CHICAGO, January 28, 2022 /PRNewswire/ — According to new market research report “electrical steel market by Type (Non-Grain Oriented and Grain Oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automotive, Manufacturing, Appliances) and Region – Global Forecast to 2026″published by MarketsandMarkets™, the Electrical Steel Market is expected to reach $45.8 billion by 2026, growing at a forecast CAGR of 6.3% between 2021 and 2026. The global electrical steel market size is estimated at $33.8 billion in 2021 and is expected to reach $45.8 billion by 2026, at a CAGR of 6.3%. The electrical steel market is witnessing high growth owing to the high consumption rate of electrical steel in transformers and motors and the increase in the electric vehicle (EV) market.
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Non-grain oriented is the largest type segment of the electrical steel market
The electrical steel market is segmented on the basis of non-grain oriented and grain oriented type. The non-grain type segment accounted for a larger market share during the forecast period. This is attributed to the growth in automobile production, where electrical steel is used as a base material in engine parts to improve the comfort, energy performance and fuel economy of automobiles.
Motors are the largest application segment of the electrical steel market
Based on application, the market is segmented into transformers, motors, inductors and others. Others include batteries and welding equipment. The engine segment led the market in terms of value and volume during the forecast period. Growth in end-use industry such as manufacturing, automotive, and home appliances is expected to drive the demand for motors, thereby creating growth potential for the market.
Manufacturing is the largest application segment of the electrical steel market
Based on end-use industry, the market is segmented into energy, automotive, manufacturing, appliances, and others. Others include construction and manufacturing. The manufacturing segment dominated the market during the forecast period. This is attributed to the growth of economies across the world, which is directly linked to the growth of the manufacturing end-use industry. Additionally, increasing industrialization in both developed and developing economies is also expected to further boost the electrical steel market.
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APAC is the largest market for the electrical steel market
APAC region is expected to be the largest market and grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growth of the infrastructure and construction and automotive industries. The increase in applications is expected to drive the market in this region. These factors contribute to the growing demand for electrical steel in industrial facilities in the APAC region. The presence of several electrical steel production companies in China and India is expected to play an important role in the revenue growth of the APAC market. APAC being the most populated region in the world, hence it experiences high demand for electricity consumption. The transmission and distribution infrastructure in the region is in the initial phase of network restructuring. China, Japanand Indiaamong others, are investing in grid expansion projects to increase grid reliability, which is expected to boost the transformer market in the region and hence the electrical steel market as well.
The global electrical steel market includes major manufacturers, such as ArcelorMittal (Luxemburg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), NAVIGATE (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), among others.
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