Rise in demand from energy generation & transmission industries and surge in deployment of renewable energy drive the growth of the global electrical steel market. Asia-Pacific contributed to the largest market share in 2019, and will maintain its leadership status throughout the forecast period. The supply chain has been disrupted due to lockdown, which also gave rise to halt in manufacturing activities of electrical steel.
Portland, OR, Oct. 21, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electrical steel market garnered $15.0 billion in 2019, and is expected to generate $21.0 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027. The report offers a detailed analysis of changing market dynamics, key winning strategies, top investment pockets, top segments, value chain, and competitive scenario.
Rise in demand from energy generation & transmission industries and surge in deployment of renewable energy drive the growth of the global electrical steel market. However, fluctuations in raw material prices hinder the market growth. On the other hand, rise in utilization of electrical vehicles would offer new opportunities in the coming years.
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The supply chain has been disrupted, which gave rise to halt in manufacturing activities of electrical steel. Moreover, lockdown imposed by governments has temporarily stopped the operations of manufacturing factories.
As installation activities of transformers, motors, and others have been stopped by governments and private organizations to curb the spread, the demand for electrical steel decreased significantly. Moreover, new investments have been locked by investors.
The demand from the electric vehicle manufacturing sector declined significantly due to halt in manufacturing activities during the lockdown. However, during the post-lockdown period, the demand increased steadily as manufacturing began with minimal workforce.
The report offers a detailed segmentation of the global electrical steel market based on type, application, and region.
Based on type, the non-grain-oriented segment accounted for nearly two-thirds of the total market share in 2019, and is expected to maintain its leadership status during the forecast period. Contrarily, the grain-oriented segment is expected to register the highest CAGR of 6.0% from 2020 to 2027.
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Based on application, the transformers segment accounted for the highest share in 2019, contributing to nearly two-fifths of the total market share in 2019, and is projected to dominate in terms of revenue during the forecast period. However, the motors segment is expected to witness the fastest CAGR of 6.4% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the largest market share in 2019, accounting for nearly two-thirds of the global market share, and will maintain its leadership status throughout the forecast period. Moreover, this region is expected to grow at the highest CAGR of 6.0% from 2020 to 2027. The report also analyzes regions such as North America, Europe, and LAMEA.
Leading players of the global electrical steel market include Aperam, Baosteel Group Hu, ArcelorMittal, JFE Holdings, Inc., Cleveland-Cliffs Inc., Nippon Steel Corporation, POSCO, Tata Steel, Slovenian Steel Group, and Voestalpine AG.
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