Electrical Steel Market Size, Trends, and Forecast Report 2022-2029 | Electrical Steel Industry Demand for Automobiles and Electricity to Fuel Growth
Key companies covered in electrical steel market are Tata Steel Europe Limited, ThyssenKrupp AG, AK Steel Corporation, Voestalpine Stahl GmbH, JFE Steel Corporation, Arnold Magnetic Technologies, Nippon Steel Corporation, SMS Group GmbH, Big River Steel, Aperam S.A., Posco Poggenamp Electrical Steel Pvt. Ltd., Allegheny Technologies Incorporated, Marubeni-Itochu Steel, Inc., Baosteel Co. Ltd, Normax Electrical Steel Pvt. Ltd. And Other Key Players.
Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global electrical steel market is expected to gain impetus from the rising demand and consumption of electricity across the world. This information is published in an upcoming report by Fortune Business Insights, titled, “Electrical Steel Market Size, Share and Global Trend, and Geography Forecast till 2022-2029.” According to the report, increasing demand for generators and transformers is anticipated to boost the global electrical steel market growth during the forecast period.
The report analyzes key market players and their market position in terms of core competencies and ranking in the global electrical steel market. It further provides elaborate insights on the most significant aspects of the global market, such as growth drivers, hindrances, regional analysis, accurate facts and figures, and segments.
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Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2022-2029 |
Base Year | 2021 |
Historical Data | 2018-2020 |
Region Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the Rest of the World |
Segments Covered | By Type, End-user and Regional Insights |
Electrical Steel Market Growth Drivers | To Exhibit Growth Stocked by High Disposable Income of Consumers |
To Grow Exponentially Due to Rising Number of Construction Activities and Increasing Demand for Automobiles to Fuel Growth |
Report Coverage:
The report presents a systematic study of the electrical steel market segments and thorough analysis of the market overview. A thoughtful assessment of the present market trends as well as the future prospects is offered in the report. Furthermore, it presents an exhaustive analysis of the regional insights and how they aid to develop the market growth.
The COVID-19 impacts have been conversed in the report to help investors and business professionals with a better understanding of the latent jeopardies present in the market. The report further converses the prime players and their prominent strategies to preserve their position as dominating companies.
Some of the prominent market players operating in the global electrical steel market. They are as follows:
Tata Steel Europe Limited
ThyssenKrupp AG
AK Steel Corporation
Voestalpine Stahl GmbH
JFE Steel Corporation
Arnold Magnetic Technologies
Nippon Steel Corporation
SMS Group GmbH
Big River Steel
Aperam S.A.
Posco Poggenamp Electrical Steel Pvt. Ltd.
Allegheny Technologies Incorporated
Marubeni-Itochu Steel, Inc.
Baosteel Co. Ltd
Normax Electrical Steel Pvt. Ltd.
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Drivers and Restraints:
Rising Urban Population to Propel Global Electrical Steel Market Growth
A rise in the urban population around the world is considered to be one of the major factors increasing the global electrical steel market growth in the coming years. The rising population is further resulting in the increasing demand for electrical steel products. Demand for steel rises with the need for new infrastructure in the initial stage of a nation’s development. This demand is created to create new power grid networks and enhanced connectivity. The rising population density in urban areas is giving rise to increasing construction activities.
Furthermore, increasing disposable income of consumers and a rapid shift in consumer behavior is expected to contribute to the global electrical steel market growth in the forthcoming years. Besides, high disposable income of consumers is resulting in increasing demand for automobiles, namely, hybrid electric vehicles and cars. These vehicles have several components, such as electrical power steering, fuel pump, and other similar equipment. Electrical steel is required for generating electromagnetic effect in all these operations.
Regional Insights:
Rising Construction of Solar Power Generation Plants to Favor Growth in Asia Pacific
The global electrical steel market is geographically categorized into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Out of these regions, Europe had exhibited steady growth in its power generation, distribution, and automotive industry. It is likely to positively impact the electrical steel market growth in this region in the forthcoming years. In Asia Pacific, emerging countries, such as China and India are showcasing rapid growth in the construction of solar power generation plants.
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) stated that the total population in Asia Pacific is projected to reach approximately 5.1 billion by 2050. Out of this, around 64% population is assumed to belong to the urban areas. Combined with this, a rise in the production and sales of vehicle in this region is projected to contribute to the increasing electrical steel market revenue.
The Middle East and Africa, on the other hand, are expected to hold considerable electrical steel market share due to the moderately growing automotive industry as well as increasing power generation plants. However, moderate growth in the power distribution service and electrical industry will result in the electrical steel market growth in Latin America in the coming years.
Competitive Landscape:
China Baowu Steel Group to Acquire 51% Stake in Maanshan Iron and Steel Co.
In June 2019, China Baowu Steel Group Corp., Ltd., a state-owned iron and steel company, based in Shanghai, is all set to acquire 51% stake in the entity of Maanshan Iron and Steel Co. Ltd. It would bring the Baowu closer to becoming a steel giant with 100 million metric tons of output.
According to the analysists, the entire restructuring procedure of two steel manufacturers will aid in the future development and the Chinese steel industry. The strengths of these two companies would enhance their ability in the steel sector with more productivity.
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