Uncertainty Surrounding COVID-19 to Shave-off Growth in Electrical Steel Market despite Favorable Government Policies, Notes Fact.MR
The future of electrically-powered motors used in automotive relies on high grade electrical steel. The advantages of electrical steel including its efficiency, capability to reduce overall weight and heat loss are some of the factors which are anticipated to amplify the overall sales of electrical steel post COVID-19. Apart from electric vehicle or any other vehicles, electrical steel is anticipated to gain massive opportunities from other sectors as well including consumer electronics and construction.
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Key Takeaways of Electrical Steel Market:
Out of per Mn dollar spent on electrical steel, non-grain oriented electrical steel segment is anticipated to account for ~70% of the opportunity captured in global electrical steel market by 2030
Over the last 5 years, the demand for electrical steel was restricted to the motors segment and it is likely to showcase a similar growth trend with an absolute dollar opportunity of US$ ~4.5 Bn over the short-term forecast period (2020-2025)
Prominent electrical steel trading countries such as China, India, US, Russia, Turkey and Brazil will opt for collaborative strategies in the near future to overcome the loss incurred in the wake of COVID-19
East Asia is house to several key manufacturers for decades and is likely to maintain its leadership in terms of production over the long-term forecast period. The region is expected to account for near half of the sales of electrical steel by 2030.
“The evolving transformation of end use industries towards emission control and adoption of lightweight materials is anticipated to witness a v-shaped growth trend for global electrical steel industry between 2019 and 2022. Also, demand for high frequency, high torque and efficient motors is likely to become a product wish list for key manufacturers", says the Fact.MR analyst.
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Tier 1 Companies will Emerge Winners with Greater Penetration in Electrical Steel Industry, Finds Fact.MR
In order to meet increasing demand for electrical steel, prominent companies have ramped up their production capacities during the historical period (2015-2019). The near-term will witness investments in electric steel to make up for the loss created by the pandemic. For instance, companies like ThyssenKrupp AG and Big River Steel have done billion $ investments to expand their production capacities and strengthen their position in the market. However, due to increasing prevalence of coronavirus, many manufactures have halted their current production and investment activities. Some of the tier 1 players include ArcelorMittal S.A., Baosteel Group Corporation, POSCO, Novolipetsk Steel, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation, and Voestalpine AG accounted for near half of the global sales in 2019.
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