The report "Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region - Global Forecasts to 2026" The electrical steel market is projected to reach USD 45.8 billion by 2026, with an expected CAGR of 6.3% between 2021 and 2026. The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%. The electrical steel market is witnessing high growth owing to the high consumption rate of electrical steel in transformers & motors and increasing Electric Vehicles (EVs) market.
Get PDF brochure of the report: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524
Browse 252 market data Tables and 53 Figures spread through 214 Pages and in-depth TOC on "Electrical Steel Market”
Driver: High consumption rate of electrical steel in transformers and motors
The increasing global automobile production is a major factor driving the growth of the global electrical steel market. The production is rising year-on-year. The deployment of electrical steel in automotive cars increases a vehicle’s fuel efficiency, thus driving the consumption of electrical steel in the automotive industry. The increasing demand for electric and hybrid vehicles is expected to further boost the growth of the electrical steel market during the forecast period. Energy conservation is a new trend in the electrical steel market. Rising electricity consumption and the increasing need for industrial development are the major drivers boosting the demand for transformers, thus driving the market. Electrical steel is mainly used in the power sector because of its high magnetic permeability.
Restraint: Volatile prices of raw material
The steel industry mainly relies on the supply of raw materials for the production and processing of steel products. Major raw materials required for steel production include iron ore, coal, industrial gases, and ferroalloys. If raw materials are reasonably priced, steel production and steel processing operations can be carried out smoothly. However, the prices of raw materials are highly volatile. An increase in raw material prices impacts the production costs of steel, thereby resulting in inflated prices of finished steel products, such as grain-oriented electrical steel and non-grain-oriented electrical steel.
Opportunity: Upcoming regulations and government support
The rules and regulations in emerging economies, such as India, China, and Brazil, are not as stringent as compared to those in the US and Western European countries. The size of the automotive industry in these countries is not only huge but also growing at a significant rate. These countries will be major destinations for electrical steel market players with the regulations in place. Governmental bodies also emphasize on the reduction of carbon emissions from vehicles. They are conducting research & development (R&D) on new materials and are supporting the use of electrical steel not only for electric vehicles but also for heavy construction equipment and passenger vehicle.
APAC is the largest market for the electrical steel market
The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growing infrastructure & construction and automotive industries. The rise in applications is expected to drive the market in this region. These factors contribute to the rising demand for electrical steel in the industrial facilities in the APAC region. The presence of several electrical steel-producing companies in China and India is expected to play an important role in the revenue growth of the APAC market. As APAC is the most widely populated region in the world, it consequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and, in turn, the electrical steel market as well.
The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others.
Early buyers will receive 10% free customization on this report.
Don't miss out on business opportunities in Electrical Steel Market.
Speak to Our Analyst and gain crucial industry insights that will help your business grow.
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=96179524
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
The global Can Coating market size is anticipated to gain a traction during the forecast period, 2019 – 2026.
Rise in supply of food and beverages and use of can for chemical preservations is driving the market growth.
Additionally, technological developments for coating industry to protect from external environmental factors is likely to drive the market growth throughout the forecast period.Protective coatings offer corrosion control and ensure a long term protection within a wide range of corrosive conditions.
Consumer demand for quality foods with flavor, texture and color stands important from the consumption aspects and in this regards, manufacturers are now emphasizing on technological feasibility, commercial availability and health aspects of alternative options for coatings.
Natural resins are used as a coating material that are derived from plants.
Synthetic resins are identical to plant resins but are liquid monomers.Request a Sample Report of Can Coating Market @ https://dataintelo.com/request-sample/?reportId=120894Canned foodstuff forms an integral component of global food supply followed by the development of can coatings and hence manufacturers are now stressing more upon the state-of-the art techniques used in the manufacture of coatings for canned bottles and food.
The “Global Iron and Steel Casting Market Report” is a detailed study of the Iron and Steel Casting Industry, its growth during the forecast period, (2021 – 2026) growth opportunities, and statistical analysis.
The report provides a detailed insight into the market analysis including market size, drivers, restraints, business opportunities, and lucrative regions for investment.
The report promises to provide state-of-the-art technologies of Iron and Steel Casting and industry insights which help decision makers to take sound strategic decisions.
Upstream raw materials and equipment and downstream demand analysis is also carried out.
Finally, the feasibility of new investment projects are assessed and overall research conclusions offered.
It includes several research studies such as absolute dollar opportunity, pricing analysis, manufacturing cost analysis, company profiling, consumption and production analysis, and market dynamics.The report also covers key trends and opportunities of Iron and Steel Casting products across various geographical regions including North America (U.S., Canada, Mexico), Europe (UK, France, Germany, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Light Vehicles Market Global Industry report provides the latest market statistics, industry growth, size, share, trends, as well as driving factors.
The detailed overview of the market segments, product description, Light Vehicles applications is presented in this report.
At present, the market is developing its presence and some of the key players from the complete study are Toyota Motor Corporation, Volkswagen AG, HYUNDAI MOTOR GROUP, Fiat Chrysler Automobiles, Honda Motor Co., Ltd., Groupe Renault, Nissan, Groupe PSA, Zhejiang Geely Holding Group, ASHOK LEYLAND, suzuki motor corporation, Tata Motors and MITSUBISHI MOTORS CORPORATION.
Increased concerns regarding the environment and demand for fuel-efficient and durable vehicle is an essential factor driving the light vehicles market.
Request Sample of Light Vehicles Market Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-light-vehicles-market A large-scale Light Vehicles Market report delivers a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market.
This study also analyzes the market status, future trends, revenue generation, market share, growth rate, opportunities and challenges, sales volume, market drivers, market restraints, risks, and entry barriers.
UpMarketResearch offers a latest published report on “Global Bearing Ball Market Industry Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report.
The report contains 133 pages which highly exhibits on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.
The report contains basic, secondary and advanced information pertaining to the Bearing Ball global status and trend, market size, share, growth, trends analysis, segment and forecasts from 2018 - 2023.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.For more information @ https://www.upmarketresearch.com/home/enquiry_before_buying/4892The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
