75.3 F
Los Angeles
HomePublishingElectrical Steel Market Size is projected to reach USD 66.6 Billion by...

Electrical Steel Market Size is projected to reach USD 66.6 Billion by 2031, growing at a CAGR of 6.5%: Straits Research

The global electrical steel market size was valued at USD 37.8 billion in 2022. It is projected to reach USD 66.6 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2023–2031). An increase in energy demand from both developed and emerging countries has stimulated the growth of the energy-producing and transmission industries.

New York, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) — A ferromagnetic material with up to 6.5% silicon concentration is electrical steel. It could reduce heat dispersion, a problem that results in energy waste. Electrical steel, which has a silicon content of 6.5%, exhibits tremendous improvement in electrical and magnetic properties. When adding silicon, steel gains better permeability, less hysteresis loss, and higher resistivity. The most popular commercial electrical steel has a silicon concentration of roughly 3.25 percent. One of the main factors boosting market expansion is the rising need for energy from developing economies. Another factor projected to offer lucrative opportunities for the key players in the market for electrical steel is the growing use of electric automobiles.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/electrical-steel-market/request-sample

Rise in Demand from Energy Transmission and Generation Sectors Drives the Global Market

An increase in energy demand from both developed and emerging countries has stimulated the growth of the energy-producing and transmission industries. Various reasons in developed and developing countries cause increased power demand. Energy efficiency gains mostly compensate for the change in electrification and digitization that is raising energy demand in developed regions. In emerging countries, rising industrial output, the service industry, and incomes fuel the energy demand. The per-capita energy needs of developing nations continue to be lower than those of wealthy countries. There is an increase in demand for electrical steel. Electrical steel is used in generators, transformers, and other electric power generation and transmission equipment.

Increase in Usage of Electric Vehicles Creates Tremendous Opportunities

Electric mobility is the way of the future for transportation due to factors like increasing pollution, fluctuating fuel prices, increased awareness of climate change, and practical government measures in the form of subsidies and tax breaks for electric vehicles. Due to the increase in pollution and decreasing reliance on fossil fuels, governments are now paying attention to using electric and plug-in hybrid cars.

Carbon emissions have been rising at an alarming rate, accelerating global warming and forcing countries to set carbon emission limits. The production and use of electric vehicles are expected to increase in the coming years. Electric vehicle regulations exist in developed nations like Germany, the U.S., and France. The governments of Chile, Canada, India, New Zealand, and Costa Rica, to name a few, are stepping up their support for electric vehicles.

Report Scope

Report Metric Details
Market Size by 2031 USD 66.6 billion
Market Size in 2022 USD 37.8 billion
CAGR 6.5% (2023-2031)
Historical Data 2020-2021
Base Year 2022
Forecast Period 2023-2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Type, By Application, By End User
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Cogent Power ,Nippon Steel & Sumitomo Metal Corporation ,POSCO, Baosteel ,China Baowu Steel Group Corporation Limited ,Ansteel Group Corporation Limited ,United States Steel Corporation ,ArcelorMittal ,Tata Steel Limited ,SAIL (Steel Authority of India Limited) ,Voestalpine Group ,Baosteel Group (Baowu Steel Group Corporation Limited) ,Jindal Steel and Power Limited ,JFE Steel Corporation ,Essar Steel
Key Market Opportunities Upcoming Rules, Government Assistance, And Regulations
Key Market Drivers Rising Electric Motor Demand to Speed Up Market Growth

Buy Now Full Report @  https://straitsresearch.com/buy-now/electrical-steel-market

Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to exhibit a CAGR of 6.20% during the projection period. Asia-Pacific had the most significant market share in terms of volume and revenue in 2019. Facts such as the existence of the largest power transformer market in the world due to the presence of countries like China, India, and Indonesia help to explain this. China is one of the significant power transformer producers. Asia-Pacific is also one of the leading markets for wind turbines. The concentration of substantial manufacturers and users of wind generators in the area explains this. Xinjiang GoldWind Science and Technology Co., Ltd. and China Ming Yang Wind Power Group Limited are two important manufacturers of wind turbines in China.

Europe is anticipated to exhibit a CAGR of 5.40% over the projection period. The examination of Europe takes into account Germany, France, the United Kingdom, Italy, Spain, and the rest of the continent. The growth of the European electrical steel market is aided by the development of the renewable energy sector, favorable rules for electric vehicles, and the existence of significant rivals in the region, among other things. Renewable energy generation is rising in Europe, which is excellent news for businesses that produce electrical steel. Gas jobs and carbon emissions both decreased. Investment in renewable energy projects will increase immediately due to the nation’s use of electrical steel.

Key Highlights

  • The global electrical steel market size is projected to reach USD 66.6 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2023-2031).
  • Based on type, the global electrical steel market is bifurcated into grain-oriented and non-grain-oriented electrical steel. The non-grain-oriented electrical steel segment is the major contributor to the market and is estimated to exhibit a CAGR of 5.75% during the forecast period.
  • The global electrical steel market is bifurcated based on application into transformers, motors, generators, and others. The transformers segment is the major contributor to the market and is estimated to exhibit a CAGR of 5.80% during the forecast period.
  • Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 6.20% during the forecast period.

Competitive Players

The global electrical steel market’s major key players are ArcelorMittal, Voestalpine AG, TATA Steel Limited, Thyssenkrupp AG, JFE Steel Corporation, Baosteel, Nippon Steel and Sumitomo Metal Corporation, United States Steel Corporation, POSCO, and SAIL India.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/electrical-steel-market/request-sample

Global Electrical Steel Market: Segmentation

By Type

  • Grain-Oriented Electrical Steel
  • Non-Grain-Oriented Electrical Steel

By Applications

  • Transformers
  • Motors
  • Generators
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. EXECUTIVE SUMMARY
  2. RESEARCH SCOPE & SEGMENTATION
    1. Research Objectives
    2. Market Definition
    3. Limitations & Assumptions
    4. Market Scope & Segmentation
    5. Currency & Pricing Considered
  1. MARKET OPPORTUNITY ASSESSMENT
    1. Emerging Regions / Countries
    2. Emerging Companies
    3. Emerging Applications / End Use
    4. Investment Landscape
    5. New Business Models / Revenue Streams
    6. TAM
  1. MARKET TRENDS
    1. Drivers
    2. Market Warning Factors
    3. Latest Macro Economic Indicators
    4. Geopolitical Impact
    5. Human Factors
    6. Technology Factors
  1. MARKET ASSESSMENT
    1. Porters Five Forces Analysis
    2. Value Chain Analysis
    3. Raw Material Analysis
    4. Sales And Distribution Channel Analysis
    5. Trade Analysis
    6. Average Pricing Analysis
    7. Case Study Analysis
    8. Patent Analysis
    9. M & A Agreements & Collabration Analysis
    10. Export Import Analysis
    11. Cost Structure Analysis
  1. ESG TRENDS
  2. GLOBAL ELECTRICAL STEEL MARKET SIZE ANALYSIS

