Electrical Steel Market to Witness Exponential Growth at a CAGR of 6.8% Over The Forecast Period | Leading Players: POSCO, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited., Tata Steel,

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% during the forecast period.

The market for electrical steel has been segmented in major regions to understand the global development and demand patterns of this market. Among other countries, China, Japan, and India are engaging in grid extension initiatives to boost network efficiency, which drives the requirement for transformers, which would also bolster the electric steel market. The Middle East is still an emergent player with regards to electrical steel market.

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This comprehensive market analysis explores market growth potential for electrical steel market that can help stakeholders understand key developments and expectations in the market for electrical steel market defining opportunities for growth and competitive scenarios. The study also draws on data from multiple primary and secondary sources, and will be analyzed using different methods. It helps gain insight into the growth potential of the market which can enable investors to recognize scope and opportunities. The analysis also gives details of the individual segments in the global electrical steel market.

According to the report, transportation application is projected to witness lucrative growth on account of the expansion of automotive, aerospace, and shipbuilding sectors. Fabricators in aerospace, automotive, wind energy, marine, and other industrial sectors are likely to shift to bonding products within the future. Moreover, the utilization of those products in industrial applications is additionally beneficial within the reduction of cost and fast cycle time.

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.

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

This report provides:
1) A summary of the global electrical steel market and associated technologies.
2) Analysis of global industry dynamics, monthly projections and annual compound growth rate predictions (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.

With an emphasis on strategies there have been several primary developments done by major companies such as 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.

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Market Segmentation:

By Type:
• Grain-Oriented
• Non Grain-Oriented
• By Application:
• Transformers
• Motors
• Inductors

By End-Use Industry:
• Energy
• Automobile
• Manufacturing
• Consumer Goods
• 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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