HOME Research Insight ArcelorMittal (Luxembourg) and POSCO (South Korea) are the Top Players in the Electrical Steel Market

ArcelorMittal (Luxembourg) and POSCO (South Korea) are the Top Players in the Electrical Steel Market

MarketsandMarkets projects that the electrical steel market size will grow from USD 27.84 Billion in 2016 to USD 38.98 Million by 2021, at a compound annual growth rate (CAGR) of 7.0% from 2016 to 2021. The increasing urban population worldwide is one of the most significant factors contributing to the demand for electrical steel products.

The key players in the electrical steel market are 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). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & divestures, and new product launches are some of the major strategies adopted by the market players to achieve growth in the electrical steel market.

The year 2016 witnessed several new product launches and agreements in the electrical steel market by key players in order to expand their geographical footprint and improve the company’s distribution network through the means of expansion of product portfolio. Agreements & contracts was the second-most adopted key strategy adopted by market players to increase their share. The increase in infrastructure investment which leads to high consumption of electrical steel in transformers and motors and rapid industrialization, have encouraged companies to adopt this strategy.

ArcelorMittal (Luxembourg), one of the top players in the steel industry, aims to maintain its position in the market through acquisitions, agreements, and partnerships. As part of this strategy, the company has mainly focused on agreement & collaborations. In the last few years, ArcelorMittal has entered into various significant supply agreements, acquired companies, expanded production facilities, and launched new products to expand its presence in the steel market. The company focuses on expanding its customer base in the Asia-Pacific region in order to develop its steel business. The company has exclusive research centers across the globe for special plates and flat products. In February 2017, ArcelorMittal has opened a new production line worth USD 66.3 million called the Jet Vapor Deposition (JVD) line, at its facilities in Kessales, Belgium. Arcelor Mittal formed a joint venture with Cellino Group to hold a 35% share in February, 2017.

POSCO (South Korea)  expanded its presence through various strategic developments such as new product developments and agreements. The company has focused on the expansion of its production facilities in China and other Asian countries. The key strategy of the company is to enhance its technology base through investments in R&D and facility expansion. In December 2016, POSCO ICT established its EV-charging infrastructure at the headquarters of ICE located in San Jose, capital of Costa Rica.

Related Reports:

Electrical Steel Market by Type (Grain-oriented and Non Grain-oriented), Application (Transformers, Motors, Inductors), End-Use Industry (Energy, Automobile, Manufacturing, Household Appliances), and Region - Global Forecast to 2021

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