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Electrical steel market worth 38.98 billion USD by 2021 according to market forecasts

Electrical steel market worth 38.98 billion USD by 2021 according to market forecasts

MarketsandMarkets projects that the electrical steel market size will grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at an estimated CAGR of 7.0%. The electrical steel market is witnessing considerable growth due to advancements in technology and the high efficiency of electrical steel.

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The report "Electrical Steel Market by Type (Grain-oriented and Non Grain-oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automobile, Manufacturing, Household Appliances), and Region - Global Forecast to 2021", The electrical steel market size is estimated to grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at a compound annual growth rate (CAGR) of 7.0% from 2016 to 2021.

Browse 198 market data tables and 42 figures spread through 198 pages and in-depth TOC on "Electrical Steel Market by Type (Grain-oriented and Non Grain-oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automobile, Manufacturing, Household Appliances), and Region - Global Forecast to 2021"

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The electrical steel market is projected to witness significant growth in the next few years because of rapid industrialization and increase in infrastructure investment which leads to high consumption rate of electrical steel in transformers and motors.

The grain-oriented segment held a considerably larger market share in the electrical steel market

The grain-oriented segment is estimated to dominate the type segment of electrical steel market as it helps in reducing the weight of the machine and improving the efficiency of machines.

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It is mainly used in transformers. Owing to the rapid growth in the power industry, globally, the demand for transformers is expected to increase which will eventually drive the grain-oriented steel market.

The non grain-oriented segment is projected to be the faster-growing segment during the forecast period. Owing to increase in the production of automobiles where non-grain oriented electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles which is expected to increase demand for non grain-oriented electrical steel products.

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The transformers segment held the largest market share in the electrical steel market

On the basis of application, the electrical steel market is segmented in to transformers, motors, inductors, and others which includes battery and welding equipment. The transformers segment is projected to grow at the highest CAGR from 2016 to 2021.

Factors such as increase in demand for energy on a global scale is expected to drive the transformers market over the next few years. Moreover, the need for upgrading transmission and distribution networks and equipment is expected to be a critical success factor for the growth of the transformers industry.

“The Asia-Pacific electrical steel market accounted for the largest market share.”

The Asia-Pacific is the most widely populated region in the world, and subsequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring.

China contributes a major market share in the Asia-pacific electrical steel market. Growing industrial activity has resulted in high demand for electrical steel supported by the country’s aggressive policies to fund and drive the domestic demand, thus boosting their growth.

The market for electrical steel in this region is growing at a rapid pace, which is primarily due to the growing manufacturing sector.

The major players in the electrical steel market includes ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine Group (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (U.S.), Steel Authority of India Limited. (India), Tata Steel (India), JFE Steel Corporation (India), and Essar Steel (India).

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