Steel Corporation
• Electrosteel Limited
• Euro-Mit Staal B.V.
• Ferric Srl
• Hebei Puyang Iron and Steel Group
• Jfe Steel Corporation
• Jiangsu Shagang International Trade Co. Ltd
• Jsw Steel
• Nippon Steel & Sumitomo Metal Corporation
• Posco
• Sail
• Tata Steel Limited
• Tc Metal
• Thyssenkrupp Ag
• Union Electric Steel Corporation
• United States Steel Corporation
• Vesuvius plc
• Voestalpine Ag
• Walzholz GmbH & Co.
• Wuhan Iron and Steel Corporation

For more information about this report visit https://www.researchandmarkets.com/r/2t70qo