Global Electrical Steel Market is estimated at USD 25.32 billion in 2019 and expected to reach USD 45.77 billion growing at a CAGR of 6.8% | ArcelorMittal, POSCO, Voestalpine Group, Baosteel, United States Steel Corporation

This detailed market study focuses on data from different primary and secondary sources, and is analyzed using various tools. It helps to gain insights into the market's growth potential, which can help investors identify scope and opportunities. The analysis also provides details of each segment in the global electrical steel market.

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According to the report, electrical steel is widely used for manufacturing, transmission, and transportation as well as for renewable energy in the energy sector. Electric steel is the main contribution is in manufacture transformers that are critical to generating, transmitting and distributing electricity to end users. Gain-oriented electrical steel is an important substance for producing high-performance, energy-efficient transformers. In the manufacturing of small transformers, non-gain-oriented steel is critical. The growth in the power sector is also anticipated to boost with the ongoing development in the infrastructure industry, which will eventually stimulate the electrical steel market.

What is Electrical steel?

Electrical steel is a distinctive form of steel that is specialized, used in producing guaranteed magnetic characteristics that result in small core loss and high permeability. Its distinctive characteristics depend on the silicon ratio. Electrical steel is manufactured with a thickness of less than 2 mm in the shape of cold-rolled strips. These strips are referred to as laminated strips and form a core when stacked together. In many applications such as transformers, motors, inductors and batteries, and welding equipment, electrical steel is used.

Key Factors Impacting Growth of Electrical Steel Market:

o Increasing demand in the automotive industry due to the electromagnetic properties of electrical steel
o Increasing use in the energy industry to increasing number of applications of electrical steel in that sector
o Increased demand in the electric vehicles (EV's)
o Favorable government policies encouraging the use of electrical steel
o The demand for electric steel is proliferating with increasing urban population
o High electrical steel consumption rates in transformers and motors
o Volatile raw material prices

Regional segmentation and analysis to understand growth patterns:

The market has been segmented in major regions to understand the global development and demand patterns of this market.

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Detailed information for markets like North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World is provided by the global outlook for electrical steel market. During the forecast period, North America and Western Europe are projected as main regions for shortwave infrared sector. As one of the developed regions, the energy & power sector is important for the operations of different industries in this area

This is one of the key factors regulating electrical steel market growth in those regions. Some of the major countries covered in this region include the USA, Germany, United Kingdom, France, Italy, Canada, etc.

During the forecast period Asia Pacific is expected to be one of the fastest growing regions for the electrical steel market. Some of the fastest-growing economies and increasing energy & power demand to cater for high population & industries are expected to drive demand in this area. During the forecast period, China and India are expected to record large demand. During the forecast period, the Middle East which includes the UAE, Saudi Arabia, Iran, Qatar and others promises high market potential. In terms of market demand during the forecast period, the rest of the world including South America and Africa are developing regions.

This report provides:

1) An overview of the global market for electrical steel market and related technologies.
2) Analysis of global market trends, yearly estimates and annual growth rate projections for compounds (CAGRs).
3) Identification of new market opportunities and targeted consumer marketing strategies for global electrical steel market.
4) Analysis of R&D and demand for new technologies and new applications
5) Extensive company profiles of key players in industry.

The researchers have studied the market in depth and have developed important segments such as product type, application and region. Each and every segment and its sub-segments are analyzed based on their market share, growth prospects and CAGR. Each market segment offers in-depth, both qualitative and quantitative information on market outlook.

Companies Covered:

Companies Covered: Major Companies profiled in the report which are key players in the global electrical steel market. ArcelorMittal, POSCO, Voestalpine Group, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited., Tata Steel, JFE Steel Corporation, and Essar Steel.

Market Segmentation:

By Type:
o Grain-Oriented
o Non Grain-Oriented

By Application:
o Transformers
o Motors
o Inductors

By End-Use Industry:
o Energy
o Automobile
o Manufacturing
o Consumer Goods
o Others

By Region:

North America
o By Country (US, Canada, Mexico)
o By Type
o By Application
o By End User Industry

Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Type
o By Application
o By End User Industry

Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Type
o By Application
o By End User Industry

Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Type
o By Application
o By End User Industry

Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Type
o By Application
o By End User Industry

Rest of the World
o By Region (South America, Africa)
o By Type
o By Application
o By End User Industry

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This release was published on openPR.