The global electric steel market is anticipated to record a CAGR of 4.30% during the forecast period of 2019-2028
NEW YORK, May 5, 2020 /PRNewswire/ -- KEY FINDINGS
The global electric steel market is anticipated to record a CAGR of 4.30% during the forecast period of 2019-2028. Robust increase in urban population all over the world, a surge in electricity demand, and supportive regulatory policies are the major factors propelling the market growth.
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MARKET INSIGHTS
Electric steel is an iron alloy with enhanced magnetic properties that is widely used across applications such as electric motors, generators, small relays, and many other electromagnetic devices.A soft magnetic material, also referred to as silicon steel, transformer steel, or lamination steel, electric steel is used mainly in the electric power distribution system and automotive industries.
The rapid escalation in the urban population is leading to a rise in housing demand, thereby increasing the need for electric steel.The local governments and developers are adopting power expansion strategies to fulfill residential and commercial demand, which is driving the demand for transformers and generators for electricity storage and transmission.
The leading players are trying to capture the market, making the industry rivalry very high.
Grain-oriented steel in type segment captured the highest revenue share in 2018, which is estimated to continue throughout the forecast period.Grain-oriented electrical steel is produced from low carbon steel and is used as a base material for manufacturing distribution transformer and electrostatic generators for high functional efficiency.
The continuous technological enhancements in grain-oriented electric steel are stimulating market growth.
REGIONAL INSIGHTS
The geographical analysis of the global electric steel market is classified on the basis of the markets in the countries across the regions of North America, Europe, Asia Pacific, and the Rest of the World. The region of Asia Pacific captured the highest market share in 2018, and the trend is projected to continue until the end of the projected period, owing to the growing urban population and supportive government regulations.
COMPETITIVE INSIGHTS
The players in the market are quite competitive with each other. Some of the renowned companies trying to capture the global market are ArcelorMittal, Arnold Magnetic Technologies, Baosteel Group Corporation, Nippon Steel, etc.
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-- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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-- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
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Companies mentioned
1. ARCELORMITTAL
2. ARNOLD MAGNETIC TECHNOLOGIES CORP
3. BAOSTEEL GROUP
4. CHINA STEEL CORPORATION
5. AK STEEL
6. NIPPON STEEL
7. ORCHID INTERNATIONAL
8. POSCO
9. SKO-DIE INC
10. STEEL AUTHORITY OF INDIA LIMITED (SAIL)
11. THYSSENKRUPP AG
12. BIG RIVER STEEL
13. VOESTALPINE AG
14. TATA STEEL LTD
15. JFE STEEL CORPORATION
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