Electrical Steel Market 2022 – Segments Analysis, Industry
Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast
2030
Page: 284 | Report Code: ME220604 | Research Suite: Report (PDF) & Market Data (Excel)
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The global electrical steel market is anticipated to reach USD XX,XXX.X million by 2030 from USD XX,XXX.X million in 2021, at a CAGR of X.X% during the forecast period. The growth of market can be attributed to initiatives undertaken for enhancing power distribution centers in developing nations, and growth in deployment of renewable energy. In addition, increase in usage of electrical vehicles is one of the factors which is believed to impetus the growth of market during forecast period.
SEGMENTATION ANALYSIS
On the basis of type, the electrical steel market is
segmented into non-grain-oriented and grain-oriented. The non-grain-oriented
electrical steel segment captured XX% market share in 2021.
On the basis of application, the electrical steel
market is segmented into transformers, motors, inductors and others. The
transformers segment captured the largest share of the global electrical steel
market in 2021.
On the basis of end use industry, the electrical steel market is segmented into energy, automotive, manufacturing, household appliances, manufacturing and others. Demand for applications of transformers, motors, and generators for uninterrupted energy consumption is increasing; thus fueling the growth of electrical steel segment in energy industry.
REGIONAL OUTLOOK
In 2021, Asia Pacific captured a market share of XX.X%
of the electrical steel market. The electrical steel market in APAC is majorly
driven by China, India, and ASEAN countries, which are experiencing significant
growth in the automotive industries. Increasing public and private sector
investments, increasing population, growing economy, and high disposable income
are further strengthening growth of these industries.
In Asia Pacific, China and India are to remain
lucrative growth market for electrical steel manufacturers. As per data from
World Bank, Asia Pacific is the fastest-growing region in terms of both
population and economic growth. It is an attractive destination for foreign
investors due to low-cost labour and improving investment & trade regimes.
In Asia Pacific, China was the largest market for electrical steel and accounted for XX.X% in 2021. Furthermore, India is projected to be witness fastest growth during the forecast period. India electrical steel market is projected to showcase highest growth rate in Asia Pacific market. India market is projected to reach USD XX,XXX.X million by 2030 from USD XX,XXX.X million in 2021, at a CAGR of X.X% during the forecast period.
The top 10 players account for XX.X% of the market. The
industry is competitive and companies are adopting a mix of strategies in order
to acquire market share.