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Surging Urban Population across the World is Steering the Global Electric Steel Market at 4.30%

09-23-2022 08:19 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Inkwood Research

Global Electric Steel Market

Global Electric Steel Market

According to a new market research report published by Inkwood Research, the Global Electric Steel Market is projected to evolve at a CAGR of 4.30% during the forecasting years of 2019-2028.

"Browse 54 market Data Tables and 54 Figures spread over 159 Pages, along with an in-depth TOC on Global Electric Steel Market Forecast 2019-2028."

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The electric steel refers to a special kind of steel having magnetic properties. They are used in various electromagnetic machines such as generators, transformers, and motors. The electric steel market consists of grain-oriented and non-grain-oriented steel. The end-user industries using electric steel are automobiles, energy, manufacturing, household appliances, etc. The grain-oriented steel is produced from low carbon steel and is used as a raw material to manufacture high power transformer and distribution transformer. Non-grain-oriented steel is largely used as raw material for motor, stator, rotor, etc. for high rotational speed while reducing the motor size with low iron loss at high frequencies. It is also used to strengthen the rotors to resist the force that is felt while moving in a curved path.

Rising Urban Population across the Globe Propels Market Growth

One of the significant factors boosting the need for electric steel is the rapid increase in urban population resulting in growing housing demands. The local governments and developers are adopting power expansion strategies to fulfill the growing urban demand, which is driving the demand for transformers and power generators. With the increase in the urban population, the demand for electric steel also rises.

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Transformers - The Dominating Category in the Application Segment

Electric steel is used for manufacturing transformer as it helps to reduce core losses, enhance the characteristics of the transformer, such as the reduction in transformer noise and reduction in flux. In addition, the adoption of electric steel in transformers can minimize the energy losses by 35% as compared with the use of traditional steel grades. Hence, saving enormous energy losses is expected to boost the adoption of electrical steel based transformers and propel the market growth of global transformers. Moreover, technological advancements and innovations in electrical steel based transformers are one of the significant factors benefitting the growth of the global transformer market over the projected period.

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North America Region is Predicted to Record the Highest CAGR

The North America electric steel market is evaluated to record the highest growth rate over the forecast period. The market analysis of the region involves the study of the lucrative investment destinations of North America, the United States & Canada. Spiraling population living in urban areas, rising demand for electric vehicles, new substation and power transmission line projects, increasing power demand, and substituting old power transformers are some of the factors fueling the North America market growth. Electric steels have huge applications in power transformers and power lines of North America. The United States is envisaging to replace its old electricity infrastructure and coordinate the existing electric grid network with renewable energy sources, which results in expanding demands for electric steel during the projected period.

The market rivalry is quite intense among the players of the electric steel market as the companies try to capture the largest market share. Some of the prominent companies trying to consolidate their position in the global electric steel market are ArcelorMittal, Arnold Magnetic Technologies, Nippon Steel, Baosteel Group Corporation, Steel Authority of India Limited, etc.

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Related Report:

GLOBAL DISTRIBUTION TRANSFORMER MARKET
https://www.inkwoodresearch.com/reports/distribution-transformers-market/

GLOBAL INDUCTION MOTORS MARKET
https://inkwoodresearch.com/reports/global-induction-motors-market/

Inkwood Research
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Boston, MA 02111
Tel: 1-(857)293-0150
Email: sales@inkwoodresearch.com
Website: www.inkwoodresearch.com

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