Electrical Steel Market - Global Forecast to 2021 - Increasing Urban Population Proliferate the Demand for Electrical Steel
DUBLIN, November 17, 2017 /PRNewswire/ --
The "Electrical Steel Market by Type (Grain-oriented and Non Grain-oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automobile, Manufacturing, Household Appliances), and Region - Global Forecast to 2021" report has been added to Research and Markets' offering.
The electrical steel market size will grow from USD 27.84 Billion in 2016 to USD 38.98 Billion by 2021, at an estimated CAGR of 7.0%.
Technological developments in the steel industry have resulted in improving the efficiency and effectiveness of steel products, along with reducing production and labor costs. The electrical steel market is gaining momentum due to advancements in technology and the high efficiency of electrical steel. This market has immense opportunities due to the increasing demand from the power sector. Other factors driving the electrical steel market is high consumption rate in transformers and motors. However, the volatility in price of raw material is restraining the growth of the electrical steel market.
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. Increase in demand for energy on a global scale is expected to drive the demand for transformers over the next few years. Moreover, the need for upgrading transmission and distribution facilities and equipment is expected to have a significant impact on the growth of the transformers industry.
In 2015, Asia-Pacific dominated the total electrical steel market, in terms of value, followed by Europe and North America. Asia-Pacific is the most widely populated region in the world, which in turn drives the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and in turn, the electrical steel market. China is projected to be fastest-growing country-level market in the region for the electrical steel market. The country is experiencing rapid economic growth, which is likely to double the per capita electricity consumption by 2030. This will eventually drive the transformers market in China, leading to growth in the electrical steel market as well.
Companies Mentioned
- Allengency Technologies
- Angang Steel Company Limited
- Arcelor Mittal
- Baosteel
- China Steel Corporation
- Electrosteel Limited
- Essar Steel
- Hebei Puyang Iron And Steel Group
- JFE Steel Corporation
- Jiangsu Shagang International Trade Co. Ltd.
- Jsw Steel
- Nippon Steel & Sumitomo Metal Corporation
- Posco
- Steel Authority of India Limited
- Tata Steel Limited
- Thyssenkrupp Ag
- Union Electric Steel Corporation
- United States Steel Corporation
- Voestalpine Group
- Wuhan Iron & Steel Corporation
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electrical Steel Market, By Type
7 Electrical Steel Market, By Application
8 Electrical Steel Market, By End-Use Industry
9 Electrical Steel Market, By Region
10 Competitive Landscape
11 Company Profile
For more information about this report visit https://www.researchandmarkets.com/research/5s7llt/electrical_steel
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