Electrical Steel Market is Expected to be Dominated By Motor Segment during 2028F
Increasing demand in the automotive industry and growing energy
demand are likely to propel the market for Electrical Steel Market across the
globe during 2024-2028F.
According
to TechSci Research report, “Electrical Steel Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”. The global
electrical steel market is expected to rise in the upcoming years due to the
rising energy demand from growing economies. The increased use of electric cars
is another aspect that is anticipated to present profitable opportunities for
the major players in the market for electrical steel.
Electrical
steel is a ferromagnetic substance with up to 6.5% silicon content. It has the
capacity to lessen heat dispersion which leads to energy loss. The highest
enhanced electrical and magnetic characteristics are seen in electrical steel
that contains 6.5% silicon. The addition of silicon to steel improves
permeability, reduces hysteresis loss, and boosts resistivity. The silicon
content of the most popular commercial electrical steel is about 3.25%.
Electrical
steel, commonly referred to as lamination steel, silicon steel, silicon
electrical steel, relay steel, and transformer steel, is a specialty steel
used in the cores of electromagnetic devices including motors, generators, and
transformers because it minimizes power loss. It is an iron alloy with silicon
as the primary adding ingredient in place of carbon. The precise formulation is
designed to provide particular magnetic qualities, such as a tiny hysteresis
region producing low power loss per cycle, low core loss, and high permeability.
Cold-rolled strips that are less than 2 mm thick are typically used to produce
electrical steel. These strips are shaped by cutting them into laminations,
which are then stacked to create the stator and rotor of electric