The global Electrical Steel market,was valued at US$ 33.98 Bn. in 2022. Electrical Steel Market size is estimated to grow at a CAGR of 7.9% over the forecast period.

Market Overview:

This study aims to comprehensively analyze the Electrical Steel market based on its components, applications, industries, and geographical regions. Detailed insights into the primary growth drivers influencing the Electrical Steel market are provided, along with an extensive analysis of its value chain.

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Market Scope:

The research methodology employed to evaluate and forecast the Electrical Steel market involves initial secondary research using sources that gather revenue data from key suppliers. Vendor offerings are also taken into account during market segmentation. The total size of the Electrical Steel market is determined using a bottom-up approach, considering the revenues of major enterprises.

Drivers:

The rising global automobile manufacturing is a key driver of the global electrical steel market's growth. Every year, global vehicle manufacturing rises. The use of electrical steel in automobiles improves fuel efficiency, resulting in increased demand for electrical steel in the automotive industry. During the forecast period, the growing demand for electric and hybrid vehicles is expected to fuel the growth of the electrical steel market.

Segmentation:

by Type

Grain-oriented
Non-Grain-oriented

by Application

Transformers
Motors
Inductors
Others

by End Use

Industry Energy
Automobiles
Manufacturing
Household Appliances
Others

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Key Players:

1. Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
2. Shandong Iron and Steel Group Co Ltd
3. JFE Steel Corporation
4. SAIL (Steel Authority of India Limited)
5. Shagang Group Inc.
6. ArcelorMittal
7. Ansteel Group Corporation
8. Baosteel Group
9. Voestalpine Group
10.United States Steel Corporation
11.Jindal Steel and Power Limited
12.HBIS Group
13.Allengency Technologies
14.Angang Steel Company Limited
15.China Steel Corporation
16.Electrosteel Limited
17.EssarSteel
18.HebeiPuyang Iron And Steel Group
19.Jsw Steel
20.Tata Steel Limited.

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Regional Analysis:

Market share statistics for Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America are analyzed separately. Competitive strengths are evaluated, and individual competitive analyses are conducted for each competitor by analysts at Maximize.

COVID-19 Impact Analysis on Electrical Steel Market:

The COVID-19 pandemic has affected various industries including aerospace and defense, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among others. The impact of COVID-19 on the Electrical Steel market and its growth rate during 2019-2020 is significant. Timely insights and analysis on mitigating risks and digitizing operations to provide trusted information and insights to CEOs are crucial for businesses and organizations navigating through the COVID-19 crisis.

Key Questions Answered in the Electrical Steel Market Report:

• Which segment dominated the Electrical Steel market?

• How was the competitive landscape of the Electrical Steel market in 2020?

• What are the key factors driving the growth of the Electrical Steel market?

• Which region held the largest share in the Electrical Steel market in 2020?

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