Electrical Steel Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By - 2033
- PUBLISHED ON
- 2024-06-02
- NO OF PAGES
- 289
- CATEGORY
- Chemicals & Materials
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 40,000 million |
Market Forecast in 2033 | USD 60,000 million |
CAGR % 2023-2033 | 8.4% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | ArcelorMittal; Nippon Steel Corporation; POSCO; JFE Steel Corporation; Baosteel Group Corporation; Thyssenkrupp AG; AK Steel Holding Corporation; Tata Steel Limited; NLMK Group; Voestalpine AG |
Electrical Steel Market- Description
With growing concerns about energy conservation and sustainability, there is a rising demand for energy-efficient electrical equipment. Electrical steel plays a crucial role in improving the efficiency of transformers, motors, and generators, thereby driving its market growth.
Electrical Steel market: Key Trends
The rapid urbanization and industrialization in emerging economies have led to a surge in infrastructure development, including the construction of power plants, factories, and transportation systems. This has contributed to the growing demand for electrical steel in these regions.
Electrical Steel market: Segmental Analysis
Type
• Non-grain-oriented
• Grain-oriented
Application
• Transformer
• Motors
• Inductors
Electrical Steel market: Geographical landscape
Electrical Steel Market- Impact of COVID 19
Electrical Steel Market: Key Companies
• Nippon Steel Corporation
• POSCO
• JFE Steel Corporation
• Baosteel Group Corporation
• Thyssenkrupp AG
• AK Steel Holding Corporation
• Tata Steel Limited
• NLMK Group
• Voestalpine AG
• Others
Electrical Steel Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Electrical Steel market size was valued at USD 40,000 million in 2022 and is projected to reach USD 60,000 million by 2033, growing at a CAGR of 8.4% during the forecast period.
What are the drivers shaping various markets?
Increasing Urbanization and Industrialization: - The rapid urbanization and industrialization in emerging economies have led to a surge in infrastructure development, including the construction of power plants, factories, and transportation systems. This has contributed to the growing demand for electrical steel in these regions.
Who are the key competitors of market Players?
Some of the major players operating within the market are ArcelorMittal; Nippon Steel Corporation; POSCO; JFE Steel Corporation; Baosteel Group Corporation; Thyssenkrupp AG; AK Steel Holding Corporation; Tata Steel Limited; NLMK Group; Voestalpine AG
What are the top performing segments, and countries / regions of each of the markets?
In North America, the United States and Canada are major markets for electrical steel. The region has a well-developed electrical infrastructure and a high demand for electrical steel in power generation, distribution, and manufacturing sectors.
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