New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Electrical Steel Market Size to grow from USD 26.10 Billion in 2022 to USD 38.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
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Electrical steel, sometimes referred to as silicon steel or transformer steel, is a specific type of steel alloy developed to have unique magnetic properties suitable for use in electrical equipment. It is mostly used in the cores of electrical equipment including transformers, motors, and generators. In order to control and guide the magnetic flux produced by the primary winding, electrical steel is predominantly employed in the cores of electrical transformers. By using electrical steel in the transformer core, energy losses from hysteresis (magnetic energy loss) and eddy currents are decreased, resulting in a more efficient transformer.
The introduction of electrical steel for improving aesthetic performance and lowering vehicle weight is being fueled by the expansion of the automotive industry as well as the rising popularity of hybrid cars. The demand for the product is also being fueled by a variety of government policies in emerging countries like Brazil, the U.S., India, and China for safeguarding the environment through transportation. Additionally, a number of government organisations are engaged in research and development activities and have begun putting a strong emphasis on carbon dioxide reduction, which will greatly aid in the adoption of sustainable steel. The adoption of the car will also be aided by the growing popularity of hybrid vehicles and rising consumer costs. These elements together are producing profitable prospects.
The raw materials needed for the manufacturing of electrical steel are a major factor in steel price. Coal, ferroalloys, iron ore, and other industrial gases are important raw resources. However, the prices of all these raw materials are extremely unstable, which has led to sharp swings in the price of steel and variations in the entire cost. The price of steel has also been impacted by storage, crude oil capacity, pricing, and production costs. The expansion of the electrical steel market globally is being hampered by all of these issues.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the, "Global Electrical Steel Market Size, Share, and COVID-19 Impact, By Type (Grain Oriented, Non Grain Oriented); By Application (Transformers, Motors, Inductors, Others); By End Use (Energy, Automotive, Household Appliances, Manufacturing, Others); by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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Types Insights
Non-Grain Oriented Electrical Steel segment accounted the highest market share
On the basis of types, the global electrical steel market is segmented into gain oriented and non-gain oriented. Among these, non-grain oriented electrical steel segment accounted the highest market share and is dominating the market over the forecast period. The rise in demand for non-grain oriented electrical steel from the power generation and transmission industries is blamed for the expansion. NGOES is typically used when rotating gear, such motors and generators, has magnetic fields whose cores are constantly changing direction. The isotropic nature of NGOES is advantageous in many applications since the magnetic flux is not constrained to one direction. The primary driving force behind the segment's growth is the rise of the power generation industry in developing nations.
Application Insights
Motor segment is dominating the market over the forecast period
Based on the application, the global electrical steel market is segmented into transformers, motos, inductors, and others. Among these, motor segment holds the largest market share and is dominating the market over the forecast period. Due to their favourable environmental effects and cheaper operating costs, electronic cars are becoming more and more popular. Additionally, the demand for electric vehicles has increased as a result of growing awareness of the negative effects of carbon emissions. The demand for electric vehicles is increasing as people become more aware of the harmful effects of carbon emissions. These electric vehicles require efficient and powerful motors to operate. Additionally, the creation of effective and potent motors is a result of technological improvement. Over the course of the projection period, all these elements will drive the segment's growth.
End Use Insights
The manufacturing segment holds the largest market share over the forecast period.
On the basis of end use, the global electrical steel market is segmented into energy, automotive, manufacturing, household appliances, and others. Among these, the manufacturing segment holds the largest market share over the forecast period. The rise in electric car production and industrialisation are primarily blamed for the segment's expansion. This is due to an increase in electrical steel utilisation across a variety of end use sectors.
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Regional Insights
Asia Pacific is dominating the market over the forecast period
Among all other regions, Asia Pacific is dominating the market over the forecast period. the largest electricity market One of the things causing the electrical steel business in this area to grow is transformers. Power transformers are greatly needed in several nations in the Asia Pacific region, including China, India, and Indonesia. China is one of the world's largest power transformer producers. India is also anticipated to grow at a substantial rate due to a variety of factors, including an increase in the need for energy, an increase in the demand for renewable energy, and an increase in population and urbanisation.
Europe, on the other hand is estimated to witness the fastest market growth over the forecast period. A few of the industries driving the need for electrical steel in Europe include power generation, distribution, and the manufacture of electric motors. The rising emphasis on renewable energy sources and the demand for more energy-efficient electrical equipment are expected to keep the demand for high-quality electrical steel in Europe stable.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Shandong Iron and Steel Group Co Ltd, ArcelorMittal, SAIL, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Tata Steel Limited, Baosteel Group, United States Steel Corporation, JFE Steel Corporation, Shagang Group Inc., Jindal Steel and Power Limited, Ansteel Group Corporation, Voestalpine Group, HBIS Group and Among Others.
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