The Electrical Steel Market is slated to exceed USD 22 billion by 2027, Says Global Market Insights Inc.

The Electrical Steel Market is slated to exceed USD 22 billion by 2027, Says Global Market Insights Inc.

PR Newswire

SELBYVILLE, Del., Jan. 10, 2022

The growth of the electrical steel market is driven by proliferating energy and automotive sectors, booming consumer demand for electronics, and increasing government focus on power generation, says this report.

SELBYVILLE, Del., Jan. 10, 2022 /PRNewswire/ -- According to the recent report by Global Market Insights Inc., the global Electrical Steel Market was estimated at USD 14.52 billion in 2020 and is speculated to reach a valuation of around USD 22 billion by 2027, registering with a CAGR of 6.5% from 2021 to 2027. The report provides an in-depth assessment of market size & estimations, top winning strategies, competitive scenario, drivers & opportunities, wavering market trends, and major investment pockets.

Electrical Steel Market

Electrical steel refers to a ferromagnetic material that contains varying quantities of silicon (Si) ranging from 1 to 6.5%. It finds extensive application owing to rising need for steels in electrical devices and can reduce the dissipation of heat, which leads to energy wastage. Thus, escalating focus on energy efficiency has promoted product uptake. Mounting government initiatives to support power generation in various countries, such as China, India, the UAE, and Brazil, among others, are foreseen to bolster product demand. Moreover, favorable industrial development is primed to further stimulate market growth over the forecast period.

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Grain oriented electrical steel (GOES) is a crucial component in the production of energy-efficient transformers and large high-performance generators. Surging demand for transformers, magnetic amplifier cores, and transducers is set to boost the adoption of GOES in the forthcoming years. In 2020, the grain oriented electrical steel segment was valued at above USD 5 billion and is anticipated to grow at a notable pace over 2021-2027.

In terms of application, the grain oriented electrical steel industry share from the large power transformers segment is projected to exceed a valuation of USD 3.5 billion by 2027, delivering around 7.5% CAGR through the review timeline. Due to its excellent power and permeability features, GOES is widely applied in large power transformers, which is set to support segmental progress over the following years.

Key reasons for electrical steel market growth:

1.  Increasing usage in automotive industry.
2.  Rising adoption in household appliances.
3.  Surging prominence in energy generation.
4.  Growing uptake in production of transformers.

2027 forecasts show 'fully processed' segment retaining its dominance:

With respect to product, the non grain-oriented electrical steel market value from the fully processed segment was valued at more than USD 3 billion in 2020 and is estimated to progress at approximately 7% CAGR through the review period. Benefits like low cost and extended tool life have made non grain-oriented fully processed electrical steel preferable over other electrical steel products, which is set to facilitate segmental expansion through the analysis period.

Europe to maintain top status in terms of revenue:

The Europe electrical steel market holds a significant share in the overall industry revenue and is expected to see substantial growth through 2027 owing to the proliferating automotive and manufacturing sectors in the region. Europe is one of the leading automotive producers, wherein Germany dominates the domestic automotive market and contributed to around 19% share in the global automotive vehicle production in 2020. Additionally, soaring emphasis on vehicle electrification would drive the demand for automotive motors, which is likely to boost regional market growth.

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Impact of COVID-19 pandemic on electrical steel market:

Following the COVID-9 outbreak, nationwide lockdowns imposed by governments across the globe propelled the demand for electricity owing to the prevalent work from home trend and other industrial applications. Burgeoning electricity consumption has played a key role in industry expansion in recent years. Moreover, growing awareness pertaining to climate consciousness has increased emphasis on energy efficiency and renewable power solutions, which has also been favorable for market growth during the pandemic.

Leading market players:

Some prominent companies operating in the global electrical steel industry include Voestalpine, SIJ Acroni d.o.o., JFE Steel Corporation, Arnold Magnetic Technologies, ArcelorMittal, and POSCO, among others.

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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Global Market Insights Inc.
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