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- 508 Market data Tables
- 55 Figures
- 324 Pages and in-depth TOC on “Electrical Steel Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The Electrical steel Market comprises major players such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), China Baowu Steel Group Corporation (China), Nippon Steel Corporation (Japan), United States Steel Corporation (United States), Steel Authority of India (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others are covered in the Electrical steel market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Electrical steel Market.
Recent Developments in Electrical Steel Market
- In June 2022, Voestalpine’s high-performance metals division has completed the construction of a new special steel plant in Kapfenberg. The advanced facility is expected to produce 205,000 tons of steel annually for industries such as aerospace, automotive, and oil & gas.
- In April 2022, POSCO established a new plant with an annual capacity of 300,000 tons for producing non-oriented electrical steel sheets at its Gwangyang Works. The company aims to increase its production capacity of high-efficiency non-oriented electrical steel sheets from 100,000 tons to 400,000 tons per year by 2025.
- In March 2022, ArcelorMittal is expected to invest over USD 330.8 million to create a new production unit for electrical steels at its Mardyck site in France. The unit is expected to produce steel used in electric and hybrid vehicles and industrial machinery. This project is supported by the French government and is expected to create over 100 jobs and contribute to achieving the European Union CO2 emission reduction goals. The production unit is set to start in 2024 with a 200,000-ton production capacity.
- In March 2022, China Baowu Steel Group Corporation and Shell signed two cooperative agreements, including an enterprise framework cooperation agreement (EFA) on the supply of green steel products and a master agreement on emission trading, symbolizing that the cooperation between both parties in low-carbon development advances to a new level.
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The electrical steel market is segmented on the basis of type into non-grain-oriented and grain-oriented. The non-grain-oriented type segment accounted for a larger market share during the forecast period. This is attributed to the growth in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles.
On the basis of application, the market is segmented into transformers, motors, inductors, and others. Others include batteries and welding equipment. The motors segment led the market in terms of both value and volume during the forecast period. Growing end-use industry such as manufacturing, automobile, and household appliances is expected to drive the demand for motors, thus creating growth potential for the market.
On the basis of end-use industry the market is segmented into energy, automotive, manufacturing, household appliances, and others. Others include construction and fabrication. The manufacturing segment led the market during the forecast period. This is attributed to the growth of economies across the globe, which is directly linked to the growth of the manufacturing end-use industry. In addition, the growing industrialization in developed & developing economies is also expected to further drive the market for electrical steel.
The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growing infrastructure & construction and automotive industries. The rise in applications is expected to drive the market in this region. These factors contribute to the rising demand for electrical steel in the industrial facilities in the APAC region. The presence of several electrical steel-producing companies in China and India is expected to play an important role in the revenue growth of the APAC market. As APAC is the most widely populated region in the world, it consequently 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, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and, in turn, the electrical steel market as well.
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