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“Electrical steel market is projected to grow at a CAGR of 7.0%”
The electrical steel market is projected to grow at a CAGR of 7.0% during the forecast period of 2016 to 2021, and reach USD 38.98 billion by 2021. Technological developments in the steel industry have resulted in improving the efficiency and effectiveness of steel products, along with reducing production and labor costs. The electrical steel market is gaining momentum due to advancements in technology and the high efficiency of electrical steel. This market has immense opportunities due to the increasing demand from the power sector. Other factors driving the electrical steel market is high consumption rate in transformers and motors. However, the volatility in price of raw material is restraining the growth of the electrical steel market.
“The transformers segment held the largest share in the electrical steel market”
The transformers segment is estimated to dominate the application segment of the electrical steel market and is also projected to be the fastest-growing segment during the forecast period. Increase in demand for energy on a global scale is expected to drive the demand for transformers over the next few years. Moreover, the need for upgrading transmission and distribution facilities and equipment is expected to have a significant impact on the growth of the transformers industry.
“The Asia-Pacific electrical steel market constitutes the largest market share and is projected to register the highest growth rate during the forecast period’
In 2015, Asia-Pacific dominated the total electrical steel market, in terms of value, followed by Europe and North America. Asia-Pacific is the most widely populated region in the world, which in turn drives the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and in turn, the electrical steel market. China is projected to be fastest-growing country-level market in the region for the electrical steel market. The country is experiencing rapid economic growth, which is likely to double the per capita electricity consumption by 2030. This will eventually drive the transformers market in China, leading to growth in the electrical steel market as well.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the electrical steel market. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 –43%, Tier 2 – 33%, Tier 3 – 24%
- By Designation: C Level – 40%, Manager Level – 35%, Others- 25%
- By Region: North America – 20%, Asia-Pacific – 12%, Europe – 10%, Middle East and Africa – 8% Latin America– 50%
Note: The tier of the companies is defined on the basis of their total revenue, as of 2015.
Tier 1: Revenue > USD 500 million; Tier 2: USD 100 million
The various key players profiled in the report are as follows:
1. Arcelor Mittal SA (Luxembourg)
2. POSCO (South Korea)
3. Voestalpine Group. (Austria)
4. Baosteel Group Corporation (China)
5. Nippon Steel & Sumitomo Metal Corporation (Japan)
6. United States Steel Corporation (U.S.)
7. Steel Authority of India Limited (India)
8. Tata Steel Limited (India)
9. JFE Steel Corporation (India)
10. Essar Steel. (India)
The segmentation considered for this report is based on type, application, end-use industry and regions that constitute the key markets. The report covers detailed information regarding the major factors influencing the growth of the electrical steel market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, and recent developments associated with the electrical steel market.
Reasons To Buy the report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the electrical steel market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, opportunities, and challenges.
This report will help stakeholders to better understand their competitors and gain more insights with regard to their position in the business. The competitive landscape section includes new product & technology launches, mergers & acquisitions, agreements & contracts, joint ventures & collaborations, and expansions & investments.