Electrical Steel Market by Type (Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel) and Application (Transformers, Motors, Generators, and Others): Opportunity Analysis and Industry Forecast 2027
|ID: VPR/CR/1174||Publishing Year: January 2022||Pages: 110||Format:|
Electrical Steel Market Overview:
Electrical Steel is also known as silicon steel and transformer steel. Electrical Steel is a specialty steel made by modifying the magnetic characteristics of ordinary steel to provide high permeability and minimal core loss in electrical components. It is used to make a variety of devices, including generator cores, power transformers, and inductors, among others. Laminated steel refers to electrical steel that has had silicon added to it. It's typically used in the cores of electrical components for lamination processes. Cold rolled strips are the most common form of electrical steel. It decreases energy loss, produces low levels of carbon dioxide, and increases electric motor efficiency.
Annealing, hot rolling, cold rolling, and insulation coating are all used in the fabrication of Electrical Steel. The cores of transformers, motors, and generators are commonly made of electrical steel. Because of their ability to reduce energy loss, enhanced efficiency, reduced carbon dioxide emissions, and hysteresis loss in high-speed electric motors, these items are used in transformers, the power sector, and high-speed autos. They are widely utilised in the automotive, energy, and manufacturing industries and are designed to deliver high magnetic flux density, high permeability, and minimal energy loss.
Some of the major players in the market include Aperam, ArcelorMittal, Baosteel Group Hu, Cleveland-Cliffs Inc., JFE Holdings, Inc, POSCO, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel, and Voestalpine AG.
Other players in the Value Chain of the Electrical Steel Market include Union Electric Steel Corporation, Allengency Technologies, Electrosteel Limited, Angang Steel Company Limited, Thyssenkrupp AG, Wuhan Iron & Steel Corporation, JSW Steel, Essar Steel, and others.
The rising worldwide automobile manufacturing is a primary driver of the global electrical steel market's expansion. Year after year, worldwide vehicle manufacturing rises. The use of electrical steel in automobiles improves fuel efficiency, resulting in increased demand for electrical steel in the automotive industry. During the projected period, the growing demand for electric and hybrid vehicles is expected to fuel the expansion of the electrical steel market.
In the Worldwide Electrical Steel Market, energy conservation is a new trend. The demand for transformers is being boosted by rising electricity consumption and the growing need for industrial development, which is driving the Worldwide Electrical Steel Market. Because of its high magnetic permeability, electrical steel is mostly used in the power industry.
The expansion of electrical steel in motors is being driven by increasing industrialisation and the use of motors in the residential sector. Electrical steel has become a necessary component of electric motors because it produces a greater magnetic flux, which is critical for torque. Additionally, it leads to increased efficiency. Given that the United Nations' sustainable development programme calls for increased industry in the future year, vendors in the electrical steel market will gain greatly in terms of income.
For the manufacture and processing of steel products, the steel industry is primarily reliant on the supply of raw materials. Iron ore, coal, industrial gases, and ferroalloys are all important raw resources for steel manufacture. Steel production and processing processes can be carried out smoothly if raw materials are fairly priced. Raw material prices, on the other hand, are extremely changeable. An increase in raw material prices has an impact on steel manufacturing costs, resulting in higher pricing for completed steel products such as grain-oriented and non-grain-oriented electrical steel. For example, the trade war between China and the United States, combined with the 2020 Russia-Saudi Arabia oil price war, had a significant impact on oil prices, resulting in steel price volatility. As a result, fluctuating raw material prices function as a stumbling block to the Electrical Steel Market's Expansion.
Type, thickness, core losses, flux density, application, and end-user are the six major segments that make up the Global Electrical Steel Market. The growth of segments allows you to analyse specific pockets of growth and market approaches, as well as establish your main application areas and target market differences.
The Electrical Steel Market is divided into two types: grain oriented steel (CGRO) and non-oriented electrical steel (CRNGO). The non-oriented electrical steel (CRNGO) sector is now dominating the market due to higher silicon resistivity, which is driving up demand internationally.
The Electrical Steel Market is divided into 0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm, 0.5 mm, 0.65 mm, and others based on thickness. Because it is more commonly utilised in rotating electrical equipment, the 0.30 MM segment is leading the global market.
The Electrical Steel Market is divided into five categories based on core losses: less than 0.9 w/kg, 0.90 w/kg to 0.99 w/kg, 1.00 w/kg to 1.29 w/kg, 1.30 w/kg to 1.39 w/kg, and above 1.39 w/kg. The sector with less than 0.9 w/kg is dominating globally because electrical steel with low core losses is more efficient in applications, increasing demand globally.
The Electrical Steel Market is divided into four categories based on flux density: less than 1.65 tesla, 1.65 tesla to 1.69 tesla, 1.69 tesla to 1.73 tesla, 1.73 tesla to 1.76 tesla, and over 1.76 tesla. Because high flux density electrical steel products are increasingly commonly employed in the power generation industries around the world, the segment above 1.76 tesla is dominant globally.
Asia-Pacific has the largest market share and is expected to grow at the fastest rate over the next few years. ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, and POSCO Steel are among the Global Steelmakers present in the region. The low-cost labour and raw materials available in the region are an extra benefit for these businesses. Other drivers projected to fuel market expansion in the APAC region include rapidly expanding population and urbanisation, as well as strong governmental efforts and current projects.
Almost every industry has been affected by Covid-19. The steel sector was the first to discover the pandemic's effects. Manufacturing, distribution, logistics, and other activities came to a halt, disrupting global supply networks. In the long run, the pandemic is predicted to spark the electrical steel industry. In several places of the world, community-based transmission of has been seen.
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