Top Companies in Electrical Steel Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
electrical steel market is projected to reach a value of USD 46.8 Billion by 2028 at a CAGR of 5.9% over the forecast period.
The Global Electrical Steel Market is valued at USD 33.1 Billion in 2021 and is projected to reach a value of USD 46.8 Billion by 2028 at a CAGR of 5.9% over the forecast period. One of the aspects anticipated to generate profitable prospects during the projection period is the rise in the use of electric vehicles.
The expansion of the deployment of renewable energy sources and the rise in demand from the energy generating and transmission industries are projected to influence the global market of Electrical Steel.
In the upcoming years, it is anticipated that rising consumer disposable income and a swift shift in consumer behavior will help fuel the expansion of the worldwide Electrical Steel Market. Additionally, government initiatives to improve electricity transmission and distribution efficiency and power generation from renewable sources are anticipated to support the market's expansion over the projection period.
The Electrical Steel Market is dominated by globally established players like Aperam (Luxembourg), Arcelor Mittal (Luxembourg), Tata Steel (India), POSCO (South Korea), Nippon Steel Corporation (Japan), Baosteel Group Hu (China), Voestalpine AG (Austria), JFE Holdings (Japan), Cleveland-Cliffs Inc. (US), and Slovenian Steel Group (Slovenia), among others. These major market participants have a competitive advantage because of their cutting-edge technology, robust research efforts, and established positions in local marketplaces.
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Let’s Look at the Top Companies That are Taking the Electrical Steel Market by Storm
- Aperam (Luxembourg)
Specialty steel is produced by Aperam S.A. The business manufactures nickel alloys, stainless steel, and Electrical Steel that is both grain- and non-grain-oriented. The products of APERAM are sold all over the world.
- Arcelor Mittal (Luxembourg)
Arcelor Mittal is a steel manufacturer. Cold-rolled, electro-galvanized, and coated steels, bars, slabs, and wire rods are produced by the Company. Customers are served globally by ArcelorMittal.
- Tata Steel (India)
A fully integrated steel manufacturer, Tata Steel Ltd. creates a range of steel goods. Steel ball bearing rings, alloy steel bearing rings, flanges, bearings, annular forgings, welded steel tubes, seamless tubes, and cold rolled strips are among the Company's goods. Tata Steel also produces metalworking equipment.
- POSCO(South Korea)
POSCO Holdings Inc. produces and sells steel-related goods. The Company manufactures Electrical Steels, galvanized steels, wire rods, hot-rolled steels, cold-rolled steels, crude steels, stainless steels, steel plates, and other related goods. POSCO Holdings sells its goods all over the world.
- Nippon Steel Corporation(Japan)
This Company produces steel-related goods. The Company primarily manufactures and markets structural steel, steel plates, and other products. Chemicals, novel materials, and other goods are also available from Nippon Steel.
- Baosteel Group Hu(China)
In 1969, Baosteel Group Hu was established. Steel items are manufactured and distributed by the Company. The business manufactures stainless steel, welding structural steel, steel plates, steel coils, and other goods.
- Voestalpine AG(Austria)
This Company manufactures, processes, and sells steel products. The business provides flat and long steel products to the automotive, railroad, oil and gas, and home appliance industries.
- JFE Holdings(Japan)
Created through the union of NKK Corp. and Kawasaki Steel Corp., JFE Holdings Inc. acts as a holding company. The Company oversees and runs the operations of its subsidiaries, which engage in integrated engineering and steel production companies. Japan is where JFE Holdings operates its businesses.
- Cleveland-Cliffs Inc.(US)
Cleveland-Cliffs Inc. produces hot briquetted iron (HBI), flat-rolled carbon steel, electrical, plate, stainless, tinplate, and long steel items, as well as hot and cold stamping, tooling, and carbon and stainless steel tube. It also produces custom-made pellets. The Company has employees throughout the US and Canada, having its headquarters in Cleveland, Ohio.
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