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Global Electrical Steel Market to reach US$ 70.5 Bn by 2031 – FMI study
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The electrical steel market is set to reach $70.5 Bn by 2031, driven by energy sector demands and technological advancements.
The electrical steel market is expected to register year-on-year growth at 5.3% in 2021, with the overall valuation forecast to reach US$ 37.5 Bn. A Future Market Insights (FMI) analysis estimates electrical steel sales to increase at 6.5% CAGR between 2021 and 2031. According to the study, the overall electrical steel market is expected to reach US$ 70.5 Bn by 2031.
While non-grain oriented electrical steel is expected to remain dominant, grain oriented electrical steel demand will surge at a higher pace, exhibiting growth at 5.7% CAGR in 2021.
Revenue generated in the energy segment of the electrical steel market grew at a strong pace in 2021. Demand increased by 6% between 2020 and 2021, enabling electrical steel markets to register year-over-year growth of over 5% in 2021, as per FMI analysis.
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Growth can be attributed to the increase of power generation and transmission projects across the globe. The demand for electrical steel has increased consistently and surprisingly for diverse applications across end-use industries.
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 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.
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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.
Key Takeaways from Electrical Steel Market Study
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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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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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The article discusses the projected growth of the global electrical steel market, expected to reach $70.5 billion by 2031.
What factors are driving the market growth? The market is driven by increasing demand from the energy sector and technological advancements.
How is the U.S. market performing? The U.S. is expected to account for over 86% of demand in North America in 2021.
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