Electrical Steel Market, By Type (Grain Oriented, Non-grain Oriented), By Application (Transformer,

Published Date: | Report Code : EP2044220

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Electrical Steel Market, By Type (Grain Oriented, Non-grain Oriented), By Application (Transformer, Inductor, Motor {Rotor, Stator, and Others}, and Others), By End User (Automotive, Energy, Household Appliances, and Others), and By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World) – Market Size & Forecasting (2016-2028)

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Domain : Energy

Report Code : EP2044220

Status : Published

Global Electrical Steel Market is estimated at USD 25.32 billion in 2019 and expected to reach USD 45.77 billion growing at a CAGR of 6.8% during the forecast period.  The increasing urban population worldwide combined with the increased availability of electricity in developing countries is expected to drive the market during the forecast period.

Electrical Steel Market

Electrical Steel Market

Electrical steel is a distinctive form of steel that is specialized, used in producing guaranteed magnetic characteristics that result in small core loss and high permeability. Its distinctive characteristics depend on the silicon ratio. Electrical steel is manufactured with a thickness of less than 2 mm in the shape of cold-rolled strips. These strips are referred to as laminated strips and form a core when stacked together. In many applications such as transformers, motors, inductors and batteries, and welding equipment, electrical steel is used.

During the forecast period, the non-grain-oriented steel segment is anticipated to grow at a breakneck speed. Use non-grain-oriented steel to diminish the magnetic loss by elevating silicon and aluminum content in sheets of electrical steel. Increased automobile production — where electrical steel is used as a core material in engine parts to improve automotive comfort, power performance, and fuel economy — is expected to increase demand for non-grain-oriented electrical steel products. 

Electrical Steel Market

Electrical Steel Market

According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), by 2050 the total population in the Asia-Pacific region is expected to reach 5.1 billion, of which the urban population is estimated to be around 64%. The factors that led to the development of electrical steel market are the growth in population density in metropolitan regions, leading in increased construction activities, positive shift in individual buying behavior, and increased disposable consumer income. The rise in disposable income contributes to increased demand for cars such as cars and electric hybrid vehicles. These automobiles have components such as the fuel pump, the vehicle's electrical power steering and other electronic equipment used to produce electromagnetic interference by electrical steel.

Electrical steel is widely used for manufacturing, transmission, and transportation as well as for renewable energy in the energy sector. Electric steel is the main contribution is in manufacture transformers that are critical to generating, transmitting and distributing electricity to end users. Gain-oriented electrical steel is an important substance for producing high-performance, energy-efficient transformers. In the manufacturing of small transformers, non-gain-oriented steel is critical. The growth in the power sector is also anticipated to boost with the ongoing development in the infrastructure industry, which will eventually stimulate the electrical steel market.

In operational automotive parts such as fuel pumps and electric power steering, electrical steel is used. Electrical steel is also used to improve the comfort, power performance and fuel economy of automobiles as a core material and precision motor part for motors and actuators. Besides, electrical steel sheets are used for hybrid electric vehicles and electric vehicle traction motor parts. Use electric steel in engines allows them to be small, brief, strong, and effective. As a result, demand for electrical sheets is growing in the automotive sector. 

During the forecast period, the Asia Pacific electric steel market is anticipated to grow at the highest speed. Asia-Pacific is projected to grow faster than any other regional-level market as it is the world's most populated region and is subsequently witnessing a high demand for electricity. The region's transmission & distribution grid is still at the initial stages of development. Among other countries, China, Japan, and India are engaging in grid extension initiatives to boost network efficiency, which drives the requirement for transformers, which would also bolster the electric steel market. The Middle East is still an emergent player with regards to electrical steel market.

Key Factors Impacting Growth of Electrical Steel Market:
    • Increasing demand in the automotive industry due to the electromagnetic properties of electrical steel
    • Increasing use in the energy industry to increasing number of applications of electrical steel in that sector
    • Increased demand in the electric vehicles (EV’s)
    • Favorable government policies encouraging the use of electrical steel
    • The demand for electric steel is proliferating with increasing urban population
    • High electrical steel consumption rates in transformers and motors
    • Volatile raw material prices

Key Developments:
    • In September, 2016, Baosteel and Wuhan Iron & Steel (Group) Co. (China) merged to broaden the former’s product
        portfolio and strengthen its market position in the Chinese steel industry.
    • In February, 2016, Nippon Steel & Sumitomo Metal Corporation (NSSMC) integrated its two consolidated subsidiaries,
        Siam United Steel (1995) Co., Ltd. (SUS) (Thailand), a manufacturer of cold-rolled steel sheets and Nippon Steel
        &Sumikin Galvanizing (Thailand) Co., Ltd. (NSGT), a manufacturer of hot-dip galvanized steel sheets for automobile.
        The main aim of this integration is to take advantage of their locations. This would enable the company to increase
        its competitiveness in the flat steel market of Thailand and the ASEAN region.
    • In February 2017, Arcelor Mittal formed a joint venture with Cellino Group to hold a 35% share. STEELCAME’s assets
        will consist of four former SoluStil sites in the Rhone-Alpes region, namely La Boisse, Trevoux, Arnas, Montelier,
        together with Stalobrex, a Polish steel processing business owned by ArcelorMittal. This will help strengthen its
        position in the competitive market.

What Does This Report Provide? 
This report provides a detailed understanding of the global electrical steel market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the electrical steel market during the forecast period and an in-depth analysis of the leading companies operating in the electrical steel market.

Market Segmentation:
By Type:
    • Grain-Oriented
    • Non Grain-Oriented

By Application:
    • Transformers
    • Motors
    • Inductors

By End-Use Industry:
    • Energy
    • Automobile
    • Manufacturing
    • Consumer Goods
    • Others

By Region:
    • North America
        ◦ By Country (US, Canada, Mexico)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry
    • Western Europe
        ◦ By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry
    • Eastern Europe
        ◦ By Country (Russia, Turkey, Rest of Eastern Europe)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry
    • Asia Pacific
        ◦ By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry
    • Middle East 
        ◦ By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry
    • Rest of the World
        ◦ By Region (South America, Africa)
        ◦ By Type
        ◦ By Application
        ◦ By End User Industry

Companies Covered: 
Companies Covered: Major Companies profiled in the report which are key players in the global electrical steel market. ArcelorMittal, POSCO, Voestalpine Group, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited., Tata Steel, JFE Steel Corporation, and Essar Steel...

Years Considered In The Study

Historic Year

2016, 2017

Base Year

2018

Forecast Period

2019-2028 

CAGR % (2019-2028)

6.8%

Reasons To Buy This Report:
    • Market size estimation of the global electrical steel market on regional and global basis.
    • Unique research design for electrical steel market size estimation and forecast.
    • Profiling of major companies operating in the market with key developments.
    • Broad scope to cover all the possible segments helping every stakeholder in the electrical steel market.

Customization:
We provide customization of the study to meet specific requirements:
    • By Segment 
    • By Sub-segment 
    • By Region/Country

For more information, contact: [email protected]

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