Press release
electrical steel market revenues are anticipated to expand at a healthy CAGR of 7.3% through to 2026
Drivers
Factors such as better magnetic and electric properties offered by non-grain oriented electrical steel in comparison to its substitutes is expected to fuel revenue growth of non-grain oriented electrical steel segment. Non-grain oriented electrical steel is used in the automotive industry to manufacture various components such as electrical power steering systems motors. This type of electrical steel is also used as a core material for motors and actuators in automobile electrical components to improve fuel efficiency of vehicles. Moreover, non-grain oriented electrical steel is used in electric vehicles (EV) and hybrid electric vehicles (HEV) for the cores of traction motors. This grade of electrical steel helps in reducing eddy current losses and improves the efficiency of HEV/EV. The production of non-grain oriented electrical steel is raw material intensive and the prices of key raw materials such as iron ore and coal has shown downward trend from 2013 to 2015. Thus, the production of non-grain oriented electrical steel is anticipated to increase during the forecast period.
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Trends
Current trends witnessed in the production of non-grain oriented electrical steel is the increase of electrical resistivity in NGOES, which reduces magnetic losses by increasing the concentration of silicon or aluminium in electrical steel sheets. Manufacturers are currently adopting this method to increase concentration of silicon or aluminium on a low silicon or aluminium steel substrate. Increase in the production of automobiles in the Middle East & Africa is expected to increase demand for non-grain oriented electrical steel products. In 2014, overall automotive production in MEA was 2,020,153 units, and by the end of 2015 it reached 2,154,221 units.
Market Segmentation
Non-grain oriented electrical steel segment is expected to be valued at US$ 26,742.2 Mn by 2026 and is projected to register a CAGR of 7.2% over the forecast period. Non-grain oriented electrical steel segment is further sub-segmented into fully processed electrical steel and semi-processed electrical steel. Fully processed electrical steel sub-segment is estimated to account for 23.5% of the market share in the non-grain oriented electrical steel segment by 2016 end and is expected to be valued at US$ 6,214.2 Mn by 2026 end. Whereas, semi-processed electrical steel sub-segment is expected to be valued at US$ 20,528.0 Mn by 2026 end and gain 30 basis points (BPS) in 2026 as compared to that in 2016.
Non-grain Oriented Electrical Steel Analysis, by Applications
In terms of value, non-grain oriented electrical steel segment is anticipated to register a CAGR of 7.2% over the forecast period. Non-grain oriented electrical steel finds applications in the electrical and electronics industry namely transformers, motors and inductors. Around 90% of the non-grain oriented electrical steel is used for the manufacturing of core of motors. Whereas, 4.0% and 1.6% of the non-grain oriented electrical steel is used for the manufacturing of transformers and inductors cores, respectively.
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Non-grain Oriented Electrical Steel Analysis, by Region
On the basis of region, APEJ region is projected to remain dominant throughout the forecast period. Non-grain oriented electrical steel segment is estimated to account for the largest market share of 40.0% in the APEJ market by 2016 end. The presence of several electrical steel producing companies in China is expected to play an important role in revenue growth of the non-grain oriented electrical steel segment in the APEJ market. Non-grain oriented electrical steel segment is expected to witness robust growth in the Western Europe market driven by increasing growth of the automotive industry in the region.
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