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.

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