Chemicals and Materials Electrical Steel Market new | Page 2

Based on application, the Electrical Steel Market is segmented in to transformers, motors,
inductors, and others which includes battery and welding equipment. The transformers
segment is projected to grow at the highest CAGR from 2016 to 2021. Factors such as
increase in demand for energy on a global scale is expected to drive the transformers
market over the next few years. Moreover, the need for upgrading transmission and
distribution networks and equipment is expected to be a critical success factor for the
growth of the transformers industry.
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"The Asia-Pacific Electrical Steel Market accounted for the largest market share."
The Asia-Pacific is the most widely populated region in the world, and subsequently
witnesses a high demand for the consumption of electricity. The transmission &
distribution infrastructure in the region is in the initial stage of grid
restructuring. China contributes a major market share in the Asia-pacific electrical steel
market. Growing industrial activity has resulted in high demand for electrical steel
supported by the country's aggressive policies to fund and drive the domestic demand, thus
boosting their growth. The market for electrical steel in this region is growing at a rapid
pace, which is primarily due to the growing manufacturing sector
The major players in the Electrical Steel Market includes ArcelorMittal (Luxembourg),
POSCO (South Korea), Voestalpine Group (Austria), Baosteel (China), Nippon Steel &
Sumitomo Metal Corporation (Japan), United States Steel Corporation (U.S.), Steel
Authority of India Limited. (India), Tata Steel (India), JFE Steel Corporation (India),
and Essar Steel (India).
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