    1. Global Electrical Steel Market Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
  1. NORTH AMERICA MARKET ANALYSIS
    1. Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
    1. U.S.
      1. By Type
        1. Introduction
          1. Type By Value
        2. Grain Oriented
          1. By Value
        3. Non-Grain Oriented
          1. By Value
        4. Others
          1. By Value
      1. By Applications
        1. Introduction
          1. Applications By Value
        2. Inductors
          1. By Value
        3. Transformers
          1. By Value
        4. Motors
          1. By Value
        5. Rotors
          1. By Value
        6. Stators
          1. By Value
        7. Others
          1. By Value
      1. By End User
        1. Introduction
          1. End User By Value
        2. Household Appliances
          1. By Value
        3. Manufacturing
          1. By Value
        4. Energy & Power
          1. By Value
        5. Automotive
          1. By Value
        6. Others
          1. By Value
    1. Canada
  1. EUROPE MARKET ANALYSIS
    1. Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
    1. U.K.
      1. By Type
        1. Introduction
          1. Type By Value
        2. Grain Oriented
          1. By Value
        3. Non-Grain Oriented
          1. By Value
        4. Others
          1. By Value
      1. By Applications
        1. Introduction
          1. Applications By Value
        2. Inductors
          1. By Value
        3. Transformers
          1. By Value
        4. Motors
          1. By Value
        5. Rotors
          1. By Value
        6. Stators
          1. By Value
        7. Others
          1. By Value
      1. By End User
        1. Introduction
          1. End User By Value
        2. Household Appliances
          1. By Value
        3. Manufacturing
          1. By Value
        4. Energy & Power
          1. By Value
        5. Automotive
          1. By Value
        6. Others
          1. By Value
    1. Germany
    2. France
    3. Spain
    4. Italy
    5. Russia
    6. Nordic
    7. Benelux
    8. Rest Of Europe
  1. APAC MARKET ANALYSIS
    1. Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
    1. China
      1. By Type
        1. Introduction
          1. Type By Value
        2. Grain Oriented
          1. By Value
        3. Non-Grain Oriented
          1. By Value
        4. Others
          1. By Value
      1. By Applications
        1. Introduction
          1. Applications By Value
        2. Inductors
          1. By Value
        3. Transformers
          1. By Value
        4. Motors
          1. By Value
        5. Rotors
          1. By Value
        6. Stators
          1. By Value
        7. Others
          1. By Value
      1. By End User
        1. Introduction
          1. End User By Value
        2. Household Appliances
          1. By Value
        3. Manufacturing
          1. By Value
        4. Energy & Power
          1. By Value
        5. Automotive
          1. By Value
        6. Others
          1. By Value
    1. Korea
    2. Japan
    3. India
    4. Australia
    5. Taiwan
    6. South East Asia
    7. Rest Of Asia-Pacific
  1. MIDDLE EAST AND AFRICA MARKET ANALYSIS
    1. Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
    1. UAE
      1. By Type
        1. Introduction
          1. Type By Value
        2. Grain Oriented
          1. By Value
        3. Non-Grain Oriented
          1. By Value
        4. Others
          1. By Value
      1. By Applications
        1. Introduction
          1. Applications By Value
        2. Inductors
          1. By Value
        3. Transformers
          1. By Value
        4. Motors
          1. By Value
        5. Rotors
          1. By Value
        6. Stators
          1. By Value
        7. Others
          1. By Value
      1. By End User
        1. Introduction
          1. End User By Value
        2. Household Appliances
          1. By Value
        3. Manufacturing
          1. By Value
        4. Energy & Power
          1. By Value
        5. Automotive
          1. By Value
        6. Others
          1. By Value
    1. Turkey
    2. Saudi Arabia
    3. South Africa
    4. Egypt
    5. Nigeria
    6. Rest Of MEA
  1. LATAM MARKET ANALYSIS
    1. Introduction
    2. By Type
      1. Introduction
        1. Type By Value
      1. Grain Oriented
        1. By Value
      1. Non-Grain Oriented
        1. By Value
      1. Others
        1. By Value
    1. By Applications
      1. Introduction
        1. Applications By Value
      1. Inductors
        1. By Value
      1. Transformers
        1. By Value
      1. Motors
        1. By Value
      1. Rotors
        1. By Value
      1. Stators
        1. By Value
      1. Others
        1. By Value
    1. By End User
      1. Introduction
        1. End User By Value
      1. Household Appliances
        1. By Value
      1. Manufacturing
        1. By Value
      1. Energy & Power
        1. By Value
      1. Automotive
        1. By Value
      1. Others
        1. By Value
    1. Brazil
      1. By Type
        1. Introduction
          1. Type By Value
        2. Grain Oriented
          1. By Value
        3. Non-Grain Oriented
          1. By Value
        4. Others
          1. By Value
      1. By Applications
        1. Introduction
          1. Applications By Value
        2. Inductors
          1. By Value
        3. Transformers
          1. By Value
        4. Motors
          1. By Value
        5. Rotors
          1. By Value
        6. Stators
          1. By Value
        7. Others
          1. By Value
      1. By End User
        1. Introduction
          1. End User By Value
        2. Household Appliances
          1. By Value
        3. Manufacturing
          1. By Value
        4. Energy & Power
          1. By Value
        5. Automotive
          1. By Value
        6. Others
          1. By Value
    1. Mexico
    2. Argentina
    3. Chile
    4. Colombia
    5. Rest Of LATAM
  1. COMPETITIVE ASSESSMENT
    1. Adoption Matrix
    2. Electrical Steel Market Share By Manufacturers
    3. Electrical Steel Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
  1. MARKET PLAYERS ASSESSMENT
    1. Cogent Power
      1. Overview
      2. Business Information
      3. Revenue
      4. ASP
      5. Gross Margin
      6. Swot Analysis
      7. Recent Developmments
    1. Nippon Steel & Sumitomo Metal Corporation
    2. POSCO, Baosteel
    3. China Baowu Steel Group Corporation Limited
    4. Ansteel Group Corporation Limited
    5. United States Steel Corporation
    6. ArcelorMittal
    7. Tata Steel Limited
    8. SAIL (Steel Authority Of India Limited)
    9. Voestalpine Group
    10. Baosteel Group (Baowu Steel Group Corporation Limited)
    11. Jindal Steel And Power Limited
    12. JFE Steel Corporation
    13. Essar Steel
  1. RESEARCH METHODOLOGY
    1. Research Data
      1. Secondary Data
        1. Major Secondary Sources
        2. Key Data From Secondary Sources
      1. Primary Data
        1. Key Data From Primary Sources
        2. Breakdown Of Primaries
      1. Secondary And Primary Research
        1. Key Industry Insights
    1. Market Size Estimation
      1. Bottom-Up Approach
      2. Top-Down Approach
      3. Market Projection
    1. Research Assumptions
      1. Assumptions
    1. Limitations
    2. Risk Assessment
  1. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
  1. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/electrical-steel-market/toc

