Electrical Steel Market Competitive Landscape on Threats, Opportunities and Drivers Insights 2016-2028

According to the latest report by Quince Market Insights, the Global Electrical Steel Market is estimated at USD 25.32 billion in 2019 and expected to reach USD 45.77 billion growing at a CAGR of 6.8% during the forecast period. The increasing urban population worldwide combined with the increased availability of electricity in developing countries is expected to drive the market during the forecast period.

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What is electrical steel and what are their applications and uses?

Electrical steel is a unique type of steel that specializes in the development of assured magnetic properties that result in low core loss along with high permeability. The unique characteristics depending on the proportion of silicon. Electrical steel is manufactured in the form of cold-rolled sheets, with thicknesses below 2 mm. Such strips are called laminated strips, and they form a center when stacked together. Electrical steel is also known as silicon steel and transformer steel. In many devices such as transformers, generators, inductors and battery and handling tools, electrical steel is used.

Asia-Pacific region to show significant growth

According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the total population in the Asia-Pacific region is expected to reach 5.1 billion by 2050, with an estimated urban population of around 64%. The factors that led to the development of the electrical steel industry are population density growth in metropolitan areas, leading to increased construction activities, an optimistic shift in individual purchasing behavior, and increased disposable consumer income. The growth in disposable income leads to increased demand for automobiles such as automobiles and hybrid electric vehicles. These automobiles have components such as the fuel pump, electrical power steering for the vehicle, and other electronic equipment used to produce electromagnetic electrical steel interference.

Electrical steel is commonly used in the energy sector for manufacturing, transmission, and transportation, as well as for renewable energy. The main contribution of electric steel is in manufacturing transformers, which are critical to generating, transmitting and distributing electricity to end-users. An important material for producing high-performance, energy-efficient transformers is grain-oriented electric steel. Non-gain driven steel is important in the manufacture of small transformers. Growth in the power sector is also expected to improve with on-going infrastructure industry growth, which will eventually stimulate the electric steel market.

Strategic Factors Impacting Growth of Electrical Steel Market:
o Increasing demand within the automotive industry thanks to the electromagnetic properties of electrical steel
o Increasing use in the energy industry to the increasing number of applications of electrical steel in that sector
o Increased demand in electric vehicles (EV's)
o Favorable government policies encouraging the use of electrical steel
o The demand for electric steel is proliferating with an increasing urban population
o High electrical steel consumption rates in transformers and motors
o Volatile raw material prices

Important Developments
o Arcelor Mittal formed a joint venture with Cellino Group in February 2017 to hold a share of 35 percent. The properties of STEELCAME will contain four former SoluStil sites within the Rhone-Alpes region, namely La Boisse, Trevoux, Arnas, Montelier and Stalobrex, a Polish steel processing undertaking operated by ArcelorMittal. That will help to reinforce its competitive market position.
o Baosteel and Wuhan Iron & Steel (Group) Co. (China) merged in September 2016 to expand the former product portfolio and improve its market position in the Chinese steel industry.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
ArcelorMittal,
1. POSCO
2. Voestalpine Group
3. Baosteel
4. Nippon Steel & Sumitomo Metal Corporation
5. United States Steel Corporation
6. Steel Authority of India Limited.
7. Tata Steel
8. JFE Steel Corporation
9. and Essar Steel

Regional fragmentation to understand growth patterns:
On the basis of the region, the alkylated naphthalene market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World.
The Asia Pacific electric steel market is expected to rise at its highest rate during the forecast period. Asia-Pacific is projected to grow faster than any other market at a regional level as it is the most populous region in the world and consequently experiences strong demand for electricity. The region's transmission & distribution grid is still at the initial stages of development. Among other nations, China, Japan, and India are engaged in grid expansion initiatives to improve network capacity, driving the transformer demand that would also boost the electric steel industry. As for the electrical steel market, the Middle East is still an emerging participant.

Market Segmentation:
By Type:
o Grain-Oriented
o Non Grain-Oriented
By Application:
o Transformers
o Motors
o Inductors
By End-Use Industry:
o Energy
o Automobile
o Manufacturing
o Consumer Goods
o Others
By Region:
o North America
o By Country (US, Canada, Mexico)
o By Type
o By Application
o By End-User Industry
o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Type
o By Application
o By End-User Industry
o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Type
o By Application
o By End-User Industry
o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Type
o By Application
o By End-User Industry
o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Type
o By Application
o By End-User Industry
o Rest of the World
o By Region (South America, Africa)
o By Type
o By Application
o By End-User Industry

Reasons To Buy This Report:
o Market size estimation of the global electrical steel market on a regional and global basis.
o The unique research design for electrical steel market size estimation and forecast.
o Profiling of major companies operating in the market with key developments.
o Broad scope to cover all the possible segments helping every stakeholder in the electrical steel market.

Contact:

Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.