According to a report, “Electrical Steel Market Size, Share & Trends Analysis Report By Product (Grain Oriented, Non-Grain Oriented), By Application (Transformers), By Region, And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global electrical steel market size is anticipated to reach USD 40.57 billion by 2025, expanding at a CAGR of 7.2% over the forecast period. The market is majorly driven by the growing demand for transformers in the energy industry on account of the high requirement for electricity in the industrial and commercial sectors across the globe. The increasing usage of electrical appliances in the residential and commercial sectors is expected to further propel the demand for transformers, thus, complimenting industry growth.
The demand for transformers is likely to increase owing to the increase in the utilization of energy sources due to rising consumption of electricity and other new projects such as electric vehicle charging stations. Electrical steel is used to construct transformer cores owing to its properties such as electrical resistivity, strength, and hardness.
Favorable regulatory policies play a major role in market growth. Regulatory bodies across the globe are largely focusing on augmenting energy efficiency and reducing losses in transformers. Increasing focus on energy conservation and reduction in carbon dioxide emission is anticipated to boost the product demand over the coming years.
Market players are adopting strategies such as mergers & acquisitions and capacity expansions in order to increase their market share and to strengthen their presence. In September 2019, JFE Shoji Trade Corporation acquired Cogent Power Inc., a transformer core manufacturer in Canada. With the acquisition, JFE Shoji Trade Corporation is likely to enhance the product portfolio and the geographical presence
Electrical Steel Market Report Highlights
Request Sample Copy of Global Electrical Steel Market @ https://www.grandviewresearch.com/industry-analysis/electrical-steel-market/request/rs1
Electrical Steel Market Segmentation
Grand View Research has segmented the global electrical steel market report on the basis of product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
· Grain-oriented
· Non-grain oriented
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
· Transformers
· Motors
· Inductors
· Other applications
Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Russia
o Turkey
· Asia Pacific
o China
o India
· Central & South America
o Brazil
· Middle East & Africa (MEA)
Key Players in the Electrical Steel Market
1. ArcelorMittal
2. POSCO
3. ThyssenKrupp AG
4. JFE Steel Corporation
5. Arnold Magnetic Technologies
6. AK Steel Corporation
7. Nippon Steel Corporation
8. Sumitomo Corporation
9. Tata Steel
10. China Steel Corporation
11. United States Steel Corporation
12. Steel Authority of India Limited (SAIL)
13. Ansteel Group Corporation Limited
14. Baosteel Co., Ltd.
Have Any Query? Ask Our Experts for More Details on Report: https://www.grandviewresearch.com/inquiry/6818/ibb
Browse Related Report @
Sintered Steel Market – The global sintered steel market size was USD 120.5 million in 2019 and is expected to register a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027.
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/electrical-steel-market