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“Electrical steel market is projected to grow at a CAGR of 7.0%”The Electrical Steel Market is projected to grow at a CAGR of 7.0% during the forecast period of 2016 to 2021, and reach USD 38.98 billion by 2021. Technological developments in the steel industry have resulted in improving the efficiency and effectiveness of steel products, along with reducing production and labor costs. The electrical steel market is gaining momentum due to advancements in technology and the high efficiency of electrical steel. This market has immense opportunities due to the increasing demand from the power sector. Other factors driving the electrical steel market is high consumption rate in transformers and motors. However, the volatility in price of raw material is restraining the growth of the electrical steel market.
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The report aims at estimating the market size and future growth potential of the electrical steel market across different segments such as type, application, end-use industry, and region. The other objectives include providing detailed information regarding the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It also aims to study the individual growth trends, future prospects, and contribution of various segments to the total market. The study also analyzes opportunities in the market for stakeholders and details of competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.
On the basis of type, the electrical steel market is segmented into grain-oriented and non grain-oriented electrical steel. Non grain-oriented electrical steel is projected to grow at a higher CAGR during the forecast period. Increased in the production of automobiles where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles is expected to increase the demand for non-grain oriented electrical steel products.
In terms of value, the transformer industry, by application, is projected to grow at the highest CAGR during the forecasted year. Factors such as increase in demand for energy on a global scale are expected to drive the transformers segment over the next few years. Moreover, the need for upgrading transmission and distribution networks and equipment is expected to be a critical success factor for the growth of the transformers industry.
In terms of value, the energy sector, by end-use, is projected to grow at the highest rate during the forecast period. This can be attributed to the growth of economies across the globe, which is directly linked to the growth of the power sector. In addition, the growing industrialization in developed & developing economies is also expected to further drive the energy segment in the electrical steel market.
Breakdown of Primaries :
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the electrical steel market. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The
distribution of primary interviews is as follows:
• By Company Type: Tier 1 –43%, Tier2 –33%,Tier 3 –24%
• By Designation: C Level –40%, Manager Level –35%, Others- 25%
• By Region: North America –20%,Asia-Pacific –12%,Europe –10%,MiddleEast and Africa – 8%Latin America–50%
Note: The tier of the companies is defined on the basis of their total revenue, as of 2015.
Tier 1: Revenue >USD 500million; Tier 2: USD 100million
The various key players profiled in the report are as follows:
• Arcelor Mittal SA (Luxembourg)
• POSCO (South Korea)
• Voestalpine Group. (Austria)
• Baosteel Group Corporation(China)
• Nippon Steel & Sumitomo Metal Corporation (Japan)
• United States Steel Corporation (U.S.)
• Steel Authority of India Limited (India)
• Tata Steel Limited (India)
• JFE Steel Corporation (India)
• Essar Steel. (India)
“The transformers segment held the largest share in the electrical steel market”
The transformers segment is estimated to dominate the application segment of the electrical steel market and is also projected to be the fastest-growing segment during the forecast period. Increase in demand for energy on a global scale is expected to drive the demand for transformers over the next few years. Moreover, the need for upgrading transmission and distribution facilities and equipment is expected to have a significant impact on the growth of the transformers industry.
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“The Asia-Pacific electrical steel market constitutes the largest market share and is projected to register the highest growth rate during the forecast period"
In 2015, Asia-Pacific dominated the total electrical steel market, in terms of value, followed by Europe and North America. Asia-Pacific is the most widely populated region in the world, which in turn drives 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. China is projected to be fastest-growing country-level market in the region for the electrical steel market. The country is experiencing rapid economic growth, which is likely to double the per capita electricity consumption by 2030. This will eventually drive the transformers market in China, leading to growth in the electrical steel market as well.
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