Electrical Steel Market is Expected to Surpass US$ 37 Bn by the End of 2031

The impact of the COVID-19 outbreak has compelled several manufacturers and industries to rethink their operations to gradually recover from the losses incurred for years to come. The organic chemicals industry suffered a huge setback due to halted production and a limited supply of raw materials.

The report offers actionable and valuable market insights of Electrical Steel. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Electrical Steel Market across various industries and regions.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Electrical Steel market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Electrical Steel

This newly published and insightful report sheds light on Market Insights of Electrical Steel, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Electrical Steel Market.

The electrical steel market study done by Fact.MR gives exclusive information about how the market will grow during the forecast period of 2020 – 2030. The study identifies crucial trends that are determining growth of the electrical steel market. This newly published report sheds light on vital dynamics, such as drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply of electrical steels.

The report primarily conveys a summary of the market, considering the present and upcoming automotive industry, household appliances and power & energy industry developments to reveal striking sides relating to the adoption of electrical steels across prominent regional markets.

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Segmental Overview

• By Product Type:

  • Grain-Oriented Electrical Steel
  • Non-Grain Oriented Electrical Steel

• By Application:

  • Electric Steel for Inductors
  • Electric Steel for Motors
  • Electric Steel for Transformers

• By End Use:

  • Electrical Steel for Automobiles
  • Electrical Steel for Manufacturing
  • Electrical Steel for Energy Generation
  • Electrical Steel for Household Appliances
  • Electrical Steel for Other End Uses

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Key Takeaways from the Market Study

• Grain-oriented electrical steel to grow rapidly, contributing 51% share in the market
• Transformers anticipated to account for more than 40% of total revenue in 2021
• Energy generation to account for over 33% revenue share for electrical steel
• Sales of electrical steel to expand at approximately 5% CAGR in the U.S
• India to account for over 2 out of 5 electrical steel sales, amid extensive power infrastructure development
• China to surpass the 50% revenue threshold for the East Asian market by 2031
• Sales of electrical steel likely to expand at above 6% CAGR across Japan

“Amplifying demand for silicon semiconductors will continue to be the leading user of silicone material and electrical steel is often referred to as silicon steel,”says the Fact.MR analyst.

Competitive Landscape

Prominent players in the electrical steel market are eyeing collaborations with other players to enhance their product production capacity in order to fulfil the expanding demand of a growing client base. Additionally, sustainable manufacturing practices are acquiring precedence:

• In July 2021, Cogent Power, the European division of Tata Steel, conformed to the European Commission’s Fit to 55 package. This initiative aims to propose a new climate law to achieve a 55% reduction in CO2 emissions by 2030, requiring the company to produce electrical steel more sustainably
• Likewise, in July 2021, JFE Steel Corporation announced an agreement with NYK Line, Kawasaki Kisen Kaisha and Mitsui O.S.K Lines to charter three LNG-fueled bulk carriers for transporting iron ore, coal and electrical steel from overseas locations to its factories in Japan

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Key Question answered in the survey of Electrical Steel market report:

• Sales and Demand of Electrical Steel
• Growth of Electrical Steel Market
• Market Analysis of Electrical Steel
• Market Insights of Electrical Steel
• Key Drivers Impacting the Electrical Steel market
• Which are the Key drivers impacted by Electrical Steel market
• Restraints Shaping Market Growth
• Market Survey of Electrical Steel

More Valuable Insights on Electrical Steel Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Electrical Steel, Sales and Demand of Electrical Steel, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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