Electrical Steel Market to Exhibit 8.6% CAGR during 2019-26, with Sales of Hybrid Electric Vehicles Projected to Soar, Finds FMI

Jan 14,2020 | Industrial Automation

Electrical steel is used as a core material for motors and actuators in automobile electrical components to improve fuel efficiency of vehicles. It is widely used in electric vehicles (EV) and hybrid electric vehicles (HEV) for core of traction motors. Electrical steel helps in reducing eddy current losses and improves the efficiency of the HEV/EV.

Electrical Steel Market

A newly published market research report by Future Market Insights on the electrical steel...

Electrical Steel Market

Attributing to superior properties of electrical steel, the global electrical steel market registered value of US$ 20.6 Bn in 2018, and is projected to grow at a steady CAGR during the forecast period (2019 - 2026).

Some of the insights gathered from the study are as follows:

  • Increased electrical resistivity and ultimately reduced magnetic losses can be achieved by increasing the concentration of silicon and/or aluminium in electrical steel sheets.
  • Globally, non-grain oriented electrical steel value share contribution to the overall market revenue is significantly higher than that of the grain-oriented electrical steel segment. This is attributed to strong demand for non-grain oriented electrical steel for manufacturing transformers, motors, and other electrical components used in various industries such as automotive, aerospace, renewable energy, electromechanical, and electronics.
  • As per analysis of all seven regions, Asia Pacific Excluding Japan (APEJ) is projected to account for highest revenue share in the global market over the forecast period. Among all countries, China is expected to be the most attractive market for growth of the transformers segment.

“Manufacturers are currently implementing various methods to produce more efficient electrical steel with better magnetic permeability and lamination quality. Technologies such as nitriding and decarburization using laser technology are being adopted by manufacturers to produce more efficient and uniform grain structured electrical steel,” says an FMI analyst.

Electrical Steel Market Participants Insights

The electrical steel market is highly technology-driven and dominated by a handful of players with extensive R&D capabilities. Some of the key participants mentioned in the electrical steel market report are Novolipetsk Steel, thyssenkrupp AG, JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, POSCO, Cogent Power Limited, Aperam, Baosteel Group, voestalpine Stahl GmbH, AK Steel Corporation, ATI, Schneider Electric, etc.

What’s the Future Outlook?

Developed and developing countries are rapidly shifting towards sustainable energy systems, and electric/hybrid vehicles industry is also in a growing phase. Such industries require high grade electrical steel for various applications. To meet the increasing demand, companies such as ArcelorMittal, ThyssenKrupp, etc., are focused on producing high-grade electrical steel.

Key Insights of Electrical Steel Market

A new market research report published by Future Market Insights (FMI) on the global electrical steel market includes global industry analysis for 2014-2018 and opportunity assessment for the 2019-2026. The report offers an insightful analysis of the global electrical steel market through three different categories – steel type, resin, application, and region. The report titled – “electrical steel” deliberates product usage in various steel types, prevailing trends, and technologies. Along with this, comprehensive value chain analysis pertaining to procurement pricing analysis, and aftermarket services have been offered in this report.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.