Press release
At a CAGR of 6.07%, Electrical Steel Market to Reach US$ 50.5 Billion by 2027 | Aperam, ArcelorMittal
Electrical steel, or lamination steel, is a soft ferromagnetic material with improved electrical properties that contain varying amounts of iron (Fe) and silicon (Si). It usually involves preliminary annealing melting or casting in oxygen furnaces, hot rolling to remove impurities, and cooling to fabricate the product in desired size and thickness. It is commercially available in semi-processed, non-oriented, fully processed, and grain-oriented varieties. Electrical steel offers increased resistivity, higher permeability, less magnetostriction and ensures minimal hysteresis loss and minimal power consumption when subjected to the alternating magnetic field. Consequently, electrical steel finds frequent applications in electric motors, solenoids, small relay transformers, power generators, inductors, and batteries.
Note: 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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The global electrical steel market can be attributed to the rising need for uninterrupted power supply across various industrial verticals for energy generation and transmission. Moreover, the implementation of favorable green policies by governments for supporting sustainable development has shifted consumer inclination toward low-emission vehicles. This, in turn, encouraged manufacturers to incorporate electric steel in the stators and rotors of electric vehicles (EVs), which is favoring the market growth. Additionally, ongoing infrastructural projects and the escalating need for distribution transformers have intensified the usage of grain-oriented electric steel (GOES) in distinct forms due to their decreased hardware weight, thus propelling the market growth. Besides this, the growing demand for electrical steel for manufacturing power generators with improved electromagnetic properties and electric motors with stronger magnetic flux and torque are contributing to the market growth.
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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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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.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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