The electrical steel market study Future Market Insights offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers insights into opportunities existing in key segments, including type and applications.
Future Market Insights, Dubai: The electrical steel market value will total US$ 37.5 Bn in 2021, as per Future Market Insights (FMI). Exhibiting a CAGR of 6.5% for 2021-2031, the market is expected to reach US$ 70.5 Bn by the end of 2031. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is forecast to register 5.3% year-on-year growth in 2021.
The demand for electrical steel will surge particularly in emerging economies, as they leverage renewable energy sector and invest in infrastructure activities. Consequently, the market will register rising application of electrical steel in transformers. This factor however is not restricted to a particular region, rather it will guarantee global market growth on account of increasing energy consumption around the world.
Among various types, application of grain-oriented steel will continue increasing in transformers and generators, which will stimulate growth of the market. Also, growing demand for automobiles, spurred by the rise in population, lifestyle changes, and emergence of technological innovations has spurred sales of the non-grained electrical steel.
According to the study, the demand for non-gain oriented electrical steel is anticipated to rise at a CAGR of 5.7% in 2021. On the other hand, grain-oriented electrical steel will account for over 55% of the market share in 2021.
The market for electrical steel in Europe is forecast to grow at a CAGR of 5% over the assessment period. Meanwhile, factors such as presence of key market players, rising research and developmental activities, and expansion of production facilities will aid in electrical steel market growth in the U.S.
“Increasing demand for highly-efficient transformers across the globe will bolster sales of electrical steel. To capitalize on available opportunities, manufacturers are likely to focus on capacity expansion,” said a Future Market Insights analyst.
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Key Takeaways from Electrical Steel Market Survey
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Key manufacturers are focusing on expanding their facilities in order to strengthen their market presence.
For instance, in November 2020, Nippon Steel, a leading steel manufacturing company based in Japan announced plans to invest approximately US $1 billion to broaden its electrical steel sheet facilities at two plants in Japan. This progression will raise its capacity for over 40% by the first half of 2023 to address the growing demand for electric vehicles and transformers across end users.
Other players operating in the market are focusing on new product offerings to enhance their product portfolio.
For instance, in 2020, Voestalpine Group, announced the launch of its two electrical sheet products named, blacklack-V and Sovac. With the launch of these novel products, company will witness an upsurge in revenue from end use segments.
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global electrical steel market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in electrical steel market with detailed segmentation:
By Product Type:
By End Use:
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