The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global electrical steel market is expected to have a CAGR of 6.13% for the forecasted period of 2018-2026. A wide range of electromagnetic machines- from transformers to power generators and motors have found vital areas for use for electrical steel.
The surge in electricity demand due to the rapidly increasing urban population across the world acts as one of the key factors driving the electrical steel market. Electrical steel also finds its application in the manufacturing of motors and hence, the adoption and acceptance of electric vehicles is also a major market driver. Magnetic cores in power generators, transformers, motors, inductors, etc. often use electrical steel sheets in them. These are the most used components in power transmission.
The global market for electrical steel has been geographically divided into Europe, North America, Asia-Pacific and the rest of the world. Among these, the Asia Pacific market is the dominating sector regarding global revenue share. The Asia Pacific market is also supposed to have the highest annual growth rate by the end of the forecast period, i.e. 2027. Along with this, Asia Pacific is also home to multiple electric vehicle manufacturers including Nissan (Japan), BYD (China), Toyota (Japan), Kia Motors (China) and others. As a result, electric vehicles have started gaining huge acceptance in the region.
Leading market players in the global electrical steel market are Arcelormittal Sa, Arnold Magnetic Technologies Corp., Baosteel Group, China Steel Corporation, Jiangsu Shagang International Trade Co., Ltd, Nippon Steel & Sumitomo Metal Corporation, Orchid International, Posco, Sko-Die, Inc., Steel Authority Of India Limited (Sail), ThyssenKrupp Ag, Union States Steel Corporation, United States Steel Corporation and Voestalpine Ag.