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Aug 22, 2023

Electrical steel market size to grow by USD 18,273.08 million from 2022 to 2027

News provided by 02 Aug, 2023, 10:45 ET Share this article NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The global electrical steel market size is estimated to increase by USD 18,273.08 million from 2022 to

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02 Aug, 2023, 10:45 ET

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NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The global electrical steel market size is estimated to increase by USD 18,273.08 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 9.56% during the forecast period. Discover some insights on market size historic period (2017 to 2021) and the forecast (2023 to 2027) before buying the full report -Request a sample report

Electrical steel market – Vendor AnalysisVendor Landscape - The global electrical steel market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer electrical steel in the market are Ansteel Group Corp. Ltd., Aperam SA, ArcelorMittal, Arnold Magnetic Technologies Corp., Beijing Shougang Co. Ltd., China BaoWu Steel Group Corp. Ltd., China Steel Corp., Cleveland Cliffs Inc., JFE Holdings Inc., JSW STEEL LTD., Nippon Steel Corp., NLMK Group, Nucor Corp., POSCO holdings Inc., Steel Authority of India Ltd., Tata Sons Pvt. Ltd., thyssenkrupp AG, United States Steel Corp., voestalpine AG, and Yieh Corp. and others.

What's New? -

Vendor Offerings -

Electrical steel market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on Type (Grain-oriented electrical steel and Non-grain oriented electrical steel), End-user (Automobiles, Manufacturing, and Energy generation), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).

Geography OverviewBy geography, the global electrical steel market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electrical steel market.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Electrical steel market – Market Dynamics

Leading Drivers -

Increasing demand for electrical steel in the automotive industry drives the growth of the electrical steel market. Global automakers prioritize lightweight, fuel-efficient, and eco-friendly vehicles to meet stringent environmental regulations, utilizing plastic or polymer components to reduce emissions and improve fuel efficiency.

Furthermore, factors such as the growing global production of automotive vehicles drive the demand for electrical steel during the forecast period. Hence, owing to such factors, the electrical steel market is estimated to grow during the forecast period.

Key Trends -

Expansion of production capacity by vendors is an emerging electrical steel market trend. The adoption of electrical steel in industrial applications can be attributed to its exceptional mechanical and magnetic properties. For instance, Ansteel Group Corp. Ltd. (Ben Gang Group) in August 2021, resulting in becoming the world's third-largest steelmaker with an annual production capacity of 63 million tons of crude steel.

The company also aims to achieve an annual production capacity of 70 million tons of crude steel by 2025, resulting in the increasing demand for electrical steel from various industries and the expansion of production capacity by market vendors. Hence, such trends fuel the growth of the electrical steel market during the forecast period.

Major challenges -

Excess production capacity in steel manufacturing plants challenges the growth of the electrical steel market. This excess production capacity leads to low capacity utilization ratios and an imbalance between steel demand and supply. In order to tackle unstructured capacity expansion, the Chinese government is taking measures to reorganize the market structure by closing down some steel production sites.

In spite of the rapid industry growth, investments in capacity expansion are projected to lower electrical steel prices. Hence, such challenges may impede the growth of the electrical steel market during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Electrical steel market scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.56%

Market growth 2023-2027

USD 18,273.08 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.5

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 74%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Ansteel Group Corp. Ltd., Aperam SA, ArcelorMittal, Arnold Magnetic Technologies Corp., Beijing Shougang Co. Ltd., China BaoWu Steel Group Corp. Ltd., China Steel Corp., Cleveland Cliffs Inc., JFE Holdings Inc., JSW STEEL LTD., Nippon Steel Corp., NLMK Group, Nucor Corp., POSCO holdings Inc., Steel Authority of India Ltd., Tata Sons Pvt. Ltd., thyssenkrupp AG, United States Steel Corp., voestalpine AG, and Yieh Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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