Electrical Steels Market 2021-2026 Blooming worldwide with Growing Demands Analysis Report | Baowu, ArcelorMittal, JFE Steel, Shougang, TISCO, NSSMC, NLMK, AK Steel, Masteel, Posco

The global Electrical Steels market size is projected to grow in the historic period resulted from economic growth in emerging markets, the rise in awareness of the benefits and developed nations towards Electrical Steels costs and increasing production and growing capacity in Chemical industry, and healthy growth of pharmaceutical and food & beverage industry in developing countries, are supporting the growth of the Electrical Steels market.

Electrical steel (lamination steel, silicon electrical steel, silicon steel, relay steel, transformer steel) is an iron alloy tailored to produce specific magnetic properties: small hysteresis area resulting in low power loss per cycle, low core loss, and high permeability.

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Electrical steels are used to make the iron cores of motors, transformers and generators. These cores concentrate the magnetic field and make the electromagnet stronger. The steel must be easy to magnetise and to demagnetise. When a steel core is magnetised and then demagnetised, it absorbs energy (and heats up).

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

Pandemic impact on the Global Electrical Steels Market:

The Electrical Steels industry experienced decline in sector during the COVID-19 pandemic. This is attributed to the sharp decrease in chemical, pharmaceutical, automotive, and industrial sectors.

Manufacturing companies has prolonged closure of all its operations at its workplaces and manufacturing areas, until reopening instructions received from the government authorities.

In addition, due to reduction in labours in light of social distancing norms amid the COVID-19 pandemic, the Electrical Steels industry witnessed significant decrease in the production.

At the end of 2019, COVID-19 began to erupt in China, Due to the huge decrease of global economy; we forecast the growth rate of global economy will show a decrease of about 4%, due to this reason, Electrical Steels market size in 2020 will be lower than in previous years.

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Electrical Steels Market Players:

Baowu
ArcelorMittal
JFE Steel
Shougang
TISCO
NSSMC
NLMK Group
AK Steel
ThyssenKrupp
Ansteel
Masteel
Posco
Cogent (Tata Steel)
Voestalpine
Benxi Steel
APERAM
Nucor
ATI
Stalprodukt S.A.
CSC

Product Type Segmentation:

Oriented Electrical Steels
Non-oriented Electrical Steels

Industry Segmentation:

Transformer
Power Generator
Electric Motor

Segmentation by Regions:

The research report includes a detailed study of regions of North America, Europe, China and Japan. The report has been given after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue, sales, and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2021 to 2026.

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Top Industry News:

POSCO Launches ‘e Autopos’– An Integrated Brand of Eco-Friendly Vehicles On January 27, 2021 -- POSCO (CEO Jeong-Woo Choi) held the launch event of ‘e Autopos’, an integrated brand of eco-friendly automotive products and solutions, with clients.

‘e Autopos’ is the second integrated brand of products and solutions of POSCO following ‘INNOVILT’, its premium brand of steel products for construction launched in 2019. ‘e Autopos’ is a combination of the words eco-friendly and electrified AUTOmotive solution of POSco, and it intends to pioneer the eco-friendly automotive market through innovation that comprises eco-friendliness, collaboration synergy, and future orientation.

POSCO’s marketing division manager Tak-Jeong said, “POSCO will focus the group’s competence on creating high-quality, high-value-added products and innovative solutions that meet the needs of the market, and will pioneer the eco-friendly automotive market through shared growth with clients.”

The main products of the ‘e Autopos’ brand include high-strength steel plates for automotive bodies and chassis, steel for battery packs, energy-efficient steel plates for motors, metal separators for hydrogen EVs, and cathodes & anodes for secondary battery materials. POSCO plans to incorporate the capabilities within group companies, including POSCO Chemical, POSCO International, and POSCO SPS, to provide steel products for eco-friendly automotives and secondary battery material products, and customized application solutions for clients as a whole package.

In response to the rapid changes of the automotive market triggered by carbon neutrality and the hydrogen society, POSCO established an eco-friendly automotive sales division in 2019 and launched the brand this year to stay ahead in the eco-friendly automotive market and expand sales. The market for eco-friendly automotive, like electric vehicles and hydrogen vehicles, is expected to grow from 6 million units in 2020 to 39 million units in 2030, and the market of related materials is also predicted to show rapid growth alongside.

POSCO plans to add the ‘e Autopos’ category to its official website to provide information regarding products and customized application solutions. The company also plans to co-develop eco-friendly automotive with clients adopting ‘e Autopos’ and conduct joint marketing by participating in exhibitions together.

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