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Global Electrical Steel Market: By Type: Grain-Oriented Electrical Steel, Non-Grain-Oriented Electrical Steel; By Application: Transformers, Motors, Generators, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Electrical Steel Market Outlook
The global electrical steel market attained a value of about USD 32.8 billion in 2020. The market is further expected to grow at a CAGR of 7.2% during the forecast period of 2022-2027 to reach nearly USD 49.8 billion by 2026.
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Expansion of Power Generation Owing to Rapid Industrialisation is Augmenting Market Growth
The electrical steel industry is being driven by the usage of electrical power in power generation as electrical steel produces magnetic cores for generators, transformers, and motors. The demand for electrical steel can be attributed to the rising emphasis on reducing CO2 emissions. In addition, the growing adoption of high-performance transformers owing to government initiatives boosting urbanisation and industrialisation is impelling the market growth. With the outbreak of COVID-19, the industry faced a slight decline owing to discontinued construction activities. However, expansion of construction activities in developing countries like India and China, as the pandemic starts to retreat, are increasing the requirement of an efficient mode of power generation, hence, bolstering market growth. Furthermore, the market is expected to boost with the introduction of regular measures and government schemes ensuring the electricity supply in rural areas in India. Furthermore, the industry growth can be attributed to the growing use of hydra power, and other renewable energy sources requiring electrical steel that can store energy for long durations.
Electrical Steel: Market Segmentation
Electrical steel, also known as silicon steel, is a steel alloy of iron and silicon. It has advanced electrical properties that are widely used in transformers, motors, and generators, among other electromagnetic devices. The addition of silicon in iron makes electrical steel rich with properties like high permeability, low magnetostriction, and high electric resistivity.
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On the basis of type, the market can be segmented into:
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
Based on application, the market is segmented into:
- Transformers
- Motors
- Generators
- Others
The EMR report looks into the regional markets of electrical steel like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.
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Rising Demand for Electrical Steel to Aid the Market Growth of Electrical Steel
Electrical steel is deployed in the manufacturing of various components like motors, batteries, and actuators, among others; thus, the growing demand for electrical steel from the automotive industry is driving the industry growth. Electrical steel increases the fuel efficiency of the vehicle, aiding in sustainable energy consumption, hence, supporting the industry growth. Furthermore, in the wake of climate change and global warming, the emergence of electronic vehicles is anticipated to drive the electrical steel industry in the forecast period. Electrical steel is a core element in the production of electric motors, creating stronger magnetic flux, without which the efficiency of the vehicle cannot be retained. Hence, this is bolstering the market growth of the electrical steel industry in the automotive sector. Moreover, with rising prices of fuels like gasoline and diesel, electrical vehicles are emerging as a promising, environment friendly and cost-effective means of transportation, hence, providing lucrative growth opportunities to the electrical steel industry.
Key Industry Players in the Global Electrical Steel Market
The report presents a detailed analysis of the following key players in the global electrical steel market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- ArcelorMittal S.A.
- China Baowu Steel Group Corp., Ltd
- Nippon Steel Corporation
- United States Steel Corporation
- State Authority of India Limited
- Tata Steel Limited
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Region |
| Breakup by Type | Grain-Oriented Electrical Steel, Non-Grain-Oriented Electrical Steel |
| Breakup by Application | Transformers, Motors, Generators, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | ArcelorMittal S.A., China Baowu Steel Group Corp., Ltd., Nippon Steel Corporation, United States Steel Corporation, State Authority of India Limited, Tata Steel Limited |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Electrical Steel Market Analysis
8.1 Key Industry Highlights
8.2 Global Electrical Steel Historical Market (2017-2021)
8.3 Global Electrical Steel Market Forecast (2022-2027)
8.4 Global Electrical Steel Market by Type
8.4.1 Grain-Oriented Electrical Steel
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Non-Grain-Oriented Electrical Steel
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.5 Global Electrical Steel Market by Application
8.5.1 Transformers
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Motors
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Generators
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.5.4 Others
8.6 Global Electrical Steel Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 ArcelorMittal S.A.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 China Baowu Steel Group Corp., Ltd.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Nippon Steel Corporation
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 United States Steel Corporation
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 State Authority of India Limited
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Tata Steel Limited
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Electrical Steel Market: Key Industry Highlights, 2016 and 2026
2. Global Electrical Steel Historical Market: Breakup by Type (USD Million), 2017-2021
3. Global Electrical Steel Market Forecast: Breakup by Type (USD Million), 2022-2027
4. Global Electrical Steel Historical Market: Breakup by Application (USD Million), 2017-2021
5. Global Electrical Steel Market Forecast: Breakup by Application (USD Million), 2022-2027
6. Global Electrical Steel Historical Market: Breakup by Region (USD Million), 2017-2021
7. Global Electrical Steel Market Forecast: Breakup by Region (USD Million), 2022-2027
8. North America Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2017-2021
9. North America Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2022-2027
10. Europe Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2017-2021
11. Europe Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2022-2027
12. Asia Pacific Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2017-2021
13. Asia Pacific Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2022-2027
14. Latin America Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2017-2021
15. Latin America Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2022-2027
16. Middle East and Africa Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2017-2021
17. Middle East and Africa Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2022-2027
18. Global Electrical Steel Market Structure
Key Questions Answered in the Report
The global electrical steel market attained a value of nearly USD 32.8 billion in 2020.
The market is projected to grow at a CAGR of 7.2% in the forecast period of 2022-2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach about USD 49.8 billion by 2026.
The industry is being driven by deployment of electrical steel in power generation, rising demand from the automotive sector, and inflating disposable incomes.
Favourable government initiatives to promote urbanisation and industrialisation is anticipated to invigorate market in the forecast period.
The major regional markets for electrical steel are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The leading types of electrical steel are grain-oriented electrical steel and non-grain-oriented electrical steel.
The major applications of electrical steel are transformers, motors, and generators, among others.
The major players in the industry 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.
Analyst Review
The global electrical steel market attained a value of about USD 32.8 billion in 2020, driven by the increasing construction activities. Aided by the emergence of electric vehicles, the market is expected to grow at a CAGR of 7.2% in the forecast period of 2022-2027 to reach nearly USD 49.8 billion by 2026.
EMR’s meticulous research methodology delves deep into the market covering the macro and micro aspects of the industry. On the basis of type, the market can be segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. On the basis of applications, the market can be divided into transformers, motors, and generators, among others. The major regional markets for electrical steel are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. They key players in the industry 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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