LONDON, April 13, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the electrical steel market, increasing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel has high flux density and low iron loss properties, and is thus used in electric motors to realize high motor efficiency. For instance, in countries like China, the US, and Europe, the sales of electric cars increased by nearly 160% in the first half of 2021 over 2020 in the same period. According to research firm Wards Intelligence, US hybrid vehicle sales in 2021 jumped 76% over the previous year. Thus, increasing demand for electric and hybrid vehicles will contribute to the growth of the electrical steel market.
The global electrical steel market size is expected to grow from $24.80 billion in 2021 to $26.28 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global electrical steel market share is expected to reach $33.12 billion in 2026 at a CAGR of 7.50%.
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The increasing development of sustainable products is a key trend gaining popularity in the electric steel market. Companies in the market are focusing on manufacturing electric steel that is environmentally friendly and emits fewer greenhouse gases. For instance, in 2022, Germany based steel manufacturer, ThyssenKrupp AG developed electric steel with 50% lower CO2 emissions for use in power and distribution transformers. The low emission electric steel has low core losses and thus achieves high efficiencies in current transport. ThyssenKrupp would supply it for manufacturing transformers with CO2-reduced electrical steel for new digital E.ON medium-voltage stations in Germany.
Major players in the electrical steel market are ThyssenKrupp AG, TISCO, Nippon Steel, Posco, JFE Steel, Nicore Electrical Manufactory Co. Ltd., Voestalpine, ArcelorMittal, AK Steel (Cleveland-Cliffs), SAIL, Cogent Power Ltd., Tempel Steel Company, Phoenix Mecano AG, JFE Steel Corporation, Leicong Industrial Co., Ltd., United States Steel Corporation, Novolipetsk Steel and Allegheny Technologies Inc.
The global electrical steel market growth analysis report is segmented by type into grain-oriented, non-grain-oriented; by industry into energy, automotive, household appliances, manufacturing; by application into large power transformers, distribution transformers, small transformers, power generators, audio transformers.
The regions covered in TBRC’s global electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Electrical Steel Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide electrical steel market overviews, analyze and forecast market size and growth for the whole market, electrical steel market segments and geographies, electrical steel market trends, electrical steel market drivers, electrical steel market restraints, electrical steel market leading competitors’ revenues, electrical steel market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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