- March 2020 |
- Energy and Power / Other
Electrical Steel Market Size, By Type (Grain-Oriented Steel, Non Grain-Oriented Steel) By Application (Transformers, Motors, Inductors, Others), By End-User (Energy, Auto Mobiles, Manufacturing, Household Appliances, Others) and, By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
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.
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...