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Global Electrical Steel Market: Growing Demand Due to the Hybrid and Electric Vehicles

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Global Electrical Steel Market: Growing Demand Due to the Hybrid and Electric Vehicles

March 19
17:04 2019

Electrical Steel Market
The global electrical steel market size was around $22.245 billion in 2018. Moreover, it is estimated to grow with a CAGR of 6.6% during the forecast period of 2019 to 2025.

Gaining traction from flourishing automotive industry and governmental emphasis on providing electricity across rural areas will ensure consistent growth in the electrical steel market, according to a recently published research report from IndustryARC. According to a recently published report by IndustryARC titled “Electrical Steel Market: By Grade (Non-Grain-Oriented Electrical Steel & Grain-Oriented Electrical Steel); By Application (Transformers, Motors, Inductors, Generators & Others) & Geography – Forecast (2019-2025),” the global electrical steel market size was around $22.245 billion in 2018. Moreover, it is estimated to grow with a CAGR of 6.6% during the forecast period of 2019 to 2025.

Electrical steel is an iron alloy used to produce magnetic properties such as low core loss, high permeability, and small hysteresis area. Electrical steel is used in transformers, stators, and rotors for electric motors. Electrical steel can contain up to 6.5% of silicon that helps to increase the resistivity of the iron. Manganese and aluminum can be added into iron alloy up to 0.5%.

India is known as one of the world’s largest producer of crude steel. The country’s crude steel capacity was evaluated to be around 126 million tonnes with a production of 97.4 million tonnes in 2017. National Mineral Development Corporation announced setting up 3 million tonnes per annum steel mill in Karnataka, India. The estimated investment for steel mill was $2.8 billion. Continuous modernization, up-gradation, and investment for iron ore are planned to produce 300 million tonnes steel by 2030, a part of which is going to be electrical steel. This will significantly cause a stir in the India electrical steel market.

Global Electrical Steel Market: Leading Segments

Recent research by the analyst of IndustryARC projects that APAC dominated the demand with a regional share of more than 39% in 2018. Furthermore, the transformer is the leading application segment with a CAGR of 6.8% during the forecast period of 2019 to 2025. Make in India initiative by the Indian government is raising the demand for steel and other metals which is directly fueling the production of steel in India. Additionally, Indian Government has planned Special Purpose Vehicles (SPVs) with four iron ore-rich states such as Karnataka, Jharkhand, Orissa, and Chhattisgarh to set up steel plants having a capacity between 3 to 6 MTPA that is growing the electrical steel market size and share in the APAC region.  The development of China’s industrial sector will impressively increase energy demand. China industrialization heavily depends upon the iron and steel industry that will be going to flourish the electrical steel market.

Global Electrical Steel Market Trends

•    Electrical steel is primarily used for the lamination process in electrical components, and hence, it is also known as laminate steel or silicon steel. This application drives market growth.

•    The increased shift towards sustainable energy systems is a recent trend in industries.  High-grade electrical steel with improved magnetic properties for an electric/ hybrid vehicle is anticipated to fuel the electrical steel market.

•    The government enacted regulations for the usage of transformers that help to prevent the loss of energy and instill low emission of carbon dioxide is estimated to drive the demand for enhanced and efficient electrical steel worldwide.

•    Due to enlargement in the construction and automobiles industries and a rise in export of electrical signal from developing counties, APAC electrical steel market is flourishing.

•    Electrical steels are used for various applications including motor, generator, and transformer. The insulated coating on electrical steel helps to improve the performance of the material with reduced power loss, corrosion resistance, welding, and punching. Such properties are widely accepted by different manufacturers that are enhancing the production rate of electrical steel in the market.

•    Grain-oriented electrical steel with high performance and permeability is used in association with electronic switching devices which also drives the electrical steel market growth.

•    According to the Department of Energy (DOE), the development of increased resistivity and cost-effective soft materials can reduce core losses in a generator and electric motors by 37%. These efficiency improvements can be beneficial for energy savings of over 2,100-gigawatt hours (GWh) per year as well as energy saving in the non-industrial motors of 9,700 GWh with an energy saving of 0.44% of total United States electricity consumption.

Global Electrical Steel Market: Competitive Landscape

Some of the key companies identified in the report that is currently holding majority shares in the global electrical steel market are Nippon Steel & Sumitomo Metal Corporation Group, Shandong Iron and Steel Group Co Ltd, JFE Steel Corporation, SAIL, Shagang Group Inc., ArcelorMittal, Ansteel Group Corporation, and Baosteel Group.

 

View Full Table of Contents of Electrical Steel Market :

https://industryarc.com/Report/18560/electrical-steel-market.html

 

Related Articles:

A.    Electrical Steel Coatings Market

https://industryarc.com/Research/Electrical-Steel-Coatings-Market-Research-504309

B.    Steel Fabrication Market

https://industryarc.com/Report/18235/steel-fabrication-market-research-report-analysis.html

 

What can you expect from the report?

The Electrical Steel Market is Prepared with the Main Agenda to Cover the following 20 points:

1. Electrical Steel Market Size by Product Categories & Application        

2. Electrical Steel Market trends & Relevant Market Data

3. Manufacturer Landscape                                   

4. Distributor Landscape                                   

5. Pricing Analysis                                       

6. Top 10 End-user Analysis                               

7. Product Benchmarking                                   

8. Product Developments                                   

9. Mergers & Acquisition Analysis                           

10. Patent Analysis

11. Electrical Steel Market Demand Analysis (Revenue & Volume)

12. Country-level Analysis

13. Competitor Analysis

14. Electrical Steel Market  Shares Analysis

15. Value Chain Analysis

16. Electrical Steel Market Supply Chain Analysis

17. Electrical Steel Market Strategic Analysis

18. Electrical Steel Market Current & Future Market Landscape Analysis

19. Electrical Steel Market Opportunity Analysis

20. Electrical Steel Market Revenue and Volume Analysis

 

Frequently Asked Questions:

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in the application or end-user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

Talk to one of our sales representative about the full report by providing your details in the link below:

https://industryarc.com/support.php?id=18560

About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

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