What are the growth opportunities of Electrical Steel market in upcoming period?

Posted on 2022-08-11 by researchinsights in Electronics // 0 Comments

San Francisco, California , USA, Aug 11, 2022 — /EPR Network/ —

Electrical Steel Industry Overview

The global electrical steel market size was evaluated at USD 23.4 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 4.9% from 2021 to 2028.

Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.

Electrical steel finds application in generators, electric motors, relay, solenoid, and other electromagnetic devices, which are further used in power distribution systems and other related applications. The U.S. is the second-largest electricity generator in the world. In 2020, the country generated around 4,000 TWh of electricity from its utility-scale generators and reported an increase of 16.7% from 2019 in power generation by renewables.

Gather more insights about the market drivers, restrains and growth of the Global Electrical Steel market

The growth in the electric vehicles (EVs) industry is another growth driver for the market. Electrical steel contains specific magnetic properties, which makes it of vital use in rotors and stators in the motor of an EV. The product helps enhance motor efficiency by minimizing core energy losses and accelerating the vehicle’s range.

Despite the pandemic, which majorly affected the global economic growth, the plug-in vehicle sales were around 3.24 million in 2020, over 43% higher than in 2019. With an increase of 137% in EV sales from 2019 to 2020, Europe surpassed China and became the largest EV market in 2020. Rising EV production propels the use of electric motors, thus, boosting electrical steel consumption.

The rising demand for electrical steel has compelled manufacturers to expand their production. For instance, in May 2021, JSW Steel and JFE Steel Corporation signed an MoU to begin a feasibility study for establishing a joint venture company in India for manufacturing and sales of electrical steel sheets in the country.

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Electrical Steel Market Segmentation

Grand View Research has segmented the global electrical steel market on the basis of product, application, and region:

Electrical Steel Product Outlook (Volume, Kilotons, Revenue, USD Million, 2017 – 2028)
- Grain oriented electrical steel
- Non-grain oriented electrical steel
Electrical Steel Application Outlook (Volume, Kilotons, Revenue, USD Million, 2017 – 2028)
- Transformer
- Motor
- Inductor
- Other
Electrical Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa

Key Companies profiled:

Some prominent players in the global Electrical Steel market include

ArcelorMittal
Cleveland-Cliffs Corporation
JFE Steel Corporation
Nippon Steel Corporation
POSCO
Tata Steel
Thyssenkrupp AG

Order a free sample PDF of the Electrical Steel Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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