- 10 May 2019 23:49
Electrical Steels Market to Boost at US$ 28.4 Bn BY 2025
Over the coming years, the demand for electrical steel is likely to grow at a robust pace due to a massive demand for new transformers in the renewable energy sector such as solar and wind energy. Considering the importance of the electrical steel market in the sector of electronics and semiconductors.
The global electrical steels market is expected to boost at US$ 28.4 Bn by the end of 2025 from US$ 23.9 Bn in the year 2018. The market is growing with a sluggish CAGR of 2.2% throughout the predicted period, i.e. 2019-2025.
Increasing technological advancements is driving the growth of the global electrical steels market
Some of the factors such as growing demand for electric hybrid vehicles, increasing government support, and the technological advancements are creating a positive impact on the growth of the global electrical steel market during the anticipated period. The increasing urban population across the world is the most significant factors that boost the market growth.
In the primary stage of the country’s development, the demand for steel increases with the requirement of new and innovative infrastructure for the creation of new power grid networks and to improved connectivity. This particular factor is creating a robust growth in the global electrical steels market.
Other factors such as rising per capita income and positive shifting in the purchasing power of individuals have contributed in the growth of the global electrical steels market since last few years. However, fluctuation in the prices of raw materials is expected to restraint the growth of the market over the predicted period.
Global Electrical Steels Market: Segmental Analysis
The global market is segmented into application and product type. The product type is segmented into Non-oriented Electrical Steels and Oriented Electrical Steels. Based on the application, the market is segmented into Electric Motor, Transformer, Power Generator, and Other.
Asia Pacific market for electrical steels is likely to grow at a remarkable rate during the predicted period
Asia Pacific is likely to grow at a remarkable rate due to growing construction and infrastructure activities, while North America is expected to grow at a significant rate due to increasing technological advancements and the rising preference of manufacturers for steel components. Europe is also expected to grow at a significant rate due to the growing demand for electronics and increasing investments for up-gradation and renovation of grid infrastructure in the region.
Global Electrical Steels Market: Leading Players
The key manufacturers operating in the global electrical steel market are CSC, Baowu, Stalprodukt S.A., ArcelorMittal, ATI, JFE Steel, Nucor, Shougang, APERAM, TISCO, Benxi Steel, NSSMC, Voestalpine, NLMK Group, Cogent (Tata Steel), AK Steel, Posco, ThyssenKrupp, Masteel, and Ansteel.
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