Press release
What's Driving The Electrical Steel Market Trends? Key Company Profiled in Aperam Mitsui & Co., Ltd., SIJ Asia GmbH i.L. ArcelorMittal Europe, Cogent Power Inc., U. S. Steel Košice s.r.o., POSCO-POGGENAMP ELECTRICAL STEEL PRIVATE LIMITED, KOBE STEEL LTD
Electrical Steel Market
Comprising 0 to 6.5% silicon that improves the electrical resistivity, decreases the eddy currents, and narrows the hysteresis, lowering core loss, electrical steels boast of an augmented demand spectrum worldwide.
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Enumerating an instance of how industry conglomerates are turning to regional expansion strategies:
In April 2018, German steel giant ThyssenKrupp announced the production of cold-rolled grain-oriented electrical steel in India. Apparently, the company is the only manufacturer of cold-rolled grain-oriented electrical steel in India. Owing to this development Thyssenkrupp's Indian plant's output capacity increased to 35,000 tons on a yearly basis.
The declaration is an apt instance signifying that electrical steel market players have been thriving on the tactic of expanding their reach worldwide, especially in the developing economies of the Asia Pacific. In the years ahead, it is plausibly for other players to jump on the bandwagon, the impact of which would be felt across the electrical steel industry.
Some of the other prominent industry players influencing the global electrical steel market includes KOBE, ThyssenKrupp, Tempel, ArcelorMittal Europe, Arnold Magnetic Technologies, Voestalpine, Cogent Power Ltd and Aperam.
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How will the expanding energy sector across the globe influence the dynamics of electrical steel market?
The electrical steel market outlook is bound to transform in the ensuing years with the proliferating energy industry. Electrical steel is extensively used in small relays, pulse transformers, generators, motors, and transformers. Continuous growth in electrical power generation fuels the need for better steels to minimize wasteful use, impacting the global electrical steel industry.
The globally rising demand for uninterrupted power supply in tandem with the well-established energy consumption & optimization framework that targets energy loss minimization, are likely to impel the demand for electrical steel in the ensuing years.
Surging demand for EVs - Impact on the electrical steel market dynamics
Currently, steel remains as one of the most significant industrial metals for the automotive industry. Moreover, with increasing demand for in-car infotainment and other electronic features, electrical steel is increasingly turning out to be an essential part of several internal structures of an automotive body.
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Lately, electric steel has found new life in the ongoing EV revolution related to the electric propulsion system. The material is a significant part of the electric propulsion system inside electric vehicles. In its report 'Charging towards a sustainable future', Tata Steel stated that the demand for electrical steel is estimated to grow extensively through 2050.
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