The global electrical steel market is forecasted to reach USD 24.40 billion by 2027, driven by factors such as the increase in infrastructure development and urbanization, rising demand from the energy generation and transmission sector, and the introduction of electric vehicles. The shift towards urbanization is leading to an increase in demand for electricity, and industrial developments across the world are further driving the growth of the industry. Additionally, government initiatives for infrastructural development are boosting demand in the market. The increase in disposable income and adoption of electric and hybrid vehicles are also contributing to the growth of the industry, as electrical steel is widely used in the manufacturing process of these vehicles.

However, the industry's growth is being restricted due to the replacement of electrical steel transformers with electronic ballasts, which do not require transformers to operate. This is resulting in limited growth opportunities for the industry. Additionally, the increase in raw material prices is making the products of the industry expensive, making room for substitutes.

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Grain-oriented electrical steel is a widely used type of steel, and it accounted for the highest market share in 2019. This sub-segment is expected to register a CAGR of 8.5% during the forecast period. The use of this variant of electrical steel helps to improve the performance of transformers by reducing their weight and increasing their efficiency. This is because the products under this sub-segment contain large-sized grains, which reduces hysteresis loss and makes them suitable for use in transformers and power generators. With the increasing demand for energy and power, the growth of this segment is expected to continue.

Top Companies Operating in the Global Electrical Steel Market:

ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Voestalpine Group, Baosteel, United States Steel Corporation, Posco, Steel Authority of India Limited, Tata Steel Group, Essar Steel and JFE Steel Corporation.

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The global market is further segmented into type and application:

Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)

  • Grain-oriented
  • Non Grain-oriented

Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)

  • Transformers
  • Motors
  • Inductors
  • Others

End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)

  • Energy
  • Automobile
  • Manufacturing
  • Household Appliances
  • Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Further key findings from the report suggest

  • The Non Grain-oriented electrical steel segment is expected to surpass USD 15.51 billion by 2027. This type of steel is widely used in electric vehicles, which would be a major factor behind the segment’s growth.
  • The market value of the generator application segment was around USD 2.5 billion in 2018. The segment would experience consistent growth during the forecast period, whereas the motor segment is likely to have the highest growth during 2020-27.
  • The demand from the household appliances segment may experience significant growth of around 6% owing to properties of electric steel like corrosion resistivity and recyclable nature. The products of the industry are used in refrigerators, washing machines, motors, and many other kitchen appliances.
  • The growth in European Market is predicted to be around 6.5% whereas in the Asia Pacific region the figure will be around 7% during the forecast period. The main consumers in Europe are Germany, UK, France, Italy, and Spain, whereas China, India, and Japan would be the largest consumers among Asian countries.
  • There have been a number of new product launches in the market amongst which INNOVILT, launched by POSCO in 2019, requires special mention. Voestalpine Group had developed technology as part of its climate protection strategy, which would help in reduced CO2

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