Global Electrical Steel Market to Reach $49.3 Billion by 2027
Amid the COVID-19 crisis, the global market for Electrical Steel estimated at US$33.2 Billion in the year 2020, is projected to reach a revised size of US$49.3 Billion by 2027, growing at a CAGR of 5.8% over the period 2020-2027. Grain-Oriented, one of the segments analyzed in the report, is projected to record 5.5% CAGR and reach US$20.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non Grain-Oriented segment is readjusted to a revised 6.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9 Billion, While China is Forecast to Grow at 8.9% CAGR
The Electrical Steel market in the U.S. is estimated at US$9 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$10.4 Billion by the year 2027 trailing a CAGR of 8.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
Select Competitors (Total 41 Featured):
Amid the COVID-19 crisis, the global market for Electrical Steel estimated at US$33.2 Billion in the year 2020, is projected to reach a revised size of US$49.3 Billion by 2027, growing at a CAGR of 5.8% over the period 2020-2027. Grain-Oriented, one of the segments analyzed in the report, is projected to record 5.5% CAGR and reach US$20.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non Grain-Oriented segment is readjusted to a revised 6.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9 Billion, While China is Forecast to Grow at 8.9% CAGR
The Electrical Steel market in the U.S. is estimated at US$9 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$10.4 Billion by the year 2027 trailing a CAGR of 8.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.
Select Competitors (Total 41 Featured):
- ArcelorMittal SA
- Baosteel Group Corporation
- China Steel Corporation
- Essar Steel India Ltd.
- Hebei Puyang Iron and Steel Group
- JFE Steel Corporation
- JSW Steel Ltd.
- Nippon Steel & Sumitomo Metal Corporation
- POSCO
- Steel Authority of India Ltd. (SAIL)
- Tata Steel Ltd.
- ThyssenKrupp AG
- Union Electric Steel Corporation
- United States Steel Corporation
- Wuhan Iron & Steel (Group) Corporation
Note: Product cover images may vary from those shown
I. METHODOLOGY
II. EXECUTIVE SUMMARY
II. EXECUTIVE SUMMARY
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Global Electrical Steel Market - Prelude
- Factors Driving Global Electrical Steel Market
- Non-Grain Oriented Electrical Steel Leads Global Market
- Electrical Steel Market by End Use
- Transformers Segment Emerges as the Most Promising Application Market
- China and Asia-Pacific - Lucrative Regional Markets for Electrical Steel
- Competition
- Highly Competitive Marketplace Dominated by Few Global Majors
- Exhibit 1: Global Grain Oriented Electrical Steel Market - Percentage Breakdown of Sales by Leading Players
- Expanding Applications of Electrical Steel
- Diverse Properties of Electrical Steel Presents Opportunity to Expand Applications Range
- Growing EV Sales to Benefit Electrical Steel Market
- Increasing Sales of Hybrid EV Fosters Demand for Electrical Steel
- Exhibit 2: Global EV Market - Sales of BEVs, PHEVs, Full + Mid Hybrids, and Pure ICE for the Years 2015, 2020, 2025 and 2030
- Regulations to Reduce Electrical Losses of Transformers and Improve Energy Efficiency Drives Focus onto Electrical Steel as Core Material
- Electrical Steel's Application in Transformer
- With Rising Electricity Demand Fueling Distribution Transformers Market, Electrical Steel Market is Poised for Growth
- Exhibit 3: Global Power Transformers Market in US$ Billion for the Period 2015-2022
- Exhibit 4: Rising Electricity Demand and Growth in Transformers Market Augurs Well for Electrical Steel - Global Electricity Demand in TWh for the Years 2000 through 2017
- Electrical Steel in Electric Motors - An Overview
- Electrical Steel to Improve Motors Used in EVs
- Processing Difficulties and Rising Threat of Substitutes - Key Challenges Confronting Electrical Steel Market
- Innovations & Advancements
- Electrical Steel Market - Innovations Drive Growth
- TUM Researchers Optimize Cutting Process of Electrical Steel for Use in Electric Motors
- Product Overview
- Electrical Steel - An Introduction
- Grain Oriented and Non-Grain Oriented - Types of Electrical Steel
- Applications of Silicon Steel
- China Leads Global Electrical Steel Market
- Electrical Steel Market in Europe - An Overview
- EU Conducts Safeguard Investigation for Electrical Steel
- India's Steel Ministry Leads R&D Project to Develop Indigenous CRGO Production Technology
- Total Companies Profiled: 41
Note: Product cover images may vary from those shown
