Published by news degree
Posted on August 6, 2021
13 min readLast updated: January 21, 2026
The Global Electrical Steel Market is forecast to reach USD 24.40 billion by 2027. The major factors contributing to this growth is the increase in investments in infrastructure development and urbanization across the world. There is a surge in demand from the energy generation and transmission sector, and the introduction of electric vehicles is largely driving the industry’s growth.
Rising per capita consumption of electricity is leading to increasing demands in the power and energy sector. The shift towards urbanization is steadily increasing the urban population, and industrial developments across the world are driving the industry’s growth in the forecast period. Government initiatives regarding infrastructural development are also largely boosting the demand in the market. The increase in the disposable income of people around the world is contributing to the adoption of electric as well as hybrid vehicles. Electrical steel is widely used in the manufacturing process of these vehicles, and the combination of all these factors are playing a crucial role in the industry’s growth.
Lighting ballasts ensure the correct supply of electricity while starting electric lamps, and electric steel transformers were earlier used for magnetic blasts. Recently magnetic ballasts have been replaced by electronic ballasts, and this new technology does not require transformers to operate. This is largely restricting the industry’s growth. Apart from this, the increase in raw material prices is making the products of the industry costly and making room for substitutes.
Major players in the industry are focusing on expanding their businesses through mergers, collaborations, or partnerships and are trying to come up with innovative and customized products that would contribute to the sustained growth of the industry.
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The COVID-19 impact:
The COVID-19 pandemic is likely to have a huge negative impact on the industry’s growth. Major industry players are skeptical about the future of the market and are trying to redesign their strategies for sustaining in this challenging situation. The pandemic had largely affected sectors like automotive, construction and infrastructure, and companies of these sectors have been forced to stop production as well as other operations. There is a shortage of manpower due to repeated lockdowns in several parts of the world. COVID-19 has affected the international trade, exports, and imports, and consequently, the availability of raw material has also been largely diminished. The major companies are trying to clear their stocks, and they are focusing on maintaining their cash balances. They are thinking of developing automated manufacturing processes assuming the fact that there would be a shortage of skilled labor even after this crisis ends. The average disposable income may also decrease, and in order to maintain the demand, large manufacturers are trying to come up with cost-efficient manufacturing solutions.
Key players in the market include ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Voestalpine Group, Baosteel, United States Steel Corporation, Posco, Steel Authority of India Limited, Tata Steel Group, Essar Steel and JFE Steel Corporation.
For the purpose of this report, Reports and Data have segmented into the global Electrical Steel market on the basis of type, application, end-use industry and region:
Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Regional Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
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Further key findings from the report suggest
Key insights presented in the report:
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Thank you for reading our report. To know more about the customization feature, please get in touch with us and our team will ensure the report is customized to meet your requirements.
Explore Reports and Data’s Prime Analysis of the global Electric and Hybrid Vehicles:
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Our Innovative Blogs @ https://www.reportsanddata.com/blogs
Read Full Press Release: https://www.reportsanddata.com/press-release/global-electrical-steel-market
The post Electrical Steel Market Size, Growth Opportunities, Revenue Share Analysis, and Forecast To 2027 first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.
The Global Electrical Steel Market is forecast to reach USD 24.40 billion by 2027. The major factors contributing to this growth is the increase in investments in infrastructure development and urbanization across the world. There is a surge in demand from the energy generation and transmission sector, and the introduction of electric vehicles is largely driving the industry’s growth.
Rising per capita consumption of electricity is leading to increasing demands in the power and energy sector. The shift towards urbanization is steadily increasing the urban population, and industrial developments across the world are driving the industry’s growth in the forecast period. Government initiatives regarding infrastructural development are also largely boosting the demand in the market. The increase in the disposable income of people around the world is contributing to the adoption of electric as well as hybrid vehicles. Electrical steel is widely used in the manufacturing process of these vehicles, and the combination of all these factors are playing a crucial role in the industry’s growth.
Lighting ballasts ensure the correct supply of electricity while starting electric lamps, and electric steel transformers were earlier used for magnetic blasts. Recently magnetic ballasts have been replaced by electronic ballasts, and this new technology does not require transformers to operate. This is largely restricting the industry’s growth. Apart from this, the increase in raw material prices is making the products of the industry costly and making room for substitutes.
Major players in the industry are focusing on expanding their businesses through mergers, collaborations, or partnerships and are trying to come up with innovative and customized products that would contribute to the sustained growth of the industry.
To get a FREE sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/3210
The COVID-19 impact:
The COVID-19 pandemic is likely to have a huge negative impact on the industry’s growth. Major industry players are skeptical about the future of the market and are trying to redesign their strategies for sustaining in this challenging situation. The pandemic had largely affected sectors like automotive, construction and infrastructure, and companies of these sectors have been forced to stop production as well as other operations. There is a shortage of manpower due to repeated lockdowns in several parts of the world. COVID-19 has affected the international trade, exports, and imports, and consequently, the availability of raw material has also been largely diminished. The major companies are trying to clear their stocks, and they are focusing on maintaining their cash balances. They are thinking of developing automated manufacturing processes assuming the fact that there would be a shortage of skilled labor even after this crisis ends. The average disposable income may also decrease, and in order to maintain the demand, large manufacturers are trying to come up with cost-efficient manufacturing solutions.
Key players in the market include ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Voestalpine Group, Baosteel, United States Steel Corporation, Posco, Steel Authority of India Limited, Tata Steel Group, Essar Steel and JFE Steel Corporation.
For the purpose of this report, Reports and Data have segmented into the global Electrical Steel market on the basis of type, application, end-use industry and region:
Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Regional Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
Buy now your Exclusive copy of Report @ https://www.reportsanddata.com/checkout-form/3210
Further key findings from the report suggest
Key insights presented in the report:
Request for customization of the report @ https://www.reportsanddata.com/request-customization-form/3210
Thank you for reading our report. To know more about the customization feature, please get in touch with us and our team will ensure the report is customized to meet your requirements.
Explore Reports and Data’s Prime Analysis of the global Electric and Hybrid Vehicles:
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Our Innovative Blogs @ https://www.reportsanddata.com/blogs
Read Full Press Release: https://www.reportsanddata.com/press-release/global-electrical-steel-market
The post Electrical Steel Market Size, Growth Opportunities, Revenue Share Analysis, and Forecast To 2027 first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.
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