- Electrical Steel Demand to Total US$ 70 Bn as Power Consumption Accelerates in Industrial and Residential Sectors, Alike
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- 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.
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 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
- In terms of product, grain-oriented electrical steel is anticipated to dominate the segment, accounting for over 50% of total sales.
- 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.
Growth Drivers:
- 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.
Restraints:
- Fluctuations in steel prices and supply chain disruptions may hinder the market growth.
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Competitive Landscape
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:
- Novolipetsk Steel
- Voestalpine Stahl GmbH
- POSCO
- Nippon Steel
- Sumitomo Metal Corporation
- ThyssenKrupp AG
- JFE Steel Corporation
- Cogent Power
- ArcelorMittal SA
- Aperam SA
- Baosteel Group
- 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:
- Product:
- Grain-Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
- Application:
- Electric Steel for Inductors
- Electric Steel for Motors
- Electric Steel for Transformers
- End Use:
- Electrical Steel for Automobiles
- Electrical Steel for Manufacturing
- Electrical Steel for Energy Generation
- Electrical Steel for Household Appliances
- Electrical Steel for Other End Uses
- Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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.
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