Electric Steel Market to Record 6.5% CAGR Driven by Focus on High Grain Steel Production: Future Market Outlook
DUBAI, United Arab Emirates, July 21, 2021 / PRNewswire / – The electrical steel market will total US $ 37.5 billion in 2021, according to Future Market Insights (IMF). Showing a CAGR of 6.5% for 2021-2031, the market is expected to reach $ 70.5 billion by the end of 2031. Despite the logistical challenges due to restrictions imposed to contain the pandemic in 2020, the market is expected to register 5.3% year-on-year growth in 2021.
The demand for electric steel will increase especially in emerging economies as they take advantage of the renewable energy sector and invest in infrastructure activities. Hence, the market will register an increasing application of electrical steel in transformers. This factor, however, is not limited to any particular region, rather it will ensure the growth of the global market due to the increase in energy consumption in the world.
Among the different types, the application of grain oriented steel will continue to increase in transformers and generators, which will drive the market growth. Too, Growing demand for automobiles, driven by population growth, lifestyle changes, and the emergence of technological innovations has boosted sales of non-granulated electric steel.
According to the study, the demand for non-gain-oriented electrical steel is expected to increase at a CAGR of 5.7% in 2021. On the other hand, grain-oriented electrical steel will account for more than 55% of the share of market in 2021.
The electrical steel market in Europe is expected to grow at a 5% CAGR over the evaluation period. Meanwhile, factors such as the presence of key market players, increased research and development activities, and expansion of production facilities will contribute to the growth of the electric steel market in the United States. .
“The growing demand for highly efficient transformers around the world will drive sales of electrical steel. To capitalize on available opportunities, manufacturers will likely focus on expanding capacity ”, said a Future Market Insights analyst.
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Key takeaways from electric steel Market research
- Japan is expected to grow at a CAGR of 6.3% between 2021 and 2031, accounting for over 35.6% of the East Asia market.
- The United States is the leading electric steel market in North America and is expected to register a 5% CAGR during the forecast period.
- The electrical steel market in China is expected to register impressive growth, accounting for over 52% of the East Asia market until 2031.
- The Indian market is expected to grow at a sustained rate, accounting for more than 44% sales in the South Asia and the Pacific region in 2021.
- Based on applications, processors will account for 45% of the overall market share in 2021.
- Growth in manufacturing activities in developing regions is driving sales of electric steel.
- The increase in global automobile production is a key factor in the growth of the market.
- The volatility of commodity prices is a key factor hampering the growth of the electrical steel market.
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Major manufacturers are focusing on expanding their facilities in order to strengthen their market presence.
For example, in november 2020, Nippon Steel, a leading steel fabrication company based in Japan announced its intention to invest approximately $ 1 billion to expand its electrical steel sheet installations into two Japan. This increase will increase its capacity by more than 40% by the first half of 2023 to meet the growing demand for electric vehicles and transformers among end users.
Other players operating in the market are focusing on new product offerings to improve their product portfolio.
For example, in 2020, the Voestalpine group announced the launch of its two electrical sheet products named blacklack-V and Sovac. With the launch of these new products, the company will witness an increase in revenues from the end-use segments.
More valuable market information
IMF, in its new report, offers an unbiased analysis of the global electrical steel market, analyzing forecast statistics to 2021 and beyond. The survey reveals growth projections for the electrical steel market with detailed segmentation:
By product type:
- Grain oriented electric steel
- Grain free electric steel
- Fully processed
- 1cv – 100cv
- 101hp – 200hp
- 201hp – 500hp
- 501hp – 1000hp
- Above 1000hp
By end use:
- Others (Construction, Manufacturing)
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (AEM)
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Key questions addressed in the Electric steel Market report
- The market study also highlights the expected sales growth for the electrical steel market between 2021 and 2031.
- The report provides an overview of the outlook for electrical steel demand for the forecast period 2021-2031
- Analysis of the electrical steel market share of key companies in the sector and coverage of strategies such as mergers and acquisitions, collaborations or partnerships, etc.
- The analysis of the electrical steel market identifies key growth drivers, restraints, and other forces impacting the prevailing trends and evaluating the current market size and forecast and technological advancements within Of the industry
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SOURCE Future market outlook