MARKET INTRODUCTION
Electrical steel known as silicon steel is a soft magnetic material which finds its uses in electrical power transformers, generators, inductors, motors, etc. The silicon content in electrical steels increases its electrical resistivity and therefore reduces eddy current losses. The addition of silicon in soft iron also leads to a drop in coercivity and an increase in resistivity. It is usually manufactured in the form of cold-rolled strips of thickness lesser than 2mm.
MARKET DYNAMICS
Electrical steel plays a crucial role in the generation, transmission, distribution, and consumption of electricity as strips of electrical steels are used to form laminated cores in the transformers. They are also used in the rotor and stators of electric motors. The growing consumption of electric motors in industrial and residential applications is anticipated to generate sustainable demand for electrical steel used in these motors to generate strong magnetic flux. The transition of the automotive sector towards clean mobility has led to an increase in the demand for electric vehicles. The growing sales figure for electric and hybrid electric vehicles are expected to fuel the demand for electric motors and subsequently lead to greater consumption of electrical steel in the forecast period. The increasing reliance on renewable energy generated from solar, wind, and hybrid power plants is also projected to necessitate the consumption of power transmission and distribution equipment and consequently fuel the demand for electrical steel.
MARKET SCOPE
The "Global Electrical Steel Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the electrical steel market with detailed market segmentation by type, application, end-use industry, and geography. The global electrical steel market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading electrical steel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global electrical steel market is segmented on the basis of type, application, and end-use industry. On the basis of type, the electrical steel market is segmented into, non grain-oriented steel and grain-oriented steel. On the basis of application, the market is bifurcated into, transformers, motors, inductors, and others. Based on end-use industry, the global electrical steel market is segmented into, energy, automobiles, manufacturing, household appliances, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global electrical steel market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The electrical steel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the electrical steel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the electrical steel market in these regions.
MARKET PLAYERS
The reports cover key developments in the electrical steel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from electrical steel market are anticipated to lucrative growth opportunities in the future with the rising demand for electrical steel in the global market. Below mentioned is the list of few companies engaged in the electrical steel market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the electrical steel market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AK Steel Corporation
- ArcelorMittal S.A
- Baosteel Group Corporation
- Cogent Power Limited
- JFE Steel Corporation
- Nippon Steel & Sumitomo Metal Corporation
- Novolipetsk Steel
- POSCO
- ThyssenKrupp AG
- Voestalpine AG
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.