About Electrical Steel
Electrical steel is a type of specialty steel produced to generate various magnetic properties, low amounts of core loss, and high permeability. It is used in the manufacture of the core of power transformers, inductors, and generators, among others. It is also known as laminate steel or silicon steel, as silicon is added to it. It is primarily used for lamination processes in the cores of electrical components.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.5% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schneider Electric (France), ABB (Switzerland), Novolipetsk Steel (Russia), Voestalpine Stahl GmbH (Austria), POSCO (South Korea), AK Steel Corporation (United States), Nippon Steel & Sumitomo Metal Corporation (Japan), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), ArcelorMittal (Luxembourg), Cogent Power Limited (United Kingdom), Aperam (Luxembourg) and Baosteel Group (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are NICORE Electrical Manufactory Co. Ltd. (China), Emirates Transformer & Switchgear Limited (United Arab Emirates), Phoenix Mecano AG (Switzerland), Crompton Greaves (India), Leicong Industrial Co., Ltd (Taiwan) and Höganäs AB. (Sweden).
Segmentation Overview
AMA Research has segmented the market of Global Electrical Steel market by Type (Cold Rolled Grain Oriented and Cold Rolled Non-Grain Oriented), Application (Power Transformer, Distribution Transformer, Instrument Transformer, Motor, Inductor and Others) and Region.
On the basis of geography, the market of Electrical Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by End User Industry, the sub-segment i.e. Automotive will boost the Electrical Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Increase in Grain-Oriented Electrical Steel Material for Supplying Power over Longer Distance
Market Growth Drivers:
Growing demand for Electric/Hybrid vehicles, Rapid industrialization and increasing building & construction sector, Supportive Government Policies & Regulations, The exponential Rise in the Power Distribution Network and Increasing Preference for High Horsepower and Speed to Ensure Efficient Performance in Racecars
Challenges:
Some high-performance grades rely on rare earth elements like dysprosium, facing supply chain constraints and cost volatility.
Restraints:
Rising costs of iron ore and other inputs put pressure on manufacturers and impact affordability for end users.
Opportunities:
The Increasing Demand from Developed As Well As Developing Nations
Market Leaders and their expansionary development strategies
In December 2023, Tempel Steel has acquired Voestalpine’s lamination stamping facility in Nagold, Germany. The move will help Tempel enhance its manufacturing capabilities, expand product offerings and strengthen its position in the market., , , , and On 2 April 2019, ThyssenKrupp, a German steel giant has submitted a comprehensive package of proposed solutions to the European Commission to obtain clearance for the merger of the two steel majors Thyssenkrupp Steel Europe and Tata Steel (India).
Baowu Steel Group, the largest steel producer in China, has launched the new electrical steel production facilities. The lines designed to produce high quality non-grain oriented (NGO) grades for electric vehicle motors
Key Target Audience
Electrical Steel Manufacturers, Distributors and End Users, Assembling Companies, Government Bodies Such As Regulating Authorities and Policy Makers, Associations, Organizations, Forums, and Alliances Related To Electrical Steel and Market Research Organizations and Consulting Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.