(EMAILWIRE.COM, March 09, 2022 ) The report “Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region – Global Forecasts to 2026″ The electrical steel market is projected to reach USD 45.8 billion by 2026, with an expected CAGR of 6.3% between 2021 and 2026. The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 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 & motors and increasing Electric Vehicles (EVs) market.
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524
Non-grain-oriented is the largest type segment of the electrical steel market
The electrical steel market is segmented on the basis of type into non-grain-oriented and grain-oriented. The non-grain-oriented type segment accounted for a larger market share during the forecast period. This is attributed to the growth in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles.
Motors is the largest application segment of the electrical steel market
On the basis of application the market is segmented into transformers, motors, inductors, and others. Others include batteries and welding equipment. The motors segment led the market in terms of both value and volume during the forecast period. Growing end-use industry such as manufacturing, automobile, and household appliances is expected to drive the demand for motors, thus creating growth potential for the market.
Manufacturing is the largest application segment of the electrical steel market
On the basis of end-use industry the market is segmented into energy, automotive, manufacturing, household appliances, and others. Others include construction and fabrication. The manufacturing segment led the market during the forecast period. This is attributed to the growth of economies across the globe, which is directly linked to the growth of the manufacturing end-use industry. In addition, the growing industrialization in developed & developing economies is also expected to further drive the market for electrical steel.
Don’t miss out on business opportunities in Electrical Steel Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=96179524
Browse in-depth TOC on “Electrical Steel Market
252 – Market Data Tables
52 – Figures
214 – Pages
APAC is the largest market for the electrical steel market
The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growing infrastructure & construction and automotive industries. The rise in applications is expected to drive the market in this region. These factors contribute to the rising demand for electrical steel in the industrial facilities in the APAC region. The presence of several electrical steel-producing companies in China and India is expected to play an important role in the revenue growth of the APAC market. As APAC is the most widely populated region in the world, it consequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and, in turn, the electrical steel market as well.
The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=96179524
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the Growth Engagement Model GEM. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write Attack, avoid and defend strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarketss flagship competitive intelligence and market research platform, Knowledge Store connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.