Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electrical Steel Market (Electrical Steel Market, By Product: Grain-Oriented Electrical Steel [By application {Large power transformers, Distribution transformers, Small transformers, Power Generators, Audio transformers, Others}], By end-use [Energy, Automotive, Manufacturing, Household Appliances], Non-Grain Oriented Electrical Steel [By product {Semi-processed, Fully processed} By application {Power generators, Motors, Ballasts, Rotating machines, Small transformers, Audio transformers, Others} By end-use {Energy, Automotive, Manufacturing, Household Appliances}]) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.

LOS ANGELES, March 05, 2019 (GLOBE NEWSWIRE) --  The global electrical steel market is expected to grow at significant CAGR around 7.2% throughout the forecast period and reach around US$ 23 billion by 2026.

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According to the report named “Electrical Steel Market” - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, rising investment in infrastructure development, increasing usage of electrical steel in power industry, escalating demand in high speed cars, improved per capita electricity consumption, growing urbanization and technological advancements are some of the key factors that are fueling the electrical steel market growth across the globe. Electrical steel is a speciality steel which is used in the production of various devices such as core of generators, power transformers, inductors, among others. As silicon is added to electrical steel, it is also called as laminate steel. It is mostly used for lamination methods in the cores of electrical components. North America is anticipated to witness the highest growth rate over the forecast period owing to the rapid growth in the automotive industry, growing demand for electric vehicles. Continuous technological advancements in the region are playing the major role in the growth of regional electrical steel market.

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Augment in Demand for Electric Hybrid Vehicles Together with Stringent Regulations to Drive the Global Electrical Steel Market Growth

Developed and developing economies are rapidly shifting in the direction of sustainable and efficient energy systems. The electric or hybrid vehicle industry is also growing increasingly. This industry needs high grade electrical steel for a variety of applications. Various companies including ThyssenKrupp and ArcelorMittal are manufacturing high grade electrical steel in order to cater the growing demand for electrical steel. They are introducing higher grades and enhancing the magnetic properties of electrical steel. This factor anticipated to boost the market growth over the forecast period. Increase in the manufacturing of electrical steel is projected to be mainly driven by development of the various application segments. Governments of various economies have implemented various regulations for the usage of transformers in order to reduce the loss of energy and emissions of carbon dioxide. This factor is rapidly boosting the demand for electrical steel along with various improved properties in order to produce more proficient cores. Moreover, electrical steel enhances efficiency and minimizes the losses in many applications. Increasing investment in infrastructure development is also driving the growth of the global market. Due to the ability to improve efficiency, reduce energy loss, reduce carbon emissions and hysteresis loss in high speed electric motors, electrical steel products are generally used in power industry, transformers and high speed cars. Additionally, technological advancements and rising urban population, coupled with rising disposable income are some of the factors positively impacting the growth of the overall market.

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North America to Grow at Highest Rate in Electrical Steel Market

Geographically, the global electrical steel market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to contribute the highest revenue share and grow at significant CAGR during the forecast period owing to the rapid growth in the automotive industry, growing demand for electric vehicles. Continuous technological advancements in the region and installation of efficient transformers are playing the major role in the growth of regional electrical steel market. Growing infrastructure development and inclination towards more advanced electric vehicles are supplementing the regional market growth. Asia Pacific is also expected to show substantial growth over the forecast period due to the development of various innovative high speed cars and escalating demand for various electrical steel. Rising demand for electronics and upgradation of grid infrastructure are anticipated to boost the regional market growth throughout the forecast period. Moreover, government initiatives and increased power demand from the region are supplementing the growth of the regional market.

Market Players

The electrical steel market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Shandong Iron and Steel Group Co Ltd, SAIL, ArcelorMittal, Tata Steel Limited, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, United States Steel Corporation, Baosteel Group, Shagang Group Inc., JFE Steel Corporation, Ansteel Group Corporation, Jindal Steel and Power Limited, HBIS Group and Voestalpine Group.

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