Press release
Electrical Steel Market to Reach Valuation of USD 50.09 billion by 203, With CAGR of 5.6% | Rising Demand for Electrical Motors to Facilitate Market Expansion
electrical steel market
This steel is a specialized type of steel used to provide high permeability, low core loss, and magnetic properties to a product. Technological advancements in the electrical sector and rising product demand in automotive sector will facilitate market expansion in the forecast period. This information is provided by Fortune Business Insights, in its report titled, "Electrical Steel Market Size, Share, Report Growth, 2024-2032."
๐ฎ๐๐ ๐ ๐ญ๐๐๐ ๐บ๐๐๐๐๐ ๐น๐๐๐๐๐๐๐ ๐น๐๐๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/electrical-steel-market-100827
Competitive Landscape:
Research and Development Activities by Market Players to Facilitate Market Proliferation
Industry leaders often make strategic decisions to maximize profits and strengthen their positioning in the business sphere. Leading companies in this sector are focusing on research and development activities to maximize productivity. For instance, in May 2021, JFE Steel Corporation signed a memorandum to conduct a feasibility study with JSW Steel Limited to establish a grain oriented electrical steel sheet manufacturing & sales joint-venture company in India. The company aims to complete the study in 2021.
Key Industry Development:
September 2021: NLMK has commissioned a new grain-oriented electrical steel laser treatment unit with a capacity of 54,000 tons per year. The purpose of the increase in production capacity is to attract new customers to maximize revenue.
List of Key Players Mentioned in the Report:
Benxi Steel Group Co., Ltd (China)
CSC Steel Sdn. Bhd. (Malaysia)
Tata Steel (India)
Nucor Corporation (U.S.)
NLMK (Russia)
ArcelorMittal S.A. (Luxembourg)
Shougang Group (China)
thyssenkrupp Steel (Germany)
Baosteel Group Corporation (China)
POSCO (South Korea)
NIPPON STEEL CORPORATION (Japan)
Voestalpine Group (Austria)
Yieh Corporation (Taiwan)
Aperam S.A. (Luxembourg)
Arnold Magnetic Technologies (U.S.)
Segments:
Non-grain Oriented Segment to Hold Major Share Due to Rising Use in Manufacturing Sector
Based on type, the market is bifurcated into non-grain oriented and grain oriented. Among these, the non-grain-oriented segment captured the largest market share due to its increasing use in manufacturing electrical equipment, adoption as core material for household appliances, and EV traction motors.
Transformer Segment to Lead Stoked by High Demand from Energy Consumption Application
Based on application, the market is fragmented into transformer, motors, inductors, and others. The transformers segment accounted for the largest share of the market in 2022 and is projected to record the highest growth rate during the forecast period. Electrical steel is an important material in the production of energy-efficient transformers and large, high-performance generators. They are used in the form of lamination and are an ideal core material in power transformers, distribution transformers, and small transformers. The growing adoption of transformers due to high energy consumption is driving the segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides deep-dive insights into drivers, restraints, opportunities, and threats shaping market trends in the forthcoming years. Statistical data pertaining to market share, growth rate, sales, valuation, and profit margins is provided as well. Moreover, the report discusses the impact of COVID-19 on the global market to enable industry stakeholders to make informed decisions.
๐ฎ๐๐ ๐ ๐ธ๐๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/get-a-quote/electrical-steel-market-100827
Drivers and Restraints:
Rising Demand for Electrical Motors to Facilitate Market Expansion
The surging demand for electrical motors from residential, commercial, and industrial sectors is a key factor driving the electrical steel market growth. This steel is needed to manufacture motors owing to its torque, electromagnetic characteristics, and magnetic flux. The rising usage of electrical motors in water pumps, drilling, industrial equipment, hard disc drives, and machinery will also contribute to market proliferation in the coming years. Also, technological and infrastructure developments and rapid industrialization will aid market elevation.
On the other hand, fluctuating prices of iron ore, ferroalloys, and other raw materials and high manufacturing costs will act as challenges for businesses operating in this domain.
Regional Insights:
Asia Pacific to Dominate Due to Growing Demand for Electrical Steel Products
Asia Pacific held majority of the electrical steel market share in 2022. The growing manufacturing sector in the region especially in China, India, and South Korea has boosted the product demand, thus driving market growth in this region. The surging demand for machinery, transformers, magnetic devices, and energy power grids will further facilitate market proliferation in the region.
North America is expected to record substantial growth in the forthcoming years stoked by technological developments and easy availability of raw materials. Moreover, expansion of end-use industries such as machinery and automotive where the product is used in power generators and transformers will further drive market augmentation.
