The Persuasive Electrical Steel Market Report is a window into the industry that discusses market definition, classification, application, engagement, and market trends. Additionally, strategic models around growth objectives are designed by analysts, with detailed analysis of routes to market, competencies to be leveraged and developed, and any potential constraints. The Electrical Steel s Market Study also evaluates the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis. Leave no stone unturned when researching and analyzing data to prepare market research reports like this and others.
The large-scale Electrical Steel Market Report serves as an established source of information to offer a telescopic view of the current market trends, situations, opportunities and status. The report is divided into several characteristics which include manufacturers, regions, types, applications, market status, market share, growth rate, future trends, market drivers, opportunities, challenges, emerging trends, risks, entry barriers, sales channels, and distributors which are again detailed in the report as necessary to define the topic and provide maximum information for better decision making. Additionally, the excellent Electrical Steel Market report also provides a top to bottom assessment of the market with respect to revenue and emerging business sectors.
Data Bridge Market Research analyses that the electrical steel market was valued at USD 15.41 billion in 2021 and is expected to reach USD 25.09 billion by 2029, registering a CAGR of 6.28% during the forecast period of 2022 to 2029.
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Report Scope and Market Segmentation
REPORT METRIC
DETAILS
Forecast Period
2022 to 2029
Base Year
2021
Historic Years
2020 (Customizable to 2014 - 2019)
Quantitative Units
Revenue in USD Billion, Volumes in Units, Pricing in USD
Segments Covered
Type (Grain Oriented Steel (CGRO), Non-Oriented Electrical Steel (CRNGO)), Thickness (0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM, and Others), Core Losses (Less Than 0.9 w/kg, 0.90 w/kg to 0.99 w/kg, 1.00 w/kg to 1.29 w/kg, 1.30 w/kg to 1.39 w/kg, and above1.39 w/kg), Flux Density (Less Than 1.65 Tesla, 1.65 Tesla to 1.69 Tesla, 1.69 Tesla to 1.73 Tesla, 1.73 Tesla to 1.76 Tesla, and Above 1.76 Tesla), Application (Transformers, Inductors, Battery, Shunt Reactors, Convertors, Motors, Electrical Ballasts, Power Generators, Wound Cores, and Others), End-User (Energy and Power, Household Appliances, Automobiles, Building and Construction, and Others),
Countries Covered
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
Market Players Covered
ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), Esteel (South Korea), Hesteel Group Tangsteel Company (China) ChinaSteel (Taiwan), ESL Steel Ltd. (India), Jiangsu Shagang Group Su ICP (China)., Union Electric Steel Corporation (US), hebei puyang iron and steel group (china), Aperam (Luxemborg), Cleveland-Cliffs Inc. (US), Slovenian Steel Group (Slovenia) and Sko-Die Inc (US)
Market Opportunities
Increase in the number of emerging markets
Increasing number of product innovations
Usage of Pre-engineered Structures
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Electrical Steel Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
High consumption rate of electrical steel in transformers and motors
The growing global automobile production is a major factor which is driving the growth of the global electrical steel market. The use of electrical steel in automobiles improves fuel efficiency, which drives the consumption of electrical steel in the automotive industry. The growing demand for hybrid and electric is anticipated to further increase the growth of the electrical steel market during the forecast period. Rising consumption of electricity and the growing demand for industrial development are the major drivers expected to enhance the demand for transformers.
Rise in the number of power generation and transmission projects
Development can be attributed to the upsurge of power generation and transmission projects across the world. The demand for electrical steel has augmented surprisingly and consistently for various use across end-use industries.
Rise of the demand in automobile industry
Automobiles are made of a range of materials, including magnesium, copper, polymers, steel, aluminium, and carbon fibres. These are the primary materials used in the production of automobiles, components, and parts. Electrical steel's high electrical resistivity, high permeability, low magnetostriction, and low hysteresis loss make it a popular material for automotive manufacture.
Increase in the demand in manufacturing sector
Manufacturing sector is estimated to be the largest sector in the electrical steel market during the forecast period. This sector's growth is largely attributed to the growth of economies across the world, which is directly related to the growth of the manufacturing sector. Furthermore, the increasing industrialization in developed and developing markets is also expected to further drive the market for electrical steel.
Opportunities
Upcoming regulations and government support
Governmental bodies emphasize on the decrease of carbon emissions from automobiles. They support the use of electrical steel not only for electric vehicles but also for heavy construction equipment and passenger vehicles and conduct research and development (R&D) on new materials.
Usage of pre-engineered structures
Pre-engineered buildings (PEBs) use in the construction of metro stations, industrial buildings and warehouses which has opened up major opportunities for increase of electrical steel usage globally
Key Insights Of Electrical Steel Market Report
The report comprises a detailed analysis of different segments and offers market valuations between 2023 to 2030.
This study presents the analytical depiction of the Electrical Steel Market with the current trends and future estimations to determine the imminent investment pockets
The report also reveals information with respect to key drivers, restraints, and opportunities coupled with a comprehensive analysis of the global Electrical Steel Market
The forecast period of the Electrical Steel Market is assessed from 2024 to 2030 to highlight the Electrical Steel Market growth scenario.
Porter’s five forces analysis establishes the effectiveness of the buyers and suppliers in the business line.
The key players in the industry are profiled to gain an understanding of the strategies adopted by them.
This report provides the current trends and future estimations during the forecast period, which in turn aids in identify the prevailing market opportunities.
The company portfolio includes company synopsis, operating business sectors, business overview, product/service categories, and recent growth strategies adopted by them.
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