Global Electrical Steel Market Revenue Growth Predicted by 2026 with Global Market players: POSCO, thyssenkrupp AG, ArcelorMittal, Cogent Power Limited, Aperam
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Non-Grain Oriented Electrical Steel to Gain Momentum on Account of Electrification of Auto Industry
Owing to the excellent isotropic magnetic properties, lower iron loss and multidirectional magnetization, demand for non-grain oriented electrical steel (NGOES) is likely to witness a surge on the back of growing adoption of electric and hybrid vehicles that consume a considerable amount of non-grain oriented electrical steel. Increasing interest of industry giants in auto electrification and exponential growth in the production of hybrid and electric vehicles will present a considerable demand for non-grain oriented electrical steel in the future.
“Trade Disputes” to Spur Economies towards Strengthening Domestic Electrical Steel Production
Electrical steel markets in fast-growing economies have been import-oriented. Flooded with low-cost steel, exports from China dominated this supply chain, however, current trade disputes have spurred a courtship behavior across world economies to sustain their domestic steel industries. According to the World Steel Association data, approximately 17% of the global steel export is projected to witness diversion towards attractive steel markets.
Influenced by steel tariffs, economies are carving their own ways of increasing domestic production of electrical steel. For instance, India to address its heavy reliance on the electrical steel market, have begun to expand the production capacity wherein German conglomerate ThyssenKrupp India announced the production of India’s first CRGO electrical steel. EU Commission also initiated a safeguard investigation with regard to concerns of steel imports.
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Demand for Electrical Steel to Concentrate in High Power Motors
Electrical steel laminations play indispensable role in efficient power transmission in electric equipment. Extensive application of electric motors across end-user industries translates into significant demand for electrical steel. Increasing reliance on small and mid-sized electric motors for multiple evolving power transmission demand, particularly in electric vehicles is likely to generate lucrative opportunities for electrical steel market in electric motor landscape. In addition, owing to superior magnetic properties of non-grain oriented electric steel, high power motors highly utilize this type of electrical steel.
The electrical steel marketplace is thoroughly analyzed for supply-demand scenario and associated industry assessment. Base on this thorough analysis, the market structure of the electrical steel market is designed that has segmented the market based on product type, application type and key economic regions.
Based on product type, the electrical steel market included non-grain oriented and grain-oriented electrical steel types. In the grain-oriented electrical steel, Hi-Permeability (HiB), Conventional GOES and Laser Magnetic Domain Refinement (LMDR) – sub-types are included. In the non-grain oriented electrical steel type, fully processed and semi-processed subtypes are covered.
For different applications of electrical steel, the electrical steel market structure covers transformers, motors and inductors. Within transformers category, distribution, transmission and portable transformer sub-categories are included. Different horse powered (hp) motors including 1hp-100hp, 101hp-200hp, 201hp-500hp, 501hp-1000hp and above 1001ho motors.
Regional analysis of the electrical steel market covers the study of the electrical steel market in APEJ, North America, Western Europe, Latin America, Eastern Europe, Middle East & Africa and Japan.
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