The global electrical steel market reached USD 32.95 Billion in 2019 and predicted to reach USD 48.9 Billion By 2026 market growth with a CAGR of 6.8% during forecast period of 2020-2026. Growing demand for motors in electric vehicles is estimated to remain a major driving factor during the forecast period.
Electrical steel is an alloy with silicon and iron in it. Electrical steel is also known as silicon steel and laminate steel due to silicon is added to it. Electrical steel is a type of particular steel which is manufactured by modifying the magnetic properties of conventional steel on the impact of high permeability. Electrical steel is used to make the core power generators, transformers, inductors, etc.
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Transformer market is estimated to dominate the market during the forecast period of 2020-2026, owing to the growth in the development of industrialization, rural areas, and opening new generation plants. Rising government capital expenditure in the high transmission investment, power sector and increasing global energy consumption are some factors that have helped the market to increase at a rapid pace. In addition, the growing power generation in developing economies as well as emerging nations, the market is expected to have a high growth during the forecast period.
Rising investment in infrastructure development and growing urbanization is estimated to stimulate electrical steel market growth. Global electrical steel market is estimates the significant growth opportunities. These products find their usage in power industry, transformers and high-speed cars due to their ability to minimize energy loss, improved efficiency, loss in high-speed electric motors, low emissions of carbon dioxide and hysteresis loss in high-speed electric motors.
Geographically, the Global Food Additive market is bifurcated into North America, Asia Pacific, Europe, Middle East& Africa and Latin America. The North America market is expected to dominate the global electrical steel market during the forecast period owing to the increasing highest electrical steel production across the region. In addition, increasing demand for electronics and electric vehicles is expected to drive the region’s need for engines and inductors. Asia Pacific market is estimated to have a fastest growth in the global electrical steel market.
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The demand for the electrical steel market in the region is expected to be driven by the increased energy consumption in China and India in particular. In addition, the growing manufacturing industry in the area is estimated to drive demand for the product over the forecast period. Drive, transformer, and inductor manufacturers are expanding their presence across the region to meet the growing demand for electric vehicles, wind turbines, and electronics.
The major market players in the electrical steel are Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Shandong Iron and Steel Group Co Ltd, Tata Steel Limited, JFE Steel Corporation, Essar Steel India Ltd., SAIL (Steel Authority of India Limited), Shagang Group Inc., ArcelorMittal, United States Steel, Ansteel Group Corporation, Union Electric Steel Corporation, Baosteel Group, POSCO, Voestalpine Group, United States Steel Corporation, Jindal Steel and Power Limited, HBIS Group, ThyssenKrupp AG, Wuhan Iron & Steel, AK steel Corporation and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.
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