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Electrical Steel Market Size
Global Electrical Steel Market size was over USD 14.5 billion in 2020 and is estimated to grow over 6.5% CAGR between 2021 and 2027 owing to strong growth in renewable energy resulting into significant demand for the electric transmission & distribution (T&D) equipment, such as a transformer. The growing use of electrical steel by manufacturers into automotive and household appliances is expected to spur the market growth.
Ideal government drives to help the car area and developing per-capita wages, basically in arising countries including China, India, and Mexico, will support the product development. There has been a huge extension of the working class and an expansion in the adolescent populace portion, supporting car deals and setting off the business development.
Rising popularity of elite execution, profoundly efficient, and low emanation vehicles and severe government regulations concerning vehicle discharges are driving the interest for electric vehicles, supporting the item interest for car use.
Electrical steel gives high erosion protection from exhaust systems in the vehicles, offer lightweight freedoms while keeping up with security principles. This will set out business open doors and lift the market development over the anticipated time span.
| Report Attributes | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | 14.52 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 6.5% |
| 2027 Value Projection: | 22.5 Million (USD) |
| Historical Data for: | 2016 to 2020 |
| No. of Pages: | 335 |
| Tables, Charts & Figures: | 458 |
| Segments covered: | Product |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Electrical Steel Market Analysis
Grain oriented electrical steel market surpassed USD 5 billion in 2020 and is projected to grow at a CAGR of around 7% during the forecast period. Rising demand from transformers, transducers and magnetic amplifier cores boosting the market growth of the segment.
Grain oriented electrical steel (GOES) request will enlist critical increases more than 6.5% by 2025. It further develops the transformers execution by upgrading the effectiveness and decreasing hardware weight. These items contain enormous, measured grains that assistance in diminishing hysteresis misfortune, are energy effective steel and are broadly utilized in transformers and influence generators. Expanding worldwide interest for energy and quick development in power industry should additionally fuel the electrical steel piece of the pie.
The COVID-19 pandemic has affected the business negatively. Halt in the infrastructure projects, operations of manufacturing plants and decline in automobile production during lockdown has mainly affected the market growth partially offset by higher residential use. For instance, according to The International Energy Agency (IEA), electricity demand in China dropped by 13% in February 2020 as compared to February 2019 under lockdown. However, the recommencement of business operations is expected to boost the electrical steel market sales in the upcoming years.
The global non-grain oriented electrical steel market for audio transformers will exceed USD 1.4 billion by 2027. Rising technological advancements and the inescapable adoption of versatile electronic gadgets, for example, cell phones and tablets, laptops, radios etc. will help the prerequisite for amplifiers, in which sound or audio transformers are generally utilized. Electrical steel especially non-grain-oriented is more affordable when contrasted with grain oriented electrical steel that can be utilized in audio transformers.
These items assume a fundamental part in matching impedance between associating links, receivers, and enhancer input, which is expected to trigger the item interest and speed up business development over the conjecture time span. have a positive impact on steel demand.
Moreover, the manufacturers operating in electronics or electrical industry are effectively utilizing electrical steel as they provide improved durability, abrasion resistance, vibration control and strength. It also permits the manufacturers to minimize production cost facilitate modular assembly practices and improve the quality of the products.
The North America electrical steel market is expected to exceed USD 5 billion by 2027, and it is expected to grow at a CAGR over 6% from 2021 to 2027 owing to the increasing demand for renewable energy with increasing adoption of electronic and electric vehicles.
The region is experiencing significant economic growth and the demand for goods, travel and services is increasing, increasing the need for electricity and fuel. In 2019, US power plants will produce over 4 billion kilowatt hours (kWh) of electricity, which provides ample growth opportunities. Increased government interest in promoting manufacturing, favourable infrastructure policies and increasing demand for air conditioning will further increase demand for electricity and drive growth in the electrical steel market.
In 2020, the US electrical steel market is valued at around USD 2.5 billion and is expected to grow significantly due to changing lifestyles & trends in the automotive industry resulting into lightweight & electrical vehicles. Furthermore, the expansion of R & D activities to introduce innovative new products to electronic devices, home appliances and electric vehicles should stimulate the electrical steel market revenue.
Electrical Steel Market Share
Key players in the electrical steel industry are :
- Voestalpine
- Cogent Power Ltd
- ArcelorMittal Europe
- MITSUI & Co
- SIJ Acroni d.o.o
- Arnold Magnetic Technologies
- Aperam
- Nomax Electrical Steel Private Ltd
- Big River Steel LLC
- Tempel
- Thyssenkrupp
- JFE Steel Corporation
- U.S. Steel Kosice
- POSCO Poggenamp
- KOBE Steel, Ltd
The companies are engaged in extensive research & development to develop innovative products and increasing efforts to develop high quality and cost-effective products used in various application. For instance, in June 2021, Kobe Steel, Ltd. announced an investment of around 15 billion yen (around USD 130 million) in the steel plate plant at Kakogawa Works, to carry out the refurbishment of a finishing rolling mill. The company aims to strengthen the product supply system with stable quality and delivery time and promote the development of high-functional steel plate manufacturing technology.
In January 2019, U.S. Steel Kosica, S.R.O. announced the expansion of a new non-grain oriented electrical steel line with an annual capacity of approximately 100,000 metric tons. The new line will enable the production of sophisticated silicon grades of NGO electrical steels to support the increased demand in vehicles and generators.
The global electrical steel market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons & revenue in USD Million from 2016 to 2027 for the following segments:
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By Product
- Grain Oriented
- By End Use
- Energy
- Automotive
- Manufacturing
- Household Appliances
- By Application
- Large Power Transformers
- Distribution Transformers
- Small Transformers
- Power Generators
- Audio Transformers
- Others
- By End Use
- Non Grain-Oriented
- By Product
- Semi-Processed
- Fully Processed
- By End Use
- Energy
- Automotive
- Manufacturing
- Household Appliances
- By Application
- Power Generators
- Motors
- Ballasts
- Rotating Machines
- Small Transformers
- Audio Transformers
- Others
- By Product
The above information has been provided for the following countries:
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Ukraine
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Latin America (LATAM)
- Brazil
- Argentina
- Middle East & Africa (MEA)
- UAE
- Iran
- Egypt
- South Africa
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