Electrical Steel Market Size, Status and Growth Opportunities by 2030

The global electrical steel market has utilized the opportunities in the market over the last decade with sales of electrical steel pegged at US$ 20.4 Bn in 2019. However, sales are set to plummet during in the middle two quarters of 2024 owing to COVID-19. In addition, several automakers have shuttered their production units, causing incalculable loss to the electrical steel market in 2024. However, the demand of electrical steel is anticipated to rebound and showcase a positive growth trend over the long-term forecast period. The above represented scenario is projected to expand the global electrical steel market at a positive CAGR of ~6.2% over the assessment period (2020-2030).

The future of electrically-powered motors used in automotive relies on high grade electrical steel. The advantages of electrical steel including its efficiency, capability to reduce overall weight and heat loss are some of the factors which are anticipated to amplify the overall sales of electrical steel post COVID-19. Apart from electric vehicle or any other vehicles, electrical steel is anticipated to gain massive opportunities from other sectors as well including consumer electronics and construction.

COVID-19 to Pose Challenges in Availability of Raw Materials in Short Term

Impressive magnetic and electric properties offered by non-grain oriented electrical steel is projected to fuel its demand during the forecast period. Due to its aforementioned advantages, non-grain oriented electrical steels are used in range of applications such as generators, electric motors and appliances. However, after the exponential growth of COVID-19 across the globe during the second quarter of 2024, many prominent electrical steel producers have either shut down or decreased their production capacities. In addition, the overall growth of global electrical steel industry will be less in the short-term forecast period due to limited supply of raw materials. Moreover, a paradigm shift towards e-mobility is poised to create new avenues in the market during the forecast period.

Following Questions Answers Covered in the Report are:

• How will the global Electrical Steel Market perform during the forecast period? What will be the market size in terms of value and volume?
• Which segment will drive the global Electrical Steel Market? Which regional market will show extensive growth in the future? What are the reasons?
• How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
• What are the key strategies adopted by players to sustain themselves in the global Electrical Steel Market?
• How will these strategies influence the market growth and competition?

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Regional analysis includes

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
• EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
• CIS & Russia
• Japan
• Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
• Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)

Get More Insights –http://www.globenewswire.com/en/news-release/2018/01/13/1289034/0/en/North-America-will-remain-the-Most-Attractive-Market-for-Vitamins-and-Derivative-Over-2026.html

Electrical Steel Market: In-depth Analysis on Competitive Landscape

The report offers the competitive scenario of the electrical steel market, along with profiles of prominent companies contributing to market expansion. Essential and up-to-date data as well as information correlated to market performers, who are principally engaged in the production and supply of electrical steels, have been presented with the help of a detailed dashboard view. The market share analysis and comparison of prominent players provided in the report permit readers to take preemptive steps in advancing their businesses.

Company profiles have been combined in the report, which exert essentials such as form portfolio, along with all-inclusive SWOT analysis on each player. The company’s presence is mapped and presented through the matrix for all prominent players functioning in the electrical steel market. It offers actionable insights to readers, which helps in thoughtfully presenting market status, and predicting competition levels in the electrical steel market. Prominent companies operating in the global electrical steel market include ArcelorMittal S.A., Baosteel, POSCO, Novolipetsk Steel, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation, and Voestalpine AG.

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