Electrical Steel Market Worth $40.57 Billion By 2025 | CAGR 7.2%

The global electrical steel market size is anticipated to reach USD 40.57 billion by 2025,expanding at a CAGR of 7.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the growing demand for transformers in the energy industry on account of high requirement of electricity in the industrial and commercial sector across the globe. Increasing usage of electrical appliances in the residential and commercial sectors is expected to further propel the demand for transformers, thus, complimenting industry growth.

The demand for transformers is likely to increase owing to the increase in utilization of energy sources due to rising consumption of electricity and other new projects such as electric vehicle charging stations. Electrical steel is used to construct transformer cores owing to its properties such as electrical resistivity, strength, and hardness.

Favorable regulatory policies play a major role in the market growth. Regulatory bodies across the globe are largely focusing on augmenting energy efficiency and reducing losses in transformers. Increasing focus on energy conservation and reduction in carbon dioxide emission is anticipated to boost the product demand over the coming years.

Asia Pacific was the largest segment in terms of volume followed by Europe and North America in 2018. According to the International Energy Agency, Asia Pacific is the largest consumer of electricity and is expected to consume 46% of the world’s energy by 2040. This is likely to fuel the demand for transformers, which in turn is expected to augment the market growth in the region over the coming years.

Market players are adopting strategies such as mergers & acquisitions and capacity expansions in order to increase their market share and to strengthen their presence. In September 2019, JFE Shoji Trade Corporation acquired Cogent Power Inc., a transformer core manufacturer in Canada. With the acquisition, JFE Shoji Trade Corporation is likely to enhance the product portfolio and the geographical presence.

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Further key findings from the report suggest:

• Grain oriented electrical steel is anticipated to register a CAGR of 7.9% in terms of revenue over the forecast period, owing to growing demand from transformer cores. Increasing implementation of energy infrastructure in emerging economies is expected to propel transformer market demand over the forecast period.
• Motors segment is expected to witness a CAGR of 6.0% in terms of volume owing to rapid growth in electric vehicles. Increasing awareness regarding benefits of EV’s and HEV’s on a global level coupled with stringent emission standards being adopted by various regulatory bodies is expected to result in high demand for motors.
• Asia Pacific was the largest segment in 2018 accounting for a volume share of 40.2% in the electrical steel market owing to growing demand from the manufacturing industry. Government initiatives such as “Make in India” are expected to fuel market gowith.
• In April 2018, ThyssenKrupp announced to manufacture cold rolled grain oriented electrical steel at its plant in Nashik, India. The new addition in the product portfolio rises the production capacity to 35,000 tons annually. This was aimed to meet the growing demand for the product in the Indian market.

About Grand View Research:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 compnies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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