The global electrical steel market was valued at over USD 21.0 billion in 2019 and is expected to grow with a CAGR of 6.5% from 2019 to 2025. Prevalent use of electrical steel owing to its increasing investment in infrastructure along with increasing urbanization are contributing factors driving the global electrical steel market.
The electrical steel market research report, published by adroit market research, gives an in-depth analysis of the market from 2015 to 2025. The market has been studied from the year 2015 to 2017 considering it as the historic timeline, 2018 as the base year of estimation and 2019 to 2025 as the period of forecast. In addition, the study also possess the Porter’s five forces analysis and PESTLE analysis.
Electrical steels are the most commonly used soft magnetic material for control applications. Electrical steel consists of grain- as well as non- grain electrical steels. They are practical materials for the generation, transmission, and delivery of electrical energy and electrical equipment.
The related magnetic properties: magnetization activity and magnetic losses of non-grain-oriented electrical steels are determined by the strength of the texture components and by the inhomogeneity of the microstructure of the eventually processing material: grain size distribution, precipitation, internal tension.
The number of processing steps and process parameters are strikingly different for non-grain oriented electrical steels compiled into grain-oriented electrical steels. Production after casting consists of hot rolling, cold rolling, and final annealing. Product and process advances in the field of non-grain-oriented electrical steels are defined, as in the case of grain-oriented electrical steels, by the adaptation of magnetic properties and other physical properties for special application areas as well as by technical innovations.
Global non-grain-oriented electrical steel industry size will reach USD 10.6 billion by 2025 due to the increasing global demand for electric vehicles. Increasing demand for the production of vehicles has raised the demand for goods as a key ingredient in motor parts to improve the strength and fuel efficiency of vehicles and is expected to enhance the growth of the industry.
A number of industry players such as Voestalpine, ArcelorMittal Europe, MITSUI & Co. and Arnold Magnetic Technologies have become less competitive and concentrated in global electricity steel market share. Manufacturers concentrate primarily on the production of new creative goods so that their product range can be extended and new customers can grow. The attention of the main players is growing over the years, thanks to a large number of customers in the region, to penetrate the South-East Asian markets.
Key Segments of the Global Electrical Steel Market
Product Overview, 2015-2025 (USD Million) (Kilo Tons)
- Grain Oriented
- Non Grain-Oriented
Application Overview, 2015-2025 (USD Million) (Kilo Tons)
End-Use Overview, 2015-2025 (USD Million) (Kilo Tons)
- Household Appliances
Regional Overview, 2015-2025 (USD Million) (Kilo Tons)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa