Global "Electrical Steel Market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. Increasing infrastructure activities, rising demand in power sector, and industrialization are the major factors responsible for the growth of the electrical steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.
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Manufacturing is the largest application segment of the electrical steel market
On the basis of end-use industry the market is segmented into energy, automotive, manufacturing, household appliances, and others. Others include construction and fabrication. The manufacturing segment led the market during the forecast period. This is attributed to the growth of economies across the globe, which is directly linked to the growth of the manufacturing end-use industry. In addition, the growing industrialization in developed & developing economies is also expected to further drive the market for electrical steel.
APAC is the largest market for the electrical steel market
The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growing infrastructure & construction and automotive industries. The rise in applications is expected to drive the market in this region. These factors contribute to the rising demand for electrical steel in the industrial facilities in the APAC region. The presence of several electrical steel-producing companies in China and India is expected to play an important role in the revenue growth of the APAC market. As APAC is the most widely populated region in the world, it consequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and, in turn, the electrical steel market as well.
The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others.
Arcelor Mittal (Germany) is one of the leading players in the electrical steel market and has been adopting inorganic and organic strategies to sustain its market position. In December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition helped the company strengthen its market presence in India.
POSCO (South Korea) is another major company in the electrical steel market. It has been adopting organic and inorganic strategies to sustain its position in the market. In April 2019, the company announced plans to transfer Gwangyang LNG Terminal to POSCO Energy and merge off-gas power plants in Pohang and Gwangyang. The restructuring enhanced operational efficiency and strengthened the company’s LNG midstream business. In the same month, the company launched a new website POSCO Products. The website comprises six categories, such as products, industries, megatrend, media, application technology, and customer support, which makes technical products’ information more accessible for the general public and their clients.
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