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.
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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.
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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).
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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.
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