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Asia-Pacific contributed to the largest market share in 2019, accounting for nearly two-thirds of the global market share, and will maintain its leadership status throughout the forecast period. Moreover, this APAC electrical steel market is expected to grow at the highest CAGR of 6.0% from 2020 to 2027. The report also analyzes regions such as North America, Europe, and LAMEA.The report offers a detailed segmentation of the global electrical steel market based on type, application, and region.
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Based on type, the non-grain-oriented segment accounted for nearly two-thirds of the total market share in 2019, and is expected to maintain its leadership status during the forecast period. Contrarily, the grain-oriented segment is expected to register the highest CAGR of 6.0% from 2020 to 2027.
Based on application, the transformers segment accounted for the highest share in 2019, contributing to nearly two-fifths of the total market share in 2019, and is projected to dominate in terms of revenue during the forecast period. However, the motors segment is expected to witness the fastest CAGR of 6.4% from 2020 to 2027.
Leading players of the global electrical steel market include Aperam, Baosteel Group Hu, ArcelorMittal, JFE Holdings, Inc., Cleveland-Cliffs Inc., Nippon Steel Corporation, POSCO, Tata Steel, Slovenian Steel Group, and Voestalpine AG.
Rise in demand from energy generation & transmission industries and surge in deployment of renewable energy drive the growth of the global electrical steel market. However, fluctuations in raw material prices hinder the market growth. On the other hand, rise in utilization of electrical vehicles would offer new opportunities in the coming years.
Global electrical steel market is expected to generate $21.0 billion by 2027 and registering a CAGR of 5.8% from 2020 to 2027. The report offers a detailed analysis of changing market dynamics, key winning strategies, top investment pockets, top segments, value chain, and competitive scenario.
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Key offerings of the report:
• Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
• Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
• Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
• Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
• Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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