The global electrical steel market is anticipated to grow at a CAGR of 6.2% during the forecast period. Consumer appliance is one of the biggest end-users of the electric steel market. Electrical steel is used to make electronic components, including compressor motors, relays, switches, and other, in electrical appliances. In addition, electric steel also found its major application in high-power consumer appliances such as high-power coolers, refrigerators, air conditioners, and others. With the increasing demand for consumer appliances, manufacturers are focusing on reducing product size to offer products with reduced noise output as compared to appliances and components manufactured from regular steel.
Browse the full report description of “Electrical Steel Market Size, Share, and Trends Analysis Report, By Product Type (Grain-Oriented Electrical Steel and Non-Grain Oriented Electrical Steel), By Application (Inductors, Motors, and Transformers), By End-User Industry (Automobiles, Manufacturing, Energy, Household Appliances, and Others), Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/electrical-steel-market
Manufacturers are also focusing on using environment-friendly electrical steel that has less heat loss as compared to regular steel and forming partnership collaborations with other emerging players to serve a better product to the market. For instance, in June 2022, Rio Tinto partnered with steel producer Salzgitter to work together toward carbon-free steelmaking. Under a new Memorandum of Understanding, the companies have agreed to explore the optimization of Rio Tinto’s products iron ore pellets, lump, and fines for use in Salzgitter’s SALCOS green steel project in Germany.
Moreover, in July 2022, Tata Steel Nederland launched Zeremis Carbon Lite, steel with an allocated carbon footprint reduction of up to 100% and certified by independent assurance expert DNV. With Zeremis Carbon Lite the company meets a growing demand for low-CO2 steel, for instance in consumer-facing industries such as automotive, packaging, and white goods. Further, in March 2021, ArcelorMittal launched its first three XCarb initiatives: XCarb green steel certificates, XCarb recycled and renewably produced, and XCarb innovation fund. These initiatives were part of the company’s journey to deliver on its 2050 net zero commitment.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Product Type
o By Application
o By End-User Industry
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Competitive Landscape- Aperam SA, ArcelorMittal SA, Baoshan Iron & Steel Co., Ltd., Cleveland-Cliffs Inc., JFE Holdings, Inc., and Tata Steel, Ltd.
• Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electrical Steel Market Report by Segment
• Global Electrical Steel Market By Product Type
o Grain-Oriented Electrical Steel
o Non-Grain Oriented Electrical Steel
• Global Electrical Steel Market By Application
o Inductors
o Motors
o Transformers
• Global Electrical Steel Market By End-User Industry
o Automobiles
o Manufacturing
o Energy Generation
o Household Appliances
o Others
Global Electrical Steel Market Report by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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