According to the new market research report “Electrical Steel Market By Application (Transformers, Motors, Inductors), Type (Grain Oriented, Non Grain Oriented) End-Use Industry (Energy, Automotive, Manufacturing, Household Appliances), And Region (NA, EU, APAC, MEA, SA) – Global Forecast To 2025″, The electrical steel market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. Increasing investment, coupled with growth in energy industry across the globa is expected to drive the growth of electrical steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.
Don’t miss out on business opportunities in Electrical Steel Market
Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=96179524
The grain-oriented electrical steel segment is expected to lead the electrical steel market. This growth can be attributed to its high consumption in transformers (small, medium, and large) and generators. Applications of grain-oriented electrical steel include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wound cores, and power generators. Non-grain oriented electrical steel is expected to register highest CAGR during the forecast period.
Based on application, the transformers application is projected to lead the electrical steel market. The growth of this segment can be attributed to the growing energy consumption across the globe. Transformer cores are an integral part of the transformer, which is made up of laminations of electric steel. The use of electrical steel results in magnetic flux, and low core loss. Transformers application is also expected to register highest CAGR during the forecast period.
Browse and in-depth TOC on “Electrical Steel Market – Global Forecast to 2025”
218 – Tables49 – Figures184 – Pages
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/electrical-steel-market-96179524.html
The electrical steel market size is estimated to be USD 31.5 billion in 2020 and projected to reach USD 45.9 billion by 2025, at a CAGR of 7.9% from 2020 to 2025. Increasing infrastructure activities, rising demand in power sector, and industrialization are the major factors responsible for the growth of the electrical steel market. However, the recent outbreak of Covid-19 is expected to have a severe impact on the electrical steel market.
Major companies operating in the electrical steel industry include ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), and Nippon Steel & Sumitomo Metal Corporation (Japan).
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524
Arcelor Mittal (Germany) is one of the leading players in the electrical steel market and has been adopting inorganic and organic strategies to sustain its market position. In December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition helped the company strengthen its market presence in India.
POSCO (South Korea) is another major company in the electrical steel market. It has been adopting organic and inorganic strategies to sustain its position in the market. In April 2019, the company announced plans to transfer Gwangyang LNG Terminal to POSCO Energy and merge off-gas power plants in Pohang and Gwangyang. The restructuring enhanced operational efficiency and strengthened the company’s LNG midstream business. In the same month, the company launched a new website POSCO Products. The website comprises six categories, such as products, industries, megatrend, media, application technology, and customer support, which makes technical products’ information more accessible for the general public and their clients. This attracted more customers, which in turn strengthened the customer base. As a part of its development plans, in FY2019, POSCO invested USD 48.8 billion for development projects. It included the construction of facilities for removing nitrogen oxide during iron ore processing at Pohang Works, rationalization of furnace no. 3 at Gwangyang Works, and the expansion of hyper-strength steel manufacturing facilities at Gwangyang Works.
Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: 1-888-600-6441Email: firstname.lastname@example.orgResearch Insights: https://www.marketsandmarkets.com/ResearchInsight/electrical-steel-market.asp