The Latin America market is anticipated to expand significantly stoked by presence of major manufacturing facilities, owing to easy availability of land, labor, and raw materials in the region. Rising applications of the product in automotive and manufacturing sectors will aid market growth in the region.
๐น๐๐๐ ๐ด๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐ - https://www.fortunebusinessinsights.com/industry-reports/electrical-steel-market-100827
Detailed Table of Content Research Report, 2024-2032
1 Market Overview
2 Market Upstream and Downstream Analysis
3 Players Profiles
5 Global Sales, Revenue, Price Trend by Type
6 Global Market Analysis by Application
7 Global Market Sales and Revenue Region Wise (2017-2022)
8 Global Market Forecast (2024-2032)
9 Industry Outlook
10 Research Findings and Conclusion
11 Appendix
Continuedโฆ
Contact Us:
Fortune Business Insightsโข Pvt. Ltd.
9th Floor, Icon Tower,
Baner, Pune-411045,
Maharashtra, India.
Phone:
U.S.: US +1 833 909 2966 (Toll Free)
UK +44 808 502 0280 (Toll Free)
APAC +91 744 740 1245
Email: sales@fortunebusinessinsights.com
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Fortune Business Insightsโข offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Electrical Steel Market to Reach Valuation of USD 50.09 billion by 203, With CAGR of 5.6% | Rising Demand for Electrical Motors to Facilitate Market Expansion here
News-ID: 3676246 • Views: โฆ
More Releases from Fortune Business Insights
Electric Vehicle Sensor Market Insights: Growth Drivers and Key Players
The electric vehicle sensor market refers to the segment within the automotive industry that focuses on sensors specifically designed for electric vehicles (EVs). These sensors play a crucial role in monitoring various aspects of EV performance, safety, and efficiency. Growing consumer interest in electric vehicles and associated advanced features such as autonomous driving, connectivity, and safety systems fuels demand for electric vehicle sensors.
The Electric Vehicle (EV) Sensor Market refers toโฆ
Global Minivan Market Insights: Regional Trends and Consumer Preferences 2024
The Minivan Market refers to the segment of the automotive industry focused on producing and selling minivans, a type of vehicle designed primarily for passenger transportation. Minivans are known for their spacious interiors, making them ideal for families, group travel, and those who need to transport multiple passengers or a combination of passengers and cargo.
A minivan is a type of vehicle designed for maximum interior space and comfort. It typicallyโฆ
Automotive Electronic Control Unit Market Size, Future Growth, Trends 2029
Automotive Electronic Control Unit Market Current Research Report analyses industry patterns and future prospects through 2029. Using both qualitative and quantitative approaches, the Automotive Electronic Control Unit Market offers a thorough evaluation of the elements influencing and inhibiting market growth. This research provides a comprehensive analysis of the market environment, providing businesses with the crucial knowledge they need to decide on their company plans and determine possible growth opportunities.
๐๐๐ญโฆ
Drive-by-Wire Market: The Future of Automotive Control
Drive by Wire Market Current Research Report analyses industry patterns and future prospects through 2030. Using both qualitative and quantitative approaches, the Drive by Wire Market offers a thorough evaluation of the elements influencing and inhibiting market growth. This research provides a comprehensive analysis of the market environment, providing businesses with the crucial knowledge they need to decide on their company plans and determine possible growth opportunities.
๐๐๐ญ ๐ ๐
๐ซ๐๐โฆ
More Releases for Steel
Miscellaneous Steel Detailing | Steel Detailer | Steel Detailing Services
We provide the highest quality of finished projects in the industry. Boasting unmatched turnaround times, and superb accuracy. WorldSteel Detailings has onboard team of experienced steel detailers and engineers with a wide range of experience from industrial and commercial projects to high rise buildings. By using innovative technologies and latest softwares, our structural steel detailing team provides accurate services as per your requirements based on country standards.Our steel detailing professionalsโฆ
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni โฆ
A detailed study on โStructural Steel marketโ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industryโs size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors inโฆ
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni โฆ
A detailed study on โStructural Steel marketโ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industryโs size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors inโฆ
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni โฆ
A detailed study on โStructural Steel marketโ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industryโs size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors inโฆ
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni โฆ
A detailed study on โStructural Steel marketโ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industryโs size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors inโฆ
What's driving the Structural Steel market Share? Gerdau S.A, ArcelorMittal, Tat โฆ
This Global Structural Steel market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.
According to this study, over the next five years the Structural Steel market will register a 5.1% CAGR in terms of revenue, the global market size will reach US$ 79700 million by 2024, fromโฆ
