The electrical steel market is expected to grow at a compound annual growth rate of 8.17% over the forecast period to reach a market size of US$47.595 billion in 2026 from US$27.467 billion in 2019. The electrical steel market is estimated to grow in the forecast period. An increase in infrastructural development, industrialization, a rise in the demand in the power sector, and urbanization is going to be the driving factors of the electrical steel market. Electrical steel is used across various applications such as solenoids, electric motors, generators, small relays, and various other electromagnetic devices. The key users of electric steel are the automobile industries and electric power distribution systems which will foster growth in the market.
FIGURE: Electrical Steel Market, US$ Billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
Market Drivers
Market Restraints
Recent Trends
Major Players
The major players in the electrical steel market are ArcelorMittal, POSCO, Baosteel Group Corporation, Voestalpine AG, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, Phoenix Mecano AG, NLMK (Novolipetsk Steel), Nicore Electrical Manufactory Co Ltd., Leicong Industrial Co Ltd., Cogent Power Limited, ATI, AK Steel Corporation, and many others. The companies are using various strategies to stay ahead in the market by entering into a joint venture, merger, and acquisition in order to expand their business and enter the untapped and potential market.
Report Metric | Details |
Market size value in 2019 | US$27.467 billion |
Market size value in 2026 | US$47.595 billion |
Growth Rate | CAGR of 8.17% from 2019 to 2026 |
Base year | 2019 |
Forecast period | 2021–2026 |
Forecast Unit (Value) | USD Billion |
Segments covered | Type, Application, End-User Industry, And Geography |
Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies covered | ArcelorMittal, POSCO, Baosteel Group Corporation, Voestalpine AG, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, Phoenix Mecano AG, NLMK (Novolipetsk Steel), Nicore Electrical Manufactory Co Ltd., Leicong Industrial Co Ltd., Cogent Power Limited, ATI, AK Steel Corporation |
Customization scope | Free report customization with purchase |
Segmentation
Frequently Asked Questions (FAQs)
Q1. What will be the electrical steel market size by 2026?
A1. The global electrical steel market is expected to reach a total market size of US$47.595 billion in 2026.
Q2. What are the growth prospects for the electrical steel market?
A2. The electrical steel market is expected to grow at a CAGR of 8.17% during the forecast period.
Q3. What is the size of the global electrical steel market?
A3. Electrical Steel market was valued at US$27.467 billion in 2019.
Q4. Who are the major players in the electrical steel market?
A4. The major players in the electrical steel market are ArcelorMittal, POSCO, Baosteel Group Corporation, Voestalpine AG, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, Leicong Industrial Co Ltd., AK Steel Corporation, and many others.
Q5. What factors are anticipated to drive the electrical steel market growth?
A5. An increase in infrastructural development, industrialization, a rise in the demand in the power sector, and urbanization is going to be the driving factors of the electrical steel market.
1.Introduction
1.1.Market Definition
1.2.Market Segmentation
2.Research Methodology
2.1.Research Data
2.2.Assumptions
3.Executive Summary
3.1.Research Highlights
4.Market Dynamics
4.1.Market Drivers
4.2.Market Restraints
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Electrical Steel Market Analysis, By Type
5.1.Introduction
5.2.Grain Oriented
5.3.Non-Grain Oriented
6.Electrical Steel Market Analysis, By Application
6.1.Introduction
6.2.Transformers
6.3.Motors
6.4.Inductors
6.5.Others
7.Electrical Steel Market Analysis, by End-User Industry
7.1.Introduction
7.2.Energy
7.3.Automotive
7.4.Manufacturing
7.5.Household Appliances
7.6.Others
8.Electrical Steel Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1.North America Electrical Steel Market Analysis, By Type, 2021 to 2026
8.2.2.North America Electrical Steel Market Analysis, By Application, 2021 to 2026
8.2.3.North America Electrical Steel Market Analysis, By End-User Industry, 2021 to 2026
8.2.4.By Country
8.2.4.1.United States
8.2.4.2.Canada
8.2.4.3.Mexico
8.3.South America
8.3.1.South America Electrical Steel Market Analysis, By Type, 2021 to 2026
8.3.2.South America Electrical Steel Market Analysis, By Application, 2021 to 2026
8.3.3.South America Electrical Steel Market Analysis, By End-User Industry, 2021 to 2026
8.3.4.By Country
8.3.4.1.Brazil
8.3.4.2.Argentina
8.3.4.3.Others
8.4.Europe
8.4.1.Europe Electrical Steel Market Analysis, By Type, 2021 to 2026
8.4.2.Europe Electrical Steel Market Analysis, By Application, 2021 to 2026
8.4.3.Europe Electrical Steel Market Analysis, By End-User Industry, 2021 to 2026
8.4.4.By Country
8.4.4.1.Germany
8.4.4.2.United Kingdom
8.4.4.3.France
8.4.4.4.Italy
8.4.4.5.Russia
8.4.4.6.Others
8.5.Middle East and Africa
8.5.1.Middle East and Africa Electrical Steel Market Analysis, By Type, 2021 to 2026
8.5.2.Middle East and Africa Electrical Steel Market Analysis, By Application, 2021 to 2026
8.5.3.Middle East and Africa Electrical Steel Market Analysis, By End-User Industry, 2021 to 2026
8.5.4.By Country
8.5.4.1.Saudi Arabia
8.5.4.2.South Africa
8.5.4.3.Others
8.6.Asia Pacific
8.6.1.Asia Pacific Electrical Steel Market Analysis, By Type, 2021 to 2026
8.6.2.Asia Pacific Electrical Steel Market Analysis, By Application, 2021 to 2026
8.6.3.Asia Pacific Electrical Steel Market Analysis, By End-User Industry, 2021 to 2026
8.6.4.By Country
8.6.4.1.China
8.6.4.2.India
8.6.4.3.Japan
8.6.4.4.South Korea
8.6.4.5.Australia
8.6.4.6.Others
9.Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1.ArcelorMittal
10.2.POSCO
10.3.Baosteel Group Corporation
10.4.Voestalpine AG
10.5.Nippon Steel & Sumitomo Metal Corporation
10.6.ThyssenKrupp AG
10.7.Phoenix Mecano AG
10.8.NLMK (Novolipetsk Steel)
10.9.Nicore Electrical Manufactory Co Ltd.
10.10.Leicong Industrial Co Ltd.
10.11.Cogent Power Limited
10.12.ATI
10.13.AK Steel Corporation
ArcelorMittal
POSCO
Baosteel Group Corporation
Voestalpine AG
Nippon Steel & Sumitomo Metal Corporation
ThyssenKrupp AG
Phoenix Mecano AG
NLMK (Novolipetsk Steel)
Nicore Electrical Manufactory Co Ltd.
Leicong Industrial Co Ltd.
Cogent Power Limited
ATI
AK Steel Corporation
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