Market Research Report
Electrical Steel - Global Market Outlook (2019-2027)
|Published by||Stratistics Market Research Consulting||Product code||947010|
|Published||Content info||148 Pages
Delivery time: 2-3 business days
|Electrical Steel - Global Market Outlook (2019-2027)|
|Published: July 1, 2020||Content info: 148 Pages||
According to Stratistics MRC, the Global Electrical Steel Market is accounted for $34.95 billion in 2019 and is expected to reach $67.13 billion by 2027 growing at a CAGR of 8.5% during the forecast period. More consumption rate of electrical steel in transformers and motors and growing municipal population proliferate the command for electrical steel are the major factors propelling the market growth. However, volatile price of raw material is hampering the market growth.
Electrical steel is a type of specialty steel manufactured by modifying the magnetic properties of conventional steel to induce high permeability. Electrical steel is extensively used in cores of transformers, motors and generators. They are designed to provide high attractive flux density, high permeability and lowest amount energy loss and extensively used in automotive, energy and manufacturing industries.
Based on the type, the grain oriented electrical steel segment is likely to have a huge demand due to it improves the transformers performance by enhancing the effectiveness and reducing equipment weight. These products contain large sized grains that help in reducing hysteresis loss, are energy capable steel and broadly used in transformers and power generators.
By geography, North America is estimated to have a lucrative growth owing to mounting demand for automotive and electric vehicles in the region. These products ensure minimum energy loss, raise the efficiency of machine and enhance the fuel economy of automotive. Increasing urbanization, growing electric vehicles sales along with rising preference of manufacturers for steel components and rising technological advancements should further promote regional demand.
Some of the key players profiled in the Electrical Steel Market include JFE Steel Corporation, Essar Steel, Hebei Puyang Iron and Steel Group, Jiangsu Shagang International Trade Co. Ltd., China Steel Corporation, JSW Steel, Wuhan Iron & Steel Corporation, Thyssenkrupp AG, Voestalpine Group, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited, Tata Steel Limited and Posco.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.