Electrical Steel Market Size, Trends, Share, New Technology, Growth and Forecast 2027

According to the latest report by IMARC Group, titled "Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.' the global electrical steel market reached a value of US$ 35.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 50.5 Billion by 2027, exhibiting a CAGR of 6.07% during 2022-2027.

 Overview:

Electrical steel is a soft ferromagnetic material comprising various amounts of silicon and iron. The desired shape and thickness of electrical steel are achieved by melting or casting the material in oxygen furnaces, hot rolling to remove impurities, and then cooling it down. The material is extensively used in electric motors, power generators, solenoids, batteries, and inductors. It is also used for reducing the weight of automotive components and enhancing safety and aesthetics.  Currently, electric steel is available in grain-oriented, non-oriented semi-processed, and non-oriented fully processed variants.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Electrical Steel Market Trends:

The rising demand for electrical steel for the transmission of power over long distances is one of the primary factors driving the market growth. In line with this, governments of various nations are implementing several policies to promote sustainable development, which is boosting the market growth. Additionally, the rapid infrastructural development activities with minimal energy losses and the surging expansion of energy and power industries are other growth-inducing factors. Furthermore, the rising need for electric motors in the commercial, residential, and industrial sectors has increased the demand for electrical steel, which is providing an impetus to market growth. Apart from this, continuous product innovations and the adoption of hybrid and electric (H/EVs) are creating a positive outlook for the market. 

Competitive Landscape:

Aperam
ArcelorMittal
Baoshan Iron & Steel Co. Ltd
China Baowu Steel Group Corp. Ltd
China Steel Corporation
JFE Holdings Inc.
JSW Steel Ltd.
Nippon Steel Corporation
POSCO
SIJ - Slovenian Steel Group d. d.
Steel Authority of India Limited
Sumitomo Corporation
Tata Steel Limited
ThyssenKrupp AG
United States Steel Corporation
Voestalpine AG.

Key Market Segmentation:

Breakup by Type:

Grain Oriented Electrical Steel
Non-Grain Oriented Electrical Steel 

Breakup by Application:

Transformers
Motors
Generators
Others

Breakup by End Use Industry:

Energy and Power
Automobiles
Household Appliances
Building and Construction
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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Key highlights of the report:                                                             

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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