Electrical Steel Market To See Stunning Growth by 2027
Market Statsville Group added Most up-to-date research on “Electrical Steel Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027” to its huge collection of research reports.
The global electrical steel market was valued at USD 15.0 billion in 2020 and is projected to reach USD 21.0 billion by 2027, growing at a CAGR of 5.8% from 2021 to 2027. Electrical steel is a ferromagnetic material with up to 6.5% silicon content. It can reduce heat dissipation, which is an issue that wastes energy. The electrical and magnetic characteristics of electrical steel with 6.5% silicon are the best. Silicon increases resistivity, minimizes hysteresis loss and improves permeability in steel. Around 3.25% silicon is included in the most commonly used commercial electrical steel.
The electrical steel market is driven owing to a rise in demand for efficient power transformers. This is attributed to the increase in the integration of renewables into the grid. Additionally, industrial growth in countries such as India and Brazil is boosting the energy demand, consequently boosting the adoption of electrical steel. However, the volatile price of raw materials is hindering the electrical steel market growth. On the contrary, upcoming regulations and government support for electric vehicles in Australia, India, and others will create lucrative opportunities for electrical steel manufacturers.
To Get Sample Copy of Report visit @ https://www.marketstatsville.com/request-sample/electrical-steel-market
COVID-19 Impact on the Global Electrical Steel
The market’s value chain is disrupted, owing to the spread of COVID-19 in manufacturing and supplying regions. Due to lockdown, the manufacturing and supplying markets were hindered, which resulted in transportation disturbance, delay in raw material procurement, and others. Most of the construction, infrastructure, and rail projects were closed in many countries, owing to lockdown and forcing steel inventories to rise. This rise in inventory, along with less demand, led steel prices to decrease.
The outbreak of COVID-19 has negatively impacted the downstream chain of the market, that is, the electric motor manufacturers, transformer manufacturers, and others. This is attributed to decreased demand from electric motors manufacturers, government, private energy companies, and others. The electric vehicle industry is getting hampered owing to the outbreak of COVID-19. The investment in electric vehicles may decrease or is expected to get delayed from automotive players as the sales of automobiles have fallen in the first quarter of 2020, owing to the COVID-19 outbreak. The lockdown in some countries has halted the industrial operations, which have decreased the energy demand. Energy demand is one of the major factors for electrical steel demand as electrical steel is used in applications such as transformers, generators, and others.
Global Electrical Steel Market Dynamics
Drivers: Growth in the deployment of renewable energy
Many countries worldwide are focusing on sustainable development and increasing the share of renewable energy in total energy consumption and generation. European countries are leading in the renewable energy sector, owing to massive investments to meet climate action goals. Germany, Sweden, Spain, and Italy are some European countries contributing to the growth of the renewable energy sector. In addition, Brazil, Japan, Turkey, China, the U.S., and Australia contribute to the renewable energy sector growth. The increasing investment in the renewable energy sector is for decreasing dependence on coal for energy generation. This is resulting in increased deployment of renewable energy and correspondingly increasing the demand for electrical steel.
Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/electrical-steel-market?opt=2950
Restraints: Volatile prices of raw materials
Silicon is a fundamental alloying material used in the production of electrical steel. Moreover, China is one of the major silicon metal producers. Silicon prices increase due to an increase in the manufacturing cost due to the surge in raw materials such as silica, carbon electrodes, and coal. Moreover, sometimes there is a disturbance in carbon supplies, which affects silicon production.
Opportunities: Increase in usage of electric vehicles
Electric mobility is the transportation future, owing to the rise in pollution, volatile price of fuels, awareness regarding climate change, favorable government initiatives in terms of subsidies, tax benefits on electric vehicles, and others. Furthermore, the increase in pollution and decreased independence on fossil fuels have rendered the governments pay attention to electric vehicles and plug-in hybrid vehicles. Moreover, the rise in carbon emissions has also increased global warming at an alarming rate, forcing countries globally to reduce their carbon emissions. Because of this, electric vehicle production and utilization are expected to increase in the coming years. Developed countries such as Germany, the U.S, and France have policies for electric vehicles.
Furthermore, some countries increasing policy activity for supporting electric vehicles are Chile, Canada, India, New Zealand, and Costa Rica. Moreover, China is one of the fastest-growing countries in electrical vehicles growth in Asia-Pacific and the global market. The increase in the adoption of electric vehicles will consequently surge the demand for electrical steel used in electric vehicle motors production.
Scope of the Report
The study categorizes the electrical steel market based on type and application at the regional and global levels.
By Type Outlook (Revenue, USD Million, 2017-2027)
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
By Application Outlook (Revenue, USD Million, 2017-2027)
- Transformers
- Motors
- Generators
- Others
By Region Outlook (Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The non-grain-oriented electrical steel is projected to account for the largest market share by type
On the basis of type, the electrical steel market is classified into grain-oriented electrical steel and non-grain-oriented electrical steel. In 2020, non-grain-oriented electrical steel accounted for the largest market share of 65.4% in the global electrical steel market. Non-grain-oriented electrical steel is a mixture of iron and silicon, and it comes in different grades, such as fully and semi-processed. It has excellent permeability at high inductions, good gauge uniformity, and low average core loss. Non-grain-oriented electrical steel is used throughout the value chain of the electrical components industry, that is, from generators to electric motors and appliances. Its numerous applications are in large and small transformers, high-efficiency motors, lighting ballasts, ignition coils, and generators. The rise in the trend of electric vehicles surges the demand for non-grain-oriented electrical steel. Non-oriented electrical steels help automotive manufacturers build more efficient hybrid electric vehicles for the enhanced driving range and exceptional performance.
Get Complete TOC With Tables and Figures @ https://www.marketstatsville.com/table-of-content/electrical-steel-market
Asia Pacific accounts for the highest CAGR during the forecast period
Region-wise, the electrical steel market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.0% in the global electrical steel market during the forecast period. Asia-Pacific is analyzed across China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
After the Asia Pacific, North America is the fastest-growing region with a CAGR of 5.3% during the forecast period. After China, the U.S. is one of the largest exporters of power transformers. Moreover, the U.S. also significantly depends on China to import power transformers and other electric grid equipment. In the coming years, the domestic electric grid equipment manufacturers in the U.S. may witness an increase in demand for power transformers or other electric grid equipment. Because the U.S. may ban the import of Chinese power transformers and grid equipment as they are installed with software and hardware, which may lead to cyberattacks from China. This factor might boost the demand for electrical steel in the U.S.
Key Market Players
The electrical steel market analysis covers in-depth information of the major industry participants. Some of the major players in the market include ArcelorMittal, Baosteel Group Hu, Aperam, Cleveland-Cliffs Inc., Nippon Steel Corporation, Slovenian Steel Group, POSCO, Tata Steel, and Voestalpine AG.
Request For Report Description @ https://www.marketstatsville.com/electrical-steel-market
Other players in the value chain of the electrical steel market include Allengency Technologies, Union Electric Steel Corporation, Electrosteel Limited, Thyssenkrupp AG, Wuhan Iron & Steel Corporation, JSW Steel, Angang Steel Company Limited, Essar Steel, and others.
Contact US: Market Statsville Group
Eric Martin
Market Statsville Group
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: sales@marketstatsville.com
Web: https://marketstatsville.com/
LinkedIn | Facebook | Twitter
