Press release
Global Electrical Steel Market Size & Share, Growth, Trends, and Forecast 2017 - 2025
The objectives of this study are as follows:
To define, describe, and forecast the "Electrical Steel" market by type, application, component, delivery model, end user, and region
To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the market size of market segments with respect to the four key regions: North America, Europe, Asia, and the Rest of the World (RoW)
To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
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Electrical steel, also known as iron-silicon alloy, is used to provide high permeability for economical and efficient functioning of electrical transformers. It is available in different grades such as M-2, M-3, M-4, M-5, and M-6. It is usually developed in cold rolled strips with thickness of less than 2 mm. Electrical steel plays an important role in transmission, generation, and distribution of electrical power. It is an alloy that contains silicon (Si:5Fe) from zero to 6.5%, while commercial alloys typically have silicon content of about 3.2%. Silicon increases the electrical resistance of the steel, which narrows the hysteresis loop of the material and decreases the induced eddy currents.
Electrical steel increases electrical resistance between laminations and provides resistance to corrosion or rust. It also reduces eddy currents and acts as lubricant during die cutting. Electrical steel can also be used as various coatings (organic and inorganic), depending upon the application of the steel. Electrical steel is costlier than mild steel. This can be one of the restraints of electrical steel over mild steel. The magnetic affect in electrical steel can be mitigated by engraving the surface of the sheet mechanically or with a laser.
The global electrical steel market can be segmented based on type, application, end-use, and geography. Based on type, the market can be divided into grain-oriented electrical steel, pole sheet electrical steel, and non-oriented electrical steel. Non-oriented electrical steel is further sub-segmented into non-oriented semi-processed electrical steel and non-oriented fully processed electrical steel. Grain-oriented electrical steel is a vital material used in the manufacture of high performance generators and energy-efficient transformers. Grain-oriented electrical steel provides enhanced magnetic properties in the rolling direction of the sheet. Non-oriented electrical steel is used in the manufacture of rotating machines of various sizes. It is also used in small transformers and different electromagnetic applications for size between 0.10 mm and 1.00 mm thickness.
Based on application, the electrical steel market can be split into transformers, generators, motors with the energy transport and transmission networks and other small size units for the industrial machines, household appliances, and automotive sector. Transformers is a key application segment of the electrical steel market due to the increase in demand for energy across the globe. This is expected to drive the transformers segment during the forecast period. Furthermore, the need for upgrading distribution networks and transmission equipment is likely to boost the transformers segment. Based on end-use industry, the market can be divided into energy, manufacturing, automobiles, household appliances, and others (including construction and fabrication). Rise in industrialization in developing and developed economies is also anticipated to drive the energy segment in the Asia Pacific region. This is projected to boost the electrical steel market.
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Asia Pacific is the key region of the electrical steel market, followed by Europe and North America. Growth in industrialization, urbanization, and population in countries in Asia Pacific is augmenting the consumption of electricity. Moreover, the transmission and distribution infrastructure is in the preliminary stage of grid restructuring in the region. Countries in Asia Pacific such as China, India, and Japan are capitalizing in grid extension projects to escalate grid reliability. This is projected to drive the transformers market in the region, leading to growth in the electrical steel market. China is expected to be the leading market for electrical steel in Asia Pacific due to its rapid economic growth. This is likely to drive the transformers market in China, thereby boosting the electrical steel market. However, uncertainty in the prices of raw materials of electrical steel can restrain the electrical steel market.
Key players operating in the global electrical steel market include POSCO, Arcelor Mittal SA, Voestalpine Group, Cogent Power Limited, Baosteel Group Corporation, United States Steel Corporation, Tata Steel, AK Steel Corporation, ThyssenKrupp Electrical Steel India Pvt Ltd., Nippon Steel & Sumitomo Metal Corporation, and Steel Authority of India Limited (India).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
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The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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