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Global Electrical Steel Market to Grow at a CAGR of 7.2% During 2021-2026, Aided by the Wide Applicability of Grain-Oriented Electrical Steel

According to a new report by EMR titled, ‘Global Electrical Steel Market Report and Forecast 2021-2026’, the market attained a value of about USD 32.8 billion in 2020. The industry is further expected to grow at a CAGR of 7.2% in the forecast period of 2021-2026 to reach a value of nearly USD 49.8 billion by 2026.

The electrical steel industry is gaining momentum due to the wide and varied applications of electrical steel in generators, transformers, and motors, among other uses. Among the two types of electrical steel, the production of grain-oriented electrical steel is rapidly driving the industry growth. Grain-oriented electrical steel exhibits high magnetic permeability leading to low excitation currents and lower inductions, thus, making it is excellent for the iron cores of power transformers. Furthermore, grain-oriented electrical steel enables better and compact designs in the form of laminated, wound or punched sheets. Thus, it is an essential core material of distribution transformers, power transformers, and small transformers. Therefore, the wide applicability of grain-oriented electrical steel is generating market growth for electrical steel industry.

Two leading companies in the industry, JSW Steel (NSE: JSWSTEEL) and JFE Steel (TYO: 5411), have announced to conduct a feasibility study to establish a manufacturing and sales joint venture company of grain-oriented steel in India in May 2021. The rising production of grain-oriented electrical steel in India is anticipated to drive the market growth of the Asia Pacific region, which is expected to positively impact the overall market. Grain-oriented steel is an important material in the production of high-performance generators and energy efficient transformers. Due to the increasing demand for electricity, the growing adoption of renewable energy sources, and the emergence of electronic vehicles, the growth of grain-oriented steel segment is bolstering, thereby boosting the overall market growth. The feasibility study is projected to strengthen both companies’ position as India’s leading manufacturer of advanced steel products that will help reduce CO2 emissions and aid in building a sustainable world. Such developments are, therefore, augmenting the market growth of electrical steel.

Market Analysis by Type, Application, and Region:

  • On the basis of type, the market is segmented into grain-oriented electrical steel and non-grain- oriented electrical steel.
  • On the basis of applications, the market is divided into transformers, motors, and generators, among others.
  • The major regional markets for electrical steel are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • Electrical Steel is rich in characteristics like high permeability, low magnetostriction and high electric resistivity, leading to its use in various applications, such as transformers, motors, and generators, among others. The rising use of electrical steel in these applications is driving the industry growth.
  • The deployment of electrical steel in vehicle components like motors, actuators and batteries enhances the fuel efficiency of the vehicle. Therefore the thriving automobile sector is boosting the market growth.
  • Electrical steel in the production of electric motors for electric vehicles is anticipated to invigorate the market growth in the forecast period.
  • Electrical steel is used in high-quality, power generating-transformers, which is bolstering the market growth as transformers that aid in controlling CO2 emissions are increasingly preferred. 

Key Offerings of the Report:

  • The EMR report gives an overview of the electrical steel industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for types, applications, and major regions of electrical steel.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global electrical steel market are ArcelorMittal S.A., China Baowu Steel Group Corp., Ltd., Nippon Steel Corporation, United States Steel Corporation, State Authority of India Limited, and Tata Steel Limited. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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