CHICAGO, Sept. 22, 2020
CHICAGO, Sept. 22, 2020 /PRNewswire/ -- According to new research report, "Electrical Steel Market by Application (Transformers, Motors, Inductors), Type (Grain Oriented, Non Grain Oriented) End-Use Industry (Energy, Automotive, Manufacturing, Household Appliances), And Region (NA, EU, APAC, MEA, SA) - Global Forecast To 2025", published by MarketsandMarkets™, the Electrical Steel Market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. Increasing investment, coupled with growth in energy industry across the globe is expected to drive the growth of Electrical Steel Market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the Electrical Steel Market.
Download PDF Download: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524
Browse in-depth TOC on "Electrical Steel Market"
218 - Market Data Tables
49 - Figures
184 - Pages
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/electrical-steel-market-96179524.html
The grain-oriented electrical steel segment is projected to lead the Electrical Steel Market during the forecast period
The grain-oriented electrical steel segment is expected to lead the Electrical Steel Market. This growth can be attributed to its high consumption in transformers (small, medium, and large) and generators. Applications of grain-oriented electrical steel include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wound cores, and power generators. Non-grain oriented electrical steel is expected to register highest CAGR during the forecast period.
The transformer segment is projected to lead the Electrical Steel Market during the forecast period
Based on application, the transformers application is projected to lead the Electrical Steel Market. The growth of this segment can be attributed to the growing energy consumption across the globe. Transformer cores are an integral part of the transformer, which is made up of laminations of electric steel. The use of electrical steel results in magnetic flux, and low core loss. Transformers application is also expected to register highest CAGR during the forecast period.
The energy industry is projected to be the major consumer of electrical steel during the forecast period
Based on end-use industry, the global Electrical Steel Market is segregated into energy, automobiles, manufacturing, household appliances, and others. Others include construction and fabrication. The energy segment is projected to grow at the highest CAGR. This growth is attributed towards increasing population, industrialization and urbanization. Energy industry is also expected to register highest CAGR during the forecast period.
Asia Pacific is projected to be the largest consumer of electrical steel during the forecast period
Based on region, the Electrical Steel Market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2019.
APAC accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to the increasing construction & infrastructure activities, especially in China, Japan, and India, coupled with increasing investments from domestic and foreign investors in the public and private sectors. APAC is also expected to register highest CAGR during the forecast period.
Key players in the Electrical Steel Market, namely, ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan) are considered for the study.
Browse Adjacent Market: Mining, Minerals and Metals Market Research Report & consulting
High Strength Steel Market by Type (High Strength Low Alloy, Dual Phase, Bake Hardenable, Carbon Manganese), End-Use Industry (Automotive, Yellow Goods & Mining Equipment, Construction, Aviation & Marine), and Region - Global Forecast to 2023
Weathering Steel Market by Type (Corten-A, Corten-B), Form (Sheets, Plates, Bars), Availability (Painted, Unpainted), End-use Industry (Building & Construction, Transportation, Art & Architecture, Industrial), Region- Global Forecast to 2024
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets' flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Roads
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electrical-steel-market.asp
Source content: https://www.marketsandmarkets.com/PressReleases/electrical-steel.asp