Electrical Steel Market is estimated to be US$ 89.2 billion by 2032 with a CAGR of 8.6% during the forecasted period-By PMI
Prophecy Market Insights latest research report on the Electrical Steel Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 27, 2023 (GLOBE NEWSWIRE) — Electrical steel, also known as silicon steel or lamination steel, is a specialized type of steel used in the construction of transformers, electric motors, and generators. It is engineered to exhibit specific magnetic properties that make it highly suitable for electromagnetic applications. The primary purpose of electrical steel is to enhance energy efficiency and reduce power losses in electrical devices.
Electrical Steel Market is further supported by investments in infrastructure, such as smart grids, power distribution networks, and industrial automation, which necessitate the use of efficient transformers and motors. Demand for electrical equipment, such as transformers and generators—two main uses for electrical steel—is being driven by growing urbanization and industry.
Key Highlights –
- In April 2023, Fives and Baowu launch new electrical steel lines. Steelmakers have started building new electrical steel manufacturing facilities as a result of a surge of investments made to meet the expanding demands of e-mobility. Two new annealing and coating lines (ACL) and three new annealing and pickling lines (APL) have received thermal sections from Fives, a top engineering company with extensive experience in steel processing and technology.
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Key Market Insights from the report:
The electrical steel market accounted for US$ 39.4 billion in 2022 and is estimated to be US$ 89.2 billion by 2032 and is anticipated to register a CAGR of 8.6%. The market report has been segmented based on the product, application, and end-use region.
- Depending upon the type, grain- the oriented segment dominates the market due to the increasing on- and off-label use of grain-trained for various indications.
- Depending upon the application, the motors segment accounts for the largest market share due to its effectiveness in the electric steel market.
- By region, North America dominates the global electrical steel market in terms of revenue compared to other areas because every year, there is an increasing need recorded for motors, followed by Europe and the Asia Pacific.
Analyst View –
The need for energy-efficient electrical systems and equipment is growing, which highlights the significance of electrical steel in lowering power losses. This fuels the market for premium electrical steel. Effective electrical equipment is needed as renewable energy sources like solar power systems and wind turbines increase. For the transformers and generators used in these applications, electrical steel is essential.
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The key players operating in the global electrical steel market include ArceloS.A.tal S.A., POSCO, voestalpine Böhler Welding, China Baowu Steel Group Corp., Ltd., Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Tata Steel Limited, JFE Steel Corporation, Steel Authority of India Limited, and Essar Steel Allegheny Technologies.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant vital players, and market forecasts. Besides, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions, impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Trends in the Electrical Steel Market
The electrical steel market is constantly evolving, with new technologies and innovations being introduced all the time. Some of the key trends in the market include:
- The increasing demand for high-performance electrical steel: Customers are increasingly demanding electrical steel with higher magnetic permeability and lower core losses. This is driving the development of new high-performance electrical steel grades.
- The growing adoption of electrical steel in new applications: Electrical steel is being used in a growing number of new applications, such as electric vehicles and battery energy storage systems. This is expanding the market for electrical steel and creating new opportunities for growth.
- The rising demand for sustainable electrical steel: Customers are increasingly demanding electrical steel that is produced using sustainable methods and that has a low environmental impact. This is leading to the development of new electrical steel production processes that are more energy-efficient and that produce less waste.
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