According to TechSci Research report, “Global Electrical Steel Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023’’, electrical steel market, globally, is projected to reach $ 11 billion by 2023, on account of growing electricity demand from commercial and industrial sectors, which is boosting the use of electrical steel in power and distribution transformers. Other key factors that would aid growth in the market are increasing need to upgrade transmission and distribution networks, rising urbanization and growing household sector. ArcelorMittal and POSCO accounted for the largest revenue share in global electrical steel market in 2017, as the two companies have a wide distribution channel across the world. ArcelorMittal and POSCO have annual steel production capacity of 114 million tonnes and 41 million tonnes, respectively, making them the major players in global electrical steel market.
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In terms of type, global electrical steel market has been categorized into cold rolled grain oriented and cold rolled non grain oriented segments. Of these two types, cold rolled non grain oriented segment dominates the market, as this type of electrical steel is cheaper and lightweight. Moreover, cold rolled non grain oriented electrical steel improves the efficiency of transformers and motors. Non grain oriented electrical steel is used as a core material in motor parts, thus with growing automotive production, demand for this category of electrical steel is anticipated to grow at a rapid pace in coming years.
Power transformer segment accounted for the largest revenue share in global electrical steel market in 2017 and is likely to maintain its dominance through 2023, owing to rapidly increasing urbanization and growing power generation infrastructure. Backed by the presence of developing countries such as China, India and Korea, the Asia-Pacific region is expected to remain the largest consumer of electrical steel on a global level during forecast period.
“Factors such as various expansion projects of electrical steel plants and growing mergers & acquisitions are likely to boost the supply of electrical steel across the globe. Moreover, on account of increasing industrial production and manufacturing growth rate, the global electrical steel market is anticipated to witness significant growth during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Browse 21 market data Tables and 202 Figures spread through 195 Pages and an in-depth TOC on “Global Electrical Steel Market”
“Global Electrical Steel Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of global electrical steel market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in global electrical steel market.