Global Electrical Steel Market
Posted: Jul 08, 2019
Global Electrical Steel Market is expected to reach US$ 39.45 Mn by 2026 in terms of revenue with CAGR of 8.5% in the forecasting period 2018-2026. Electrical steel is an alloy that contains iron and silicon. Electrical steel is also known as laminate steel or silicon steel, as silicon is added to it. Electrical steel is a type of speciality steel manufactured by modifying the magnetic properties of conventional steel to influence of high permeability. It is used in the manufacture of the core of power transformers, generators, inductors, etc. The electrical steel market is gaining momentum due to advancements in technology and the high efficiency of electrical steel. Electrical steel market has immense opportunities due to the increase in demand from the power sector.Electrical Steel Market
Driving demand from industrial and healthcare sectors is boosting the growth of the market. Applications in super cars or high-speed cars is a key segment from where is growth is expected in forecast period. Continuous advancement is technology is helping steel products to increase efficiency at the same time reducing the productions cost.
Electrical steel Market is segmented by type, application, end-use industry, and region. On the basis of type, Grain-oriented electrical steels market are iron-silicon magnetic alloys. These alloys are used to construct the cores of highly-efficient electric transformers due to their unique magnetic properties. Based on application, the transformers segment is estimated to dominate the application segment of the electrical steel market and is also projected to be the fastest-growing segment during the forecast period. In terms of end-user industry, increase in demand for energy on a global scale is expected to drive the demand for transformers over the next few years.
Asia-Pacific is the most widely populated region in the world, and subsequently witnesses a high demand for the consumption of electricity. The Asia Pacific constituted nearly 55% share of the global electrical steel market in 2017. China contributes a major market share in the Asia-pacific electrical steel market.
Some of the key prominent market players in the electrical steel market are Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Shandong Iron and Steel Group Co Ltd, JFE Steel Corporation, SAIL (Steel Authority of India Limited), Shagang Group Inc., ArcelorMittal, Ansteel Group Corporation, Baosteel Group, POSCO, Voestalpine Group, Tata Steel Limited, United States Steel Corporation, Jindal Steel and Power Limited, and HBIS Group.The Scope of the Global Electrical Steel Market:
Global Electrical Steel Market by Type
- Grain-oriented• Non-Grain-orientedGlobal Electrical Steel Market by Application
- Transformers• Motors• InductorsGlobal Electrical Steel Market by End-Use Industry
- Energy• Automobile• Manufacturing• Household AppliancesGlobal Electrical Steel Market by Geography
- North America• Europe• Asia-Pacific• Middle East & Africa• Latin AmericaKey Players operating in the Global Electrical Steel Market:
- Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group• Shandong Iron and Steel Group Co Ltd• JFE Steel Corporation• SAIL (Steel Authority of India Limited)• Shagang Group Inc.• ArcelorMittal• Ansteel Group Corporation• Baosteel Group• POSCO• Voestalpine Group• Tata Steel Limited• United States Steel Corporation• Jindal Steel and Power Limited• HBIS Group• AllengencyTechnologies• Angang Steel Company Limited• China Steel Corporation• ElectrosteelLimited• EssarSteel• HebeiPuyang Iron And Steel Group• Jsw Steel• Steel Authority of India Limited• Tata Steel Limited
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