April 20, 2020
According to the research report titled ‘Electrical Steel Market Size By Product[By Application By Product, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, electrical steel market is expected to surpass USD 22.5 billion by the year 2025.
Growing demand for electric power from residential and commercial sectors coupled with surging investments towards infrastructural development are propelling the growth of electrical steel market. The product is extensively used in motors and transformers due to its magnetic efficiency. It improves the performance by minimizing hysteresis loss as well as play a significant role from the generation to the distribution of electricity. Escalating disposable income and strict regulatory scenario pertaining to the adoption of energy-efficient transformers are fueling the market expansion.
As per product type, grain oriented segment amassed USD 5 billion in the year 2018 and is presumed to expand continuously during the estimated timespan. Grain oriented electrical steel is largely used in developing energy efficient transformers. The matter not only enhances the efficiency but also reduces the carbon emission from generators and transformers, which in turn is contributing towards popularity of the product across the globe.
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The report states that the grain oriented electrical steel industry size in North America from energy applications is predicted to cross USD 120 million by the year 2024. Evolving consumer lifestyle, rising per capita income and rapid urbanization are prime factors fueling the adoption of energy efficient household appliances. The material is extensively used in washing machines, air-conditioners and refrigerators since it possesses properties such as heat resistibility and strength.
The automotive application of Europe non-grain oriented electrical steel industry is expected to grow with a CAGR of 5.5% through 2024. Rising adoption of commercial vehicles coupled with advancements in technology have impelled the demand for smart and fuel efficient vehicles. Non-grain oriented electrical steel is used in hybrid automobiles as it possesses multidirectional magnetic characteristics. Growing demand for high performance vehicles and improving economic conditions are aiding the market outlook.
The prominent companies operating in electrical steel market are Posco Poggenamp, Voestalpine, Cogent Power, Kobe Steel and ArcelorMittal Europe among others.
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