Electrical steel market to grow at CAGR of 7.3%
Future Market Insights has added a new report titled “Electrical Steel Market Segmentation by Product Type – Grain-Oriented Electrical Steel, Non-Grain Oriented Electrical Steel, Semi-Processed; By Application – Transformers, Portable, Distribution, Motors, Inductors” to their offering.
According to the report, global electrical steel market revenues are anticipated to expand at a healthy CAGR of 7.3% through to 2026, reports EIN News.
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 from energy and power generation industries.
Asia-Pacific Excluding Japan (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 Manufactory Co. Ltd., ABB, Emirates Transformer & Switchgear Limited, Phoenix Mecano AG, Crompton Greaves, Leicong Industrial Co. Ltd., and Höganäs AB.
Source: EIN News