Electrical Steel Market worth USD 21.0 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Electrical Steel Market by Type (Grain-Oriented Electrical Steel and Non-Grain-Oriented Electrical Steel), by Application (Transformers, Motors, Generators, and Others), by Region – Global Share and Forecast to 2027". In 2027, the global electrical steel market size is expected to grow USD 21.0 billion from USD 15.0 billion in 2020, at a CAGR of 5.8% during the forecast period. An increase in demand for energy from developed and developing economies boosts the energy generation and transmission industry's growth. Factors that enable electricity demand in advanced and developing economies are different. In developed regions, the increase in demand for energy owes to a rise in digitalization, and energy efficiency enhancements largely offset electrification. In developing regions, a rise in industrial output, growth in the service sector, and income rise drive the energy demand. Energy demand per person in growing regions remains lower than the developed regions. These increases demand electrical steel as electrical steel is used in numerous electric power generation and transmission equipment such as generators, transformers, and others.

Global Electrical Steel Market Segmentation

The overall electrical steel market has been segmented into type, application, and region.

• By Type (Grain-Oriented Electrical Steel and Non-Grain-Oriented Electrical Steel)
• By Application (Transformers, Motors, Generators, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Transformers, by application, is estimated to hold the largest market share during the forecast period

On the basis of application, the electrical steel market is classified into transformers, motors, generators, and others. The transformers generated the highest revenue of 39.9% of the total global electrical steel market in 2020, and it is anticipated to register a significant CAGR from 2021 to 2027. Electrical steel is used as core material in transformers. It can significantly reduce noise emissions in transformers, decrease core losses, and others. Some transformers manufacturers are STD Transformator, IMEFY, ABB Ltd., United Transformers Electric Company (Utec-KSA), Kumkang Transformer, and others.

Asia-Pacific garnered maximum share in terms of volume for power transformer application. It has garnered a 65.9% share in 2020. China is the largest manufacturer and exporter of power transformers. The U.S., Germany, Japan, and Mexico are also top exporters of power transformers. The demand for power transformers is increasing owing to numerous factors such as a steady penetration of renewable in developing countries, high replacement rates of equipment, an increase in energy demand from emerging economies, and others. Many countries worldwide are trying to meet the rise in energy demand through renewable energies, increasing demand for transformers. This increases the adoption of electrical steel.

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The Asia Pacific accounts for the largest market share in the electrical steel market 2020

Based on the regions, the global electrical steel market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 64.2% in the global electrical steel market and was anticipated to maintain its dominance throughout the forecast period. China is one of the largest manufacturers of power transformers. Furthermore, Asia-Pacific is one of the largest markets for wind generators. This is attributed to the presence of key wind generator manufacturers and consumers in the region. China has the presence of key manufacturers of wind generators such as Xinjiang GoldWind Science & Technology Co., Ltd, China Ming Yang Wind Power Group Limited, Shanghai Electric Wind Power Equipment Co. Ltd, and others. China is also the leader in wind energy generation. After China, India is the largest wind energy generation country in Asia.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the electrical steel market. It also consists of leading companies such as Baosteel Group Hu, ArcelorMittal, Aperam, Nippon Steel Corporation, Cleveland-Cliffs Inc., Slovenian Steel Group, POSCO, Tata Steel, and Voestalpine AG.

Browse complete report: https://www.marketstatsville.com/electrical-steel-market

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