Dallas, Texas, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The ability to provide high permeability and reduced power loss every cycle will drive the global electrical steel market. The availability of reduced costs for silicon steel lamination will significantly boost demand for the electrical steel market. Electric steel serves as the most familiar and simplified material to produce electrical equipment. The ability to provide hardness and durability expands the demand for electric steel in the industrial sector. Electric steel is capable of enhancing the durability of high-power electric transformers.
Some of the Top Vendors Operating in the Electrical Steel Industry:
- Tata Steel
- JFE Steel Corporation
- Cogent Power
- ArcelorMittal SA
- Arcelor-Mittal
- Aperam SA
- Baosteel Group
- AK Steel Holding Corp
- Allegheny Technologies, Inc.
Most industries use electric steel due to its enhanced magnetic property and simplified approach to the manufacturing process. Expansion of the electric steel market is led by the ability to provide efficient fuel capacity. The development of advanced technologies including in-wheel motors and 3D technology will significantly boost the demand for electric steel. The global electrical steel market is estimated to achieve a market value of USD 72.34 Billion with an expected CAGR of 6.78% by 2030.
Segmentation of the Electrical steel Industry:
Segmentation by Types:
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
Segmentation by end-user or application:
- Automobile
- Manufacturing
- Energy
- Household Appliance
- Others
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Furthermore, the electric steel market can be simplified into grain-oriented and non-grain-oriented steel. The providence of enhanced lamination of grain-oriented steel makes it useful for complex and compact designs with very low materials being required. Grain-oriented electric steel helps in the smooth functioning of electric machines and helps to increase durability. The core development of electric transformers is done using grain-oriented electric steel.
The top Regions and countries performing in the industry are as follows:
US, Germany, U.K., taly, Spain, Russia, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, and South Africa
The ability to facilitate lower iron loss and maximized flux density will significantly boost the global electrical steel market. Grain-oriented steel is applied in power transformers to reduce energy loss and maximize efficiency. The ability to minimize carbon dioxide and overall lifecycle cost will significantly grow the global electrical steel market. The high permeability of electric steel will immensely benefit the global market. The increasing demand for grain-oriented electric steel will benefit the global electrical steel market to a great extent.
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The electrical steel industry has achieved new heights owing to recent developments and innovations. Essar steel India was acquired by ArcelorMittal in December 2019 to widen the market reach. An advanced technology steel research facility was launched by Voestalpine in 2019 to maximize its ability towards developing productive solutions.
Table of Contents
1. Methodology and Scope
2. Executive Summary
3. Market Variables, Trends, and Scope
4. Premium Insights
5. Electrical Steel Market Overview
6. Industry Trends, Regional Estimates & Trend Analysis
7. Appendix
Sumitomo Metal and Nippon Steel acquired a stake of 51% in Sanyo special steel which significantly boosted the global electrical steel market. An MoU was signed by MSS and POSCO in May 2019 to carry forward investments in projects related to research and development in the electric steel market. The latest acquisition and developments made will immensely benefit the global electrical steel market.
An expected growth of the market will be captured by the Asia Pacific in 2030. The economic growth and increasing manufacturing units will lead to the expansion of the global electrical steel market. The growth of the automobile industry is a crucial factor in the regional demand for electric steel. Increased investments made towards advanced research and development services as a major factor contributing to the growth of the regional market. The extensive use of electric arc furnaces in steel plants and industrial units will immensely boost the demand for electric steel in this region.
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