March 2020
BWC19421

180
electrical steel market bwc19421
Global
Electrical Steel Market Forecast and Trends
The global electrical steel
market reached USD 32.95 Billion in 2019 and expected to reach USD 48.9 Billion
by 2026 market growth with a significant CAGR of 6.8% during forecast period of
2020-2026. Growing demand for motors in electric vehicles is estimated to
remain a major driving factor during the forecast period.
There is the presence of a
large number of players in the global electrical steel market. Major players in
the global electrical steel market are focusing on developing new technologies
to promote low-time and low-cost technologies for the industry. In recent
years, there have been many up-gradation in technology, which is in concerning
the Global Electrical Steel Industry, which in turn will help the industry to
grow, which will simultaneously improve competition.
Global
Electrical Steel Market Overview:
Electrical steel also known
as silicon steel or laminate steel. Electrical steel is made up of silicon and
iron. Electrical steel is of two types which are grain-oriented electrical
steel and non-grain oriented electrical steel. Electrical steel is high-power
steel, which is used in appliances such as refrigerators, air conditioners, and
high-power coolers. Electrical steel is used by consumer appliance
manufacturers because it is environment-friendly as compared to the regular
steel. Electrical steel is used in the core manufacturing of transformers,
motors and inductors. Electrical steel is used in compressor motors, switches,
relays, etc. Global electrical steel market is the market of special steel
having the capability to produce the magnetic properties that have a small
hysteresis area, which results in high permeability, low power loss and low
core loss per cycle. Electrical steel helps in minimizing the eddy current
losses and improves the efficiency of the EV/HEV.
Growth
drivers
The Increasing Sustainable
Demand for Motors
The growth in significant
demand for motors across the globe is estimated to increase the demand for
electrical steel market. The increasing industrialization and the application
of motors in residential sector are driving the growth of motors market across
the globe. Electrical steel is the soul of electric motors as it creates
stronger magnetic flux which is essential to the torque of an electric motor.
Moreover, it also leads to the higher efficiency. The sustainable development
program of the UN (United Nations) warrants increasing industrialization in the
coming year. Dealers in the electrical steel market will be gathering a lot of
benefits in terms of revenues.
The Increasing
Infrastructural Demand
Growing infrastructure
demand has led to increase per capita consumption of electricity, thereby
promoting the growth in the electrical steel market demand. Government norms in
several countries aim to minimize carbon dioxide emission and have enacted
regulations for the usage of transformers which has increased productivity with
improved properties to manufacture efficient cores.
Restraints
Pricing Fluctuations
The fluctuation in pricing
acts as an obstacle in the growth of the electrical steel market across the
globe. The extreme price volatility of raw materials has become a real
challenge for companies to stay competitive. The raw materials market remains
unstable in across the globe. Companies are worried about the fluctuation of
pricing. It means to manage risks related to the raw materials market must be
set up to avoid losing the market share or even bankruptcy.
Global
Electrical Steel Market: Type
Based on type, the electrical steel market segmented into Grain-Oriented Steel, Non Grain-Oriented Steel. Among various product types, Grain-Oriented market is estimated to dominate the market during the forecast period of 2026 due to its rising demand from transformers cores used in transformers and large generators. It is an iron-silicon alloy with silicon level of 3%. It is used in various forms, such as wound, laminated, and punched sheets. Properties of it are low core loss and high permeability which make them suitable in enhancing the performance and efficiency of transformers and generators.
Global
Electrical Steel Market: Application
Based on Application, the
electrical steel market segmented into Transformers, Motors, Inductors, Others.
The transformer segment is estimated to dominate the market during the forecast
period of 2026. The increase in the transformer segment is due to rising renewable
energy demand. The transformer core is made using electrical steel to improve
iron's electrical resistivity, which helps reduce losses from eddy current.
Increasing demand for wind turbines, electric vehicles, and compressors make
motors the fastest-growing segment. Motor product is used to manufacture
laminated iron cores of stator and rotor. Its properties like high punch
ability, high flux density, and low iron loss which make it suitable in
brushless DC motors.
Global
Electrical Steel Market: End-User
Based on End-User, the
electrical steel market segmented into Energy, Auto Mobiles, Manufacturing,
Household Appliances, Others. Auto Mobiles end-user segment estimated to
dominate the market during the forecast period from 2020-2026. The growth in
the auto mobiles market is due to the assembly line and mass production
techniques which are used across the globe.
Global
Electrical Steel Market: Regional insights
Based on the region, the electrical steel market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. The North America market is expected to dominate the global electrical steel market during the forecast period due to the increasing highest electrical steel production across the region. Asia Pacific market is estimated to have a fastest growth in the global electrical steel market owing to high requirement and consumption of electricity in the countries during the forecast period of 2026.
Electrical
Steel Market: Competitive Landscape
The major market players in
the electrical steel are Nippon Steel & Sumitomo Metal Corporation (NSSMC)
Group, Shandong Iron and Steel Group Co Ltd, Tata Steel Limited, JFE Steel
Corporation, Essar Steel India Ltd., SAIL (Steel Authority of India Limited),
Shagang Group Inc., ArcelorMittal, United States Steel, Ansteel Group
Corporation, Union Electric Steel Corporation, Baosteel Group, POSCO,
Voestalpine Group, United States Steel Corporation, Jindal Steel and Power
Limited, HBIS Group, ThyssenKrupp AG, Wuhan Iron & Steel, AK steel
Corporation and Other Prominent Players are expanding their presence in the
market by implementing various innovations and technology.
Recent
Developments:
In
April 2019, ThyssenKrupp AG announced that it is set to produce
cold rolled grain-oriented electrical steel in India. The company is planning
to expand the manufacturing capacity of its facility located in Nashik, India
to 35,000 tonnes per year.
In
May 2018, AK Steel Corporation introduced a new grain-oriented
electrical steel under the brand name TRAN-COR® X for applications in the power
transformer.
The
objective of the Study:
To analyze and forecast the
Global Electrical Steel market size of the market, in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global Electrical Steel market into five regions,
namely, North America, Europe, Asia Pacific, Latin America, Middle East &
Africa and their leading countries.
To outline, categorized and
forecast the Global Electrical Steel market based on the type, application,
end-user, and region.
To examine competitive
developments like technological advancement, services, and regulative framework
within the global electrical steel market.
To highlight the impact
analysis of the factors, affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical data – 2016-2019 Base Year – 2019 Forecast – 2020 – 2026 |
Facts Covered |
Revenue in USD Million/Billion |
Market Coverage |
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico,
Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
Product/Service Segmentation |
By Type, By Application, By End-User and Region |
Key Players |
Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group,
Shandong Iron and Steel Group Co Ltd, Tata Steel Limited, JFE Steel
Corporation, Essar Steel India Ltd., SAIL (Steel Authority of India Limited),
Shagang Group Inc., ArcelorMittal, United States Steel, Ansteel Group
Corporation, Union Electric Steel Corporation, Baosteel Group, POSCO,
Voestalpine Group, United States Steel Corporation, Jindal Steel and Power
Limited, HBIS Group, ThyssenKrupp AG, Wuhan Iron & Steel, AK steel
Corporation and Other Prominent Players |
By Type
·
Grain-Oriented Steel
·
Non Grain-Oriented Steel
By Application
·
Transformers
·
Motors
·
Inductors
·
Others
By End-User
·
Energy
·
Auto Mobiles
·
Manufacturing
·
Household Appliances
·
Other
By Region
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at
Contact NowWHY CHOOSE US
-
24/7 Research support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Coustom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs.
-
Quality & Accuracy
offers best quality reports based on various authentic and accurate data findings.
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.