The Fact.MR market survey on the electrical steel market provides deep dive into key developments in the electrical steel market. The report offers comprehensive analysis of leading segments in terms of product, applications, and end-use. It also projects sales of grain-oriented electrical steel to remain superior through 2031.
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The increasing demand for electrical steel from diverse end-use industries such as automotive, power generation, and home appliances is shaping the growth outlook of the electrical steel market. The electrical steel market is projected to grow at a steady 6% CAGR, surpassing a market valuation of US$ 70 Bn by 2031.
In 2020, the outbreak of the COVID-19 pandemic stagnated the electrical steel market growth in terms of production, supply, and sales. However, lockdown restrictions resulted in a significant spike in residential electricity consumption.
Similarly, high consumption of electricity was recorded in the healthcare sector. These factors have highlighted the importance of adequate supply of electricity in numerous domains, resulting in recovery of the electrical steel market between 2021 and 2031.
Increasing adoption of electric vehicles in various countries is boosting the demand for electrical steel in the automotive industry. Electrical steel provides high permeability, effective electrical resistivity, decreases hysteresis loss, and low magnetostriction. These factors are significantly encouraging applications of electrical steel in vehicle manufacturing.
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Besides this, electrical steel is comparatively less expensive than other materials used in manufacturing of automobiles. This, coupled with optimal malleability and abundance of electrical steel make it a preferred choice for vehicle manufacturers.
In addition to this, expansion of the construction industry, especially construction of industrial buildings, warehouses, and metro stations is spurring the demand for electrical steel. As urbanization in various countries will continue gaining pace, sales of electrical steel will witness an uptick through 2031.
As per Fact.MR's regional analysis, the U.S. is anticipated to dominate the electrical steel market. Technological advancements in the automotive sector and the presence of some of the leading market players will continue driving sales of electrical steel during the forecast period.
"Growing adoption of high-performance transformers, coupled with government initiatives supplementing electrification in various countries are prominent factors steering the growth of the electrical steel market," says the Fact.MR analyst.
Key Takeaways from Electrical Steel Market Analysis
Transformers will emerge as the most lucrative area of application in the electrical steel market, commanding over 2 out of 5 sales.
Energy generation will remain the prominent end-use, holding over 1/3rd of the revenue share.
Increasing consumption of electrical steel by various end-uses such as the automotive and manufacturing sector in the U.S. will place it as a profitable market, expanding nearly 5% CAGR through 2031.
China is anticipated to account for 50% of the total market share, owing to prevalence of well-established steel-producing sector.
Government initiatives to deliver adequate power supply in rural and urban areas will make India an attractive market for electrical steel. Fact.MR projects India to account for 4/10th of the total sales.
Growing electrification and urbanization in various emerging economies will boost sales of electrical steel.
Technological advancements in the automotive sector will shape the sales outlook for the electrical steel market.
Fluctuations in steel prices and supply chain disruptions may hinder the market growth.
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Leading manufacturers in the electrical steel market are emphasizing on strategic collaboration, mergers, and acquisitions to meet the ever-growing demand from end-use industries. For instance, in July 2021, ArcelorMittal invested US$ 25 Mn in Form Energy's XCarbTM innovation fund. The investment will allow ArcelorMittal to provide raw iron and electrical steel customized as per the company's requirement for their battery technology.
Key Players in the Electrical Steel Market Include:
Voestalpine Stahl GmbH
Sumitomo Metal Corporation
JFE Steel Corporation
AK Steel Holding Corp
Allegheny Technologies Inc.
Phoenix Mecano AG
Leicong Industrial Co., Ltd.
Nicore Electrical Manufactory Co. LTD.
Steel Authority of India Limited
More Valuable Insights on Electrical Steel Market
Fact MR provides an unbiased analysis of the electrical steel market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global electrical steel market with a detailed segmentation on the basis of:
Grain-Oriented Electrical Steel
Non-Grain Oriented Electrical Steel
Electric Steel for Inductors
Electric Steel for Motors
Electric Steel for Transformers
Electrical Steel for Automobiles
Electrical Steel for Manufacturing
Electrical Steel for Energy Generation
Electrical Steel for Household Appliances
Electrical Steel for Other End Uses
Key Questions Covered in the Electrical Steel Market Report
The report offers insight into electrical steel market demand outlook for 2021-2031
The market study also highlights projected sales growth for electrical steel market between 2021 and 2031
Electrical steel market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Electrical steel market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Advanced High Strength Steel (AHSS) Market- Over the last few years, the global advanced high strength steel (AHSS) industry has exploded. This is due to automakers' increased demand for high-strength, high-efficiency materials. Furthermore, increased government and regulatory pressure to reduce the weight of automotive components and manage emissions has steered end users toward advanced high strength steel manufacturers for effective and lightweight materials. From a regional standpoint, Europe is expected to dominate the worldwide advanced high-strength steel market for the foreseeable future.
Long Steel Market- Long steel is commonly utilized in construction to offer structural support for the building's body. Long steels are chosen over flat steel in the construction industry due to the product's high tensile strength and ductility. The demand for long steel has increased as the number of construction projects around the world has increased. Long steels are in high demand due to their high tensile strength, ductility, and a variety of other construction-friendly qualities. Apart from construction, the market has been driven in the past by the rapid use of long steel in the sphere of transportation, such as railways.
Armour Steel Plate Market- Armour steel plate is a type of hard commercial ballistic steel that has been quenched and tempered. Armour steel plates are versatile because to their complex features, and they can be used in a variety of military and commercial/non-military applications. In addition, the industry is seeing an increasing trend of consumers opting for personal armoured vehicles for safety and protection. Raw material, labor, rework, financing, and production costs all have significant cost components, making the market highly promising in the next years. Furthermore, the potential of this material to provide maximum protection against numerous risks and accidents continues to be a major driving force in the market.
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