The global sales of electrical steel are set to be valued at over US$ 37.5 Bn in 2021, with a stable long projection, in line with the most recent insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.5% CAGR from 2021 to 2031. In line with the annual marketing research conducted by Future Market Insights, growth of the energy and automobile industries has LED to heightened demand for electrical steel products. fast technological advancements in production technologies are projected to enrich market growth over the approaching years.
To remain ‘ahead’ of your competitors, request for a sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-883
In spite of the recessionary effect of the COVID-19 pandemic in 2020, the overall steel industry in terms of production and supply has largely remained unaffected. With the continual demand from the energy industry, growth of electrical steel in the coming decade is expected to reflect an upward trajectory for the foreseeable future.
Demand for electrical steel is increasing with the rise in the volume of transformer and motor production and sales in recent years. This can be attributed to an increase in investments and expansion of new power generation and transmission projects in developing nations.
The growing requirement of mass production has resulted in increased importance of process automation in the electrical steel market. The market is shifting towards Industry 4.0 norms, leading to the promotion and universal adoption of new production technologies.
There is also an increasing demand from energy and automotive industries for deployment of electrical steel in various applications. Increasing number of players focusing on research and development related to electrical steel is anticipated to have a significant contribution towards market growth in the years to come.
For critical insights on this market, request to ask an expert here @ https://www.futuremarketinsights.com/ask-question/rep-gb-883
Key Takeaways from Electrical Steel Market Study
Grain-oriented electrical steel is projected to hold over 51% percent of the global market share in 2021, supported by superior structural characteristics.
The energy sector is projected to hold over 33% of the overall market share as an end-user by 2031-end, supported by major investments into renewable energy projects.
The U.S. will remain a chief market, backed by rising demand from the energy sector. It is expected to account for over 86% of demand registered in North America in 2021.
The markets in India and China are set to surge at around 8% and 7% CAGR over the next ten years.
Russia is emerging as a key market in Europe, accounting for over US$ 2.1 Bn in 2021, driven by a massive energy infrastructure requirement.
“The electrical steel market is growing at a strong pace driven largely by increasing demand from the energy industry for applications in motors, transformers, and components. The increasing investment in power generation and transmission projects will create extensive opportunities for electrical steel manufacturers. Key industry participants are investing in expansions, strategic alliances, partnerships, and material innovations to gain a competitive advantage in the evolving global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says a Future Market Insights analyst.
The electrical steel market is moderately consolidated, with key players accounting for more than 50% of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry include but are not limited to Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, ArcelorMittal SA, Aperam SA, Baosteel Group, AK Steel Holding Corp, Allegheny Technologies, Inc., Phoenix Mecano AG, and Steel Authority of India Limited.
For More Information or Query or Customization Before Buying, Visit: https://www.futuremarketinsights.com/customization-available/rep-gb-883
Find More Valuable Insights
The research report analyzes demand for electrical steel. The global electrical steel market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product type, application, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: [email protected]
For Media Enquiries: [email protected]
Access Full Report Here: https://www.futuremarketinsights.com/reports/electrical-steel-market