Electrical Steel Market is Projected to Reach $45.9 Billion by 2025 : at a CAGR of 7.9%
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Increasing infrastructure activities, rising demand in power sector, and industrialization are the major factors responsible for the growth of the electrical steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.
The Asia Pacific is projected to be the largest consumer of the electrical steel market
Based on region, the electrical steel market is segmented into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, Asia Pacific accounted for the largest share in 2019 and is also expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the presence of various global steelmakers such as ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, and POSCO Steel in the region. The availability of labor and raw materials at low-cost in the region are an added advantages for these companies. The rapidly increasing population and urbanization are other factors expected to fuel the growth of the market.
Major companies operating in the electrical steel industry include ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan).
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Arcelor Mittal (Germany) is one of the leading players in the electrical steel market and has been adopting inorganic and organic strategies to sustain its market position. In December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition helped the company strengthen its market presence in India.
POSCO (South Korea) is another major company in the electrical steel market. It has been adopting organic and inorganic strategies to sustain its position in the market. In April 2019, the company announced plans to transfer Gwangyang LNG Terminal to POSCO Energy and merge off-gas power plants in Pohang and Gwangyang. The restructuring enhanced operational efficiency and strengthened the company’s LNG midstream business. In the same month, the company launched a new website POSCO Products. The website comprises six categories, such as products, industries, megatrend, media, application technology, and customer support, which makes technical products’ information more accessible for the general public and their clients. This attracted more customers, which in turn strengthened the customer base. As a part of its development plans, in FY2019, POSCO invested USD 48.8 billion for development projects. It included the construction of facilities for removing nitrogen oxide during iron ore processing at Pohang Works, rationalization of furnace no. 3 at Gwangyang Works, and the expansion of hyper-strength steel manufacturing facilities at Gwangyang Works.
Recent Developments :
• In December, 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition helped the company strengthen its market presence in India.
• In May 2019, POSCO signed an MOU with the Korean Venture Capital Association (KVCA) and Ministry of SMEs and Startups (MSS) for initiating the POSCO Venture Platform. Under the agreement, POSCO invested in R&D projects and startups.
• In May 2019, Voestalpine AG opened a high-tech steel research facility in Donawitz, Austria. It extended the company’s technological leadership in sophisticated product solutions in steel.
In March 2019, Nippon Steel & Sumitomo Metal Corp acquired a 51% stake in Sanyo Special Steel Co. Ltd
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Mr. Aashish Mehra
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