Electrical Steel Market | Key players operating in the market include ArcelorMittal, POSCO, Voestalpine AG, Baosteel, Nippon Steel & Sumitomo Metal Corp

According to recent market research the "Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region - Global Forecasts to 2026", The electrical steel market is projected to reach USD 45.8 billion by 2026, with an expected CAGR of 6.3% between 2021 and 2026. The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%. The electrical steel market is witnessing high growth owing to the high consumption rate of electrical steel in transformers & motors and increasing Electric Vehicles (EVs) market.

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The electrical steel market is segmented on the basis of type into non-grain-oriented and grain-oriented. The non-grain-oriented type segment accounted for a larger market share during the forecast period. This is attributed to the growth in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles.

On the basis of application, the market is segmented into transformers, motors, inductors, and others. Others include batteries and welding equipment. The motors segment led the market in terms of both value and volume during the forecast period. Growing end-use industry such as manufacturing, automobile, and household appliances is expected to drive the demand for motors, thus creating growth potential for the market.

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The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%, between 2021 and 2026. Electrical steel is a type of steel specialized in producing assured magnetic properties resulting in low core loss, along with high permeability. The unique properties of electrical steel are dependent on the proportion of silicon in it. Electrical steel is mainly manufactured in the form of cold-rolled strips, with a thickness of less than 2 mm. It is also known as transformer steel and silicon steel.

The key players in the electrical steel market are ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (US), The Steel Authority of India Limited (India), Tata Steel Limited (India), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), and others. The electrical steel market report analyzes the key growth strategies adopted by the leading market players, between 2016 and 2021, which include expansions, mergers & acquisition, new product developments/launch, and collaborations.

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ArcelorMittal is one of the world's leading steel and mining company. It manufactures and markets a range of finished and semi-finished steel products. The company's portfolio of products includes flat steel, including sheet and plate, and long steel, including bars, rods, and structural shapes. It also produces pipes and tubes for various applications and mining products, such as iron ore lump, fines, concentrate and sinter feed, coking, Pulverized Coal Injection (PCI), and thermal coal. The company also carries out iron ore and coal mining operations in the Americas, Asia, Europe, and Africa. It markets steel products largely in local markets and through centralized marketing organization to customers in automotive, appliance, engineering, construction, and machinery sectors.

POSCO, one of the largest steelmaking companies, manufactures a wide range of products, such as hot-rolled steel, steel plates, cold-rolled steel, galvanized steel, electrical galvanized steel, electrical steel, automotive material, titanium, magnesium, wire rods, stainless steel, and aluminum-plated products. The company uses various advanced technological processes, such as the FINEX technology, strip casting, endless hot rolling technology, operation technology, and CRM technology for iron and steel making. It operates through the following divisions: steel, engineering & construction, and trading. The steel division produces cold-rolled, hot-rolled, and stainless-steel products, plates, wire rods, and silicon steel sheets. The company has production and distribution facilities in Asia, North America, Africa, and Europe. It has pursued investment opportunities in various developing countries, such as India, Vietnam, and Mexico.

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