Arcelor Mittal and POSCO to Lead Electrical Steel Market through 2023
Rapid industrialization and growing
infrastructure investments to drive global electrical steel market through 2023
According to TechSci
Research report, “Global Electrical Steel Market By
Type, By Application, By Region, Competition Forecast & Opportunities, 2013
- 2023’’, electrical steel market, globally, is
projected to reach $ 11 billion by 2023, on account of growing electricity
demand from commercial and industrial sectors, which is boosting the use of
electrical steel in power and distribution transformers. Other key factors that
would aid growth in the market are increasing need to upgrade transmission and
distribution networks, rising urbanization and growing household sector.
ArcelorMittal and POSCO accounted for the largest revenue share in global
electrical steel market in 2017, as the two companies have a wide distribution
channel across the world. ArcelorMittal and POSCO have annual steel production
capacity of 114 million tonnes and 41 million tonnes, respectively, making them
the major players in global electrical steel market.
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Figures spread through 195 Pages and an in-depth TOC on "Global Electrical
Steel Market"
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In terms
of type, global electrical steel market has been categorized into cold rolled grain oriented
and cold rolled non grain oriented segments. Of these two types, cold rolled
non grain oriented segment dominates the market, as this type of electrical steel is cheaper and
lightweight. Moreover, cold rolled non grain oriented
electrical steel improves
the efficiency of transformers and motors. Non grain oriented electrical steel
is used as a core material in motor parts, thus with growing automotive
production, demand for this category of electrical steel is anticipated to grow
at a rapid pace in coming years.
Power
transformer segment accounted for the largest revenue share in global electrical steel market in 2017 and is likely
to maintain its dominance through 2023, owing to rapidly increasing urbanization
and growing power generation infrastructure. Backed by the presence of
developing countries such as China, India and Korea, the Asia-Pacific region is
expected to remain the largest consumer of electrical steel on a global level
during forecast period.
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“Factors such as various expansion
projects of electrical steel plants and growing mergers & acquisitions are
likely to boost the supply of electrical steel across the globe. Moreover, on
account of increasing industrial production and manufacturing growth rate, the global
electrical steel market is anticipated to witness significant growth during the
forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Electrical Steel Market By Type, By
Application, By Region, Competition Forecast & Opportunities, 2013 - 2023” has evaluated the future growth
potential of global electrical steel market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decision. Besides, the report also identifies and analyses
the emerging trends along with essential drivers, challenges and opportunities
in global electrical steel
market.
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