The 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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The increasing global automobile production is a major factor driving the growth of the global electrical steel market. The global automotive production is improving year-on-year. The deployment of electrical steel in automotive cars increases a vehicle’s fuel efficiency, thus driving the consumption of electrical steel in the automotive industry. The increasing demand for electric and hybrid vehicles is expected to further boost the growth of the electrical steel market during the forecast period.
Energy conservation is a new trend in the global electrical steel market. Rising electricity consumption and the increasing need for industrial development are the major drivers boosting the demand for transformers, thus driving the global electrical steel market. Electrical steel is mainly used in the power sector because of its high magnetic permeability.
Growing industrialization and the application of motors in the residential sector are driving the growth of electrical steel in motors. Electrical steel has become an essential component of electric motors as it creates stronger magnetic flux, which is key to the torque of an electric motor. Furthermore, it also leads to higher efficiency. Given that the sustainable development program of the United Nations warrants incremented industrialization in the coming year, the vendors in the electrical steel market will be reaping a lot of benefits in terms of revenues.
The transformer segment is projected to lead the electrical steel market
Based on application, the transformers application is projected to lead the electrical steel market. The growth of this segment can be attributed to the growing energy consumption across the globe. Transformer cores are an integral part of the transformer, which is made up of laminations of electric steel. The use of electrical steel results in magnetic flux, and low core loss. Transformers application is also expected to register highest CAGR during the forecast period.
The energy industry is projected to be the major consumer of electrical steel
Based on end-use industry, the global electrical steel market is segregated into energy, automobiles, manufacturing, household appliances, and others. Others include construction and fabrication. The energy segment is projected to grow at the highest CAGR. This growth is attributed towards increasing population, industrialization and urbanization. Energy industry is also expected to register hghest CAGR during the forecast period.
Based on region, the electrical steel market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2019.
APAC accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to the increasing construction & infrastructure activities, especially in China, Japan, and India, coupled with increasing investments from domestic and foreign investors in the public and private sectors. APAC is also expected to register highest CAGR during the forecast period.
Key players in the electrical steel market, namely, ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan) are considered for the study.
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