Electrical steel is finding widespread use in diverse automotive applications as they are capable of better torque and flux density levels in modern motor cores for electric and hybrid vehicles.
ROCKVILLE, MD / ACCESSWIRE / March 18, 2020 / Exhibiting a robust CAGR of 8%, the global revenue pool in the electrical steel market will expand substantially during the forecast period, 2019-2029. Upsurge in automobile production and the incorporation of alloys, silicon, and aluminum would be the key growth drivers. In addition, trends of motor downsizing are generating substantial demand for electrical steel across a number of electrical end-use sectors.
"Novel products offered by electrical steel manufacturers to meet the demand for energy efficient, high torque and high frequency motors are anticipated to generate remunerative opportunities in the market," opines Fact.MR in its new research study.
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Electrical Steel Market - Key Takeaways
- Non-grain oriented electrical steel will account for approximately three-fourths of global revenue share, owing to their superior quality.
- In terms of applications, motors will drive the consumption of electrical steel and is likely to garner substantial traction.
- East Asia is leading the pack in the global electrical steel market, accounting for close to 50% of the global volume share.
- The automotive industry would be the key application area, reaching a valuation of US$ 5 Bn by 2029.
Electrical Steel Market - Key Driving Factors
- Rising demand for a range of end use applications including appliances, generators, and electric motors are broadening the adoption of electrical steel.
- Increasing usage of electric and hybrid automobiles, and the resultant demand to minimize iron loss widen investment opportunities.
- Market players are pushing for the use of advanced production technologies in addition to strategic collaborations to bolster manufacturing capabilities.
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Electrical Steel Market - Key Restraints
- Rising competition from amorphous metals will hinder adoption of electrical steel through the forecast period.
- The replacement of magnetic ballasts with electronic ballasts for higher efficiency, will negatively impact the electrical steel industry.
Competitive Landscape
Electrical steel manufacturers are investing in capacity and regional expansions through strategic partnerships. Manufacturers are also investing in the production of cold-rolled grain oriented electrical steel, to cover the deficit of demand and supply. Key players in electrical steel market include Voestalpine AG, ArcelorMittal S.A., Nippon Steel and Sumitomo Metal Corporation, Baosteel Group Corporation, ThyssenKrupp AG, POSCO, and Novolipetsk Steel.
About the Report
This 170-page research study offers an extensive analysis of the global electrical steel market, covering historical and forecast data for the predefined timeframe. The report delivers compelling insights on the basis of product type (grain oriented electrical steel, non-grain oriented electrical steel), application (inductors, transformers, and motors), end-use industry (automobile, energy, household appliance, manufacturing, and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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SOURCE: FactMR