Electrical Steel Market Growing at a CAGR of 7.3% By 2026Posted by Vinay on October 23rd, 2017 The global electrical steel market is projected to witness healthy growth in 2016. Asia Pacific excluding Japan is estimated to grow at the highest pace, accounting for a substantial share in the global market revenues.
Extensive use of electrical steel (silicon steel or laminate steel) in the core manufacturing of motors, transformers, and inductors is expected to primarily drive the demand for electrical steel in 2016. In addition, the aerospace industry is estimated to fuel sizeable demand for electrical steel in the global market. Electrical steel is also estimated to witness significant demand, attributed to superior electric and magnetic properties compared to its industrial counterparts. Increasing applications of electrical steel in manufacturing of supercars and consumer appliances are expected to accelerate the global market growth throughout 2016.
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On the basis of product type, the global electrical steel market has two key segments. Driven by applications in motors, the non-grain oriented electrical steel segment is estimated to remain the largest segment, accounting for the highest market revenues of around US$ 13.3 Bn in 2016. However, this segment is expected to witness decline by 2016 end, and further. The grain oriented electrical steel segment is expected to thrive dramatically at the fastest CAGR of 7.5% in terms of value in 2016, owing to increasing demand for grain oriented electrical steel from energy and power generation industries.
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