The Global Electrical Steel Market is forecast to reach USD 24.40 billion by 2027. The major factors contributing to this growth is the increase in investments in infrastructure development and urbanization across the world. There is a surge in demand from the energy generation and transmission sector, and the introduction of electric vehicles is largely driving the industry’s growth.
Rising per capita consumption of electricity is leading to increasing demands in the power and energy sector. The shift towards urbanization is steadily increasing the urban population, and industrial developments across the world are driving the industry’s growth in the forecast period. Government initiatives regarding infrastructural development are also largely boosting the demand in the market. The increase in the disposable income of people around the world is contributing to the adoption of electric as well as hybrid vehicles. Electrical steel is widely used in the manufacturing process of these vehicles, and the combination of all these factors are playing a crucial role in the industry’s growth.
Lighting ballasts ensure the correct supply of electricity while starting electric lamps, and electric steel transformers were earlier used for magnetic blasts. Recently magnetic ballasts have been replaced by electronic ballasts, and this new technology does not require transformers to operate. This is largely restricting the industry’s growth. Apart from this, the increase in raw material prices is making the products of the industry costly and making room for substitutes.
Major players in the industry are focusing on expanding their businesses through mergers, collaborations, or partnerships and are trying to come up with innovative and customized products that would contribute to the sustained growth of the industry.
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The key players studied in the report are:
- Nippon Steel Sumitomo Metal Corporation (NSSMC),
- Voestalpine Group,
- United States Steel Corporation,
Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
- Non Grain-oriented
Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
- Household Appliances
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The study covers latest industry information, growth opportunities, and trends. It further explains in detail the competitive landscape of the industry with regional and global analysis and profiles of each competitor. The report highlights the recent mergers and acquisitions, collaborations, joint ventures, government initiatives, product launch or brand promotion, licensing agreements, and memorandum of understandings happening in the market. The report further offers data about key competitors including their manufacturing and production capacities, product portfolio, gross profit margins, strategic expansion plans, and projects and products in pipeline.
The automotive industry has expanded significantly over the recent past with a rapid rise in technology-driven trends such as diverse mobility, electrification of transportation sectors, autonomous driving, and integration of advanced technologies such as AI, ML, and deep learning in autonomous driving systems. Increasing trend of self-driving cars across the globe, rising investment in development of sophisticated and luxurious autonomous cars, and growing shift towards electric and hybrid vehicles to curb carbon emissions are some factors expected to drive revenue growth of the market over the forecast period. Trend of micromobility, connected and shared mobility, and increasing popularity of vehicle connectivity are disrupting the automotive industry and are expected to boost sales of autonomous and advanced cars over the coming years. In addition, rapid emergence of ride sharing platforms and apps, increasing investment to develop robust electric vehicle charging stations, and rising reliance on real-time predictive analytics to inform users of incoming traffic, navigations, and quicker routes are some other factors contributing to rapid growth of the automotive industry.
The report offers a country-wise and region-wise analysis to provide better understanding of the geographical expansion of the market and the current trends, demand and supply, customer trends, production and consumption trends, and import/export of each country in the region.
Further, the report segments the Electrical Steel market on the basis of products, applications, and end-use, among other segments and offers details about the segment expected to account for largest revenue share or rapid revenue CAGR and the key trends and factors influencing the revenue growth.
Major geographical regions analysed in the report include: -
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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