Market News

  • In February 2023, Nippon Steel announced that they would issue a green bond for electrical steel sheets applied in eco-car motors.
  • In September 2022, JSW, Japan’s JFE, was planning to invest USD 1 billion in specialty steel.

News Media

Global Electric Motor for Household Appliances Industry Grows Steadily at a CAGR of 4.95%

Global Motor Monitoring Market Grows Steadily at a CAGR of 7.1%

Have a Look at the Related Research Report

Spintronics MarketInformation by Device Type (Metal-based Devices), Application (Electric Vehicles, Industrial Motors), End-User (Automotive), and Region – Forecast till 2030

Passive Electronic Components Market: Information by Capacitors (Type and End-User Industry), Inductors (Type and End-User Industry), Resistors (Type and End-User Industry), and Region — Forecast till 2030

Inductors, Cores, and Beads Market: Information by Inductor Application (Power Inductor, Frequency Inductor), Inductor Core (Air/ceramic Core), Inductor Type, and Region — Forecast till 2030

Instrument Transformer Market: Information by Type (Current Transformers, Potential Transformers), End User (Power Utilities), Application, Voltage, and Region — Forecast till 2030

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 480 7505 (the U.S.)

+91 8087085354 (APAC)

+44 208 068 9665 (the U.K.)

Email: [email protected]

Follow Us: LinkedIn | Facebook | Instagram | Twitter


Primary Logo

Originally published at https://www.einpresswire.com/article/655733097/electrical-steel-market-size-is-projected-to-reach-usd-66-6-billion-by-2031-growing-at-a-cagr-of-6-5-straits-research

- Part of VUGA -marketing agency

latest articles

gossip tv free

explore more

free fashion tv