Global Electrical Steel Market Estimated to Grow at a CAGR of 6.63% During the Forecast Period From 2020 To 2025 – Axiom MRC

Electrical steels are critical for the electromagnetic machines that power all over the world. Electrical steel sheets are utilized as magnetic cores in power generators, transformers and motors. Grain Oriented Electrical and Non Grain-Oriented are the two types of steel commercially available. Grain oriented electrical steels (GOES) are iron-silicon alloys that were developed to provide the low core loss and high permeability required for efficient and economical electrical transformers. Similarly, non-oriented electrical steels are iron-silicon alloys in which magnetic properties are almost the same in any direction in the plane of the material.

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Electrical steel Market Outlook:

Growing demand for electricity, particularly in developing countries such as India, Indonesia, and Vietnam, is likely to propel the market. Similarly, technology advancement and high consumption rate of electrical steel in transformers and motors are some of the factors driving the electrical steel market.

Electrical steel Market Segmental Overview:

The electrical steel is segmented by type, application, end user and geography

Electrical steel Market by Type:

Based on type, the electrical steel market is segmented into Non Grain-Oriented Steel and Grain-Oriented Steel. The Grain-Oriented Steel segment is further classified into fully processed and semi-processed. The use of non grain-oriented steel reduces magnetic loss by increasing the concentration of silicon and aluminum in electrical steel sheets.

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Electrical steel Market by Application:

• Transformers
• Current Transformers
• Power Transformers
• Distribution Transformers
• Motors
• Inductors

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Electrical steel Market by Geography:

Geographically Electrical steel Market is studies across North America, Europe, APAC & Rest of the World.

 North America
• United States
• Canada
• Mexico

 Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Rest of the Europe

 Asia-Pacific
• China
• Japan
• India
• Rest of the APAC

 Rest of the world
• Latin America
• Middle East & Africa

Electrical steel Market Key Players:

• Arcelormittal
• Posco
• Voestalpine Group
• Baosteel
• Nippon Steel & Sumitomo Metal Corporation
• United States Steel Corporation
• Steel Authority of India Limited
• Tata Steel Limited
• JFE Steel Corporation
• Essar Steel
• Hebei Puyang Iron and Steel Group
• Jiangsu Shagang International Trade Co. Ltd.
• China Steel Corporation
• JSW Steel
• Wuhan Iron & Steel Corporation
• Thyssenkrupp AG
• Angang Steel Company Limited
• Electrosteel Limited
• Allengency Technologies
• Union Electric Steel Corporation

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Market research reports are based on scientifically developed statistics and content analytics tool ‘Qual-Quant Data Model’, in which various industry vertical’s qualitative information such as market drivers, restraints, opportunities, market trends, competitive landscapes etc. are tracked and compared. The tool also helps in the extraction of market size and growth rates and compares the value chain of the industry vertical.

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This release was published on openPR.