According to the latest data from Future Market Insights, global sales of electrical steel are expected to reach over US$ 37.5 billion in 2021, with a consistent long-term forecast (FMI). From 2021 to 2031, the market is expected to grow at a CAGR of around 6.5 percent, according to the analysis.
According to Future Market Insights’ annual market report, increased demand for electrical steel products has resulted from the expansion of the energy and vehicle industries. Over the next few years, rapid technological advances in production methods are expected to support market expansion.
Despite the COVID-19 pandemic’s recessionary effect in 2020, the broader steel sector has mostly remained untouched in terms of production and supply. Electrical steel growth in the following decade is likely to continue on an upward track for the foreseeable future, thanks to continued demand from the energy industry.
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Demand for electrical steel is increasing with the rise in the volume of transformer and motor production and sales in recent years. This can be attributed to an increase in investments and expansion of new power generation and transmission projects in developing nations.
The growing requirement of mass production has resulted in increased importance of process automation in the electrical steel market. The market is shifting towards Industry 4.0 norms, leading to the promotion and universal adoption of new production technologies.
There is also an increasing demand from energy and automotive industries for the deployment of electrical steel in various applications. An increasing number of players focusing on research and development related to electrical steel is anticipated to have a significant contribution towards market growth in the years to come.
Key Takeaways from Electrical Steel Market Study
- Grain-oriented electrical steel is projected to hold over 51% percent of the global market share in 2021, supported by superior structural characteristics.
- The energy sector is projected to hold over 33% of the overall market share as an end-user by 2031-end, supported by major investments into renewable energy projects.
- The U.S. will remain a chief market, backed by rising demand from the energy sector. It is expected to account for over 86% of demand registered in North America in 2021.
- The markets in India and China are set to surge at around 8% and 7% CAGR over the next ten years.
- Russia is emerging as a key market in Europe, accounting for over US$ 2.1 Bn in 2021, driven by a massive energy infrastructure requirement.
“The electrical steel market is growing at a strong pace driven largely by increasing demand from the energy industry for applications in motors, transformers, and components. The increasing investment in power generation and transmission projects will create extensive opportunities for electrical steel manufacturers. Key industry participants are investing in expansions, strategic alliances, partnerships, and material innovations to gain a competitive advantage in the evolving global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says a Future Market Insights analyst.
Key Points Covered in Electrical Steel Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Electrical Steel Market and How to Navigate
- Recommendation on Key Winning Strategies
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Competitive Landscape
The electrical steel market is moderately consolidated, with key players accounting for more than 50% of the market share. These players are likely to invest in new technology developments and the expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, ArcelorMittal SA, Aperam SA, Baosteel Group, AK Steel Holding Corp, Allegheny Technologies, Inc., Phoenix Mecano AG, and Steel Authority of India Limited.
Find More Valuable Insights
The research report analyzes the demand for electrical steel. The global electrical steel market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product type, application, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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