The electrical steel market is expected to grow at a 6.5% CAGR, reaching $70.5 billion by 2031, driven by energy and automotive sectors.
The global sales of electrical steel are set to be valued at over US$ 37.5 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.5% CAGR from 2021 to 2031.
According to the annual market analysis conducted by Future Market Insights, expansion of the energy and automobile industries has led to heightened demand for electrical steel products. Rapid technological advancements in production technologies are also projected to complement market growth over the coming years.
In spite of the recessionary effect of the COVID-19 pandemic in 2020, the overall steel industry in terms of production and supply has largely remained unaffected. With the continual demand from the energy industry, growth of electrical steel in the coming decade is expected to reflect an upward trajectory for the foreseeable future.
Demand for electrical steel is increasing with the rise in the volume of transformer and motor production and sales in recent years. This can be attributed to an increase in investments and expansion of new power generation and transmission projects in developing nations.
The growing requirement of mass production has resulted in increased importance of process automation in the electrical steel market. The market is shifting towards Industry 4.0 norms, leading to the promotion and universal adoption of new production technologies.
There is also an increasing demand from energy and automotive industries for deployment of electrical steel in various applications. Increasing number of players focusing on research and development related to electrical steel is anticipated to have a significant contribution towards market growth in the years to come.
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Key Takeaways from Electrical Steel Market Study
“The electrical steel market is growing at a strong pace driven largely by increasing demand from the energy industry for applications in motors, transformers, and components. The increasing investment in power generation and transmission projects will create extensive opportunities for electrical steel manufacturers. Key industry participants are investing in expansions, strategic alliances, partnerships, and material innovations to gain a competitive advantage in the evolving global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says a Future Market Insights analyst.
Competitive Landscape
The electrical steel market is moderately consolidated, with key players accounting for more than 50% of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, ArcelorMittal SA, Aperam SA, Baosteel Group, AK Steel Holding Corp, Allegheny Technologies, Inc., Phoenix Mecano AG, and Steel Authority of India Limited.
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Electrical Steel Market by Category
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Find More Valuable Insights
The research report analyzes demand for electrical steel. The global electrical steel market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product type, application, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth and future projections of the electrical steel market.
Growth is driven by demand from the energy and automotive industries and advancements in production technologies.
The electrical steel market is projected to reach $70.5 billion by 2031.
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