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.
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.
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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.
The electrical steel market is anticipated to gain the maximum traction by applications in motors and transformers. The market will continue to attract the highest application opportunities from power and energy generation sectors.
North America, Europe, and Japan are strong markets, contributing major revenue shares to the global electrical steel market. Asia Pacific is the most attractive region and forms a key market in the global electrical steel industry. APEJ is projected to be the largest market in 2016, owing to the highest electrical steel production in terms of volume. China will maintain its leading market position in APEJ, attributing to its strategic production and export.
The key players in the global electrical steel market include Novolipetsk Steel, voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group, AK Steel Corporation, ATI, Schneider Electric, Nicore Electrical Manufctory Co.,Ltd., ABB, Emirates Transformer & Switchgear Limited, Phoenix Mecano AG, Crompton Greaves, Leicong Industrial Co., Ltd., and Höganäs AB.
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Long-term Outlook: Global electrical steel market revenues are anticipated to expand at a healthy CAGR of 7.3% through to 2026. The demand for electrical steel will witness an exponential growth curve from 2016 to 2026.