WASHINGTON, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Global Electrical Steel Market is valued at USD 33.1 Billion in 2021 and is projected to reach a value of USD 46.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.9% over the forecast period 2022-2028.
One of the most significant economic areas is the Electrical Steel business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Electrical Steel, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated accelerating the Electrical Steel Market growth over the forecast period. The growing demand for highly effective, high-performance, and low-emission automobiles, as well as government rules governing vehicle emissions, are what are fueling the expansion of electric vehicles. A rise in electrical manufacturing and transmitting projects can be linked to global growth. Consumption for Electrical Steel has unexpectedly and steadily increased for a wide range of applications in end-use industries.
We forecast that the grain oriented category in the Electrical Steel Market sales will account for more than 30% of total sales by 2028 due to a number of causes, including as the upgrading of current grid networks, projects for the creation of the smart grid, and an increase in the demand for these electrical Transformers. During the projection period, the acceptance of grain-oriented Electrical Steel would be aided by the sharp increase in the need for power transformers.
Asia Pacific region dominates the market throughout the projection period. The greatest market for distribution Transformer is one of the factors driving the expansion of the Electrical Steel industry in this region. In several countries throughout the Asia Pacific area, including China, India, and Indonesia, there is a high need for power transformers. One of the world's biggest producers of distribution transformer is China.
Top Players in the Global Electrical Steel Market
- Aperam (Luxembourg)
- Arcelor Mittal (Luxembourg)
- Tata Steel (India)
- POSCO (South Korea)
- Nippon Steel Corporation (Japan)
- Baosteel Group Hu (China)
- Voestalpine AG (Austria)
- JFE Holdings (Japan)
- Cleveland-Cliffs Inc. (US)
- Slovenian Steel Group (Slovenia)
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Market Dynamics
Rising Demand for Electric Motors in Developing Nations to Boost Market Growth
Rising electric motor demand propellers across a variety of residential, institutional, and manufacturing sectors is one of the main factors fueling market expansion. Electromagnetic steel is frequently used in the creation of generating electricity with improved magnetic properties and minimal greenhouse gas emissions, as well as motors with increased magnetic and torque.
Multiple Properties and Diverse Applications to Drive the Market Growth
The aerospace sector uses high-speed electric motors that run at frequencies exceeding 400 Hz, and the Hi-Lite grade of this material is employed as the core material to ensure the safe and efficient operation of these high-frequency motors. Since this element is widely employed in several electronic and electric components used for power generation, transmission, and distribution, the energy and power industry is a major driver of market expansion.
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Recent Developments
- May 2021, JFE Steel Corporation and JSW Steel Limited signed a memorandum of agreement to perform a feasibility study (JSW). Through this MOU, the parties would be able to form a joint venture in India for the production and sale of grain-oriented Electrical Steel sheets.
- To meet the rising demand for its Electrical Steel sheets, Japanese steelmaker Nippon Steel announced in November 2020 that it will invest about $1 billion to boost production at two of its plants. By the year 2023, this will be finished, and production capacity will be increased by almost 40%.
- May 2021, JFE Steel Corporation and JSW Steel Limited (JSW) agreed to work together on a feasibility study for establishing a joint venture company in India dedicated to the manufacturing and marketing of grain-oriented Electrical Steel sheets.
Top Trends in Global Electrical Steel Market
- One trend Vantage Market Research (VMR) expects to see in the Electrical Steel industry is growing prominence of nickel-iron alloys. Nickel iron alloy is a really creative and clever solution that makes good substitutes for the market. In the production of sensors, switches, motor outer covering, and other components, nickel iron alloys are essential. Additionally, compared to that material, this one offers improved magnetic induction and permeability.
- Another trend that VMR predicts will continue in the Electrical Steel industry is for developing advanced zero-emission energy generation. The need for clean energy is pressuring governments in many nations to build cutting-edge, zero-emission power facilities. Many businesses are attempting to evolve these plants. These kinds of projects raise the demand for Electrical Steel since they call for greater quantities of generators and other electronic parts.
Top Report Findings
- Based on Types, most of the Electrical Steel Market's revenue is controlled by the grain oriented category. Promising expansion potential have been established by the accessibility of grain-oriented steel material for use in large, high-performance generating and energy-efficient circuits. Grain-oriented Electrical Steel is anticipated to continue to be the top choice for many end-use industries due to the demand for performance effectiveness and expense solutions to reduce the risk of blackouts and failures.
- Based on End Users, most of the Electrical Steel Market's revenue is controlled by the energy category. The energy segment is predicted to earn the highest revenue share due to the rising number of industries and the frequent use of transformers, actuators, and compressors for continual energy consumption worldwide.
- Based on Applications, most of the Electrical Steel Market's revenue is controlled by the motor category. Electrical Steel is chosen over other materials in electric motors due to its high frequency, high permeability, and superior saturation magnetization. Electric motor demand is being fueled by the growing emphasis on EV manufacturing, which is finally anticipated to help market expansion.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Electrical Steel Market Forecast Report (2022-2028).
Top 10 Players Generates More Than 45% of the Global Electrical Steel Market Revenue
The report also found that the largest players in the Electrical Steel Market are technology providers such as Aperam, ArcelorMittal, Tata Steel, POSCO, Nippon Steel Corporation. These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include Aperam, ArcelorMittal, Tata Steel, POSCO, Nippon Steel Corporation, Baosteel Group Hu, Voestalpine AG, JFE Holdings, Inc, Cleveland-Cliffs Inc., Slovenian Steel Group. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Motor Category in Electrical Steel Market to Generate Over 30% Revenue
Electrical Steel are an expensive investment. Vantage Market Research has analyzed the market for Electrical Steel to understand its current state and potential future growth factors. For better understanding, based on the application, the Electrical Steel Market is divided into transformers, motor, inductor and others.
During the forecast period, the market for Electrical Steel is anticipated to experience the highest cagr for the motor category. The motor market has experienced strong volume growth. Growing public awareness of the advantages of using Electrical Steel is generating demand, which is opening doors for producers of the material. Electric motors offer four times the speed of motors used in industrial gear.
On the other hand, the transformer category is estimated to grow significantly over the forecast period. Transformer demand has increased because to the penetration of electric vehicles, an increase in digital loads, and a rise in distributed generation. Companies have been forced to increase their production capacity as a result of the growing demand for transformers.
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Global Electrical Steel Market Segmentation
By Types:
- Grain-Oriented
- Non-Grain-Oriented
By End Use Industry:
- Energy
- Automotive
- Household Appliances
- Manufacturing
- Other Industries
By Applications:
- Transformers
- Motors
- Inductors
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- The Asia Pacific region is one of the most populous regions in the world and is anticipated to have the fastest growth in terms of volume and revenue for the Electrical Steel Market. This region has seen a surge in industrialization and urbanization in recent years, which has led to an increase in demand for electricity.
- China is one of the key countries driving this growth, followed by India and Japan. The Asia Pacific region is expected to account for more than half of the Global Electrical Steel Market by 2028. The need for energy-efficient and environment-friendly construction materials will continue to drive market growth in this region.
- Rapid industrialization, coupled with infrastructural development projects, such as smart city initiatives, will further boost market demand. Some of the leading companies operating in the Electrical Steel Market are focused on expanding their production capacities and product portfolios to gain a larger share of the rapidly growing Asia Pacific market.
- The Asia Pacific region is anticipated to have the fastest growth in terms of volume and in terms of revenue, due to the growing demand for steel in the construction and automotive industries. The region has abundant resources of iron ore and coal, which are the key raw materials used in the production of steel.
- Moreover, the region has several developing economies, such as China and India, which are experiencing rapid industrialization and urbanization. This is resulting in increasing demand for steel products from various industries.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 33.1 Billion |
| Revenue Forecast by 2028 | USD 46.8 Billion |
| CAGR | 5.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Aperam, Arcelor Mittal, Tata Steel, POSCO, Nippon Steel Corporation, Baosteel Group Hu, Voestalpine AG, JFE Holdings, Cleveland-Cliffs Inc., Slovenian Steel Group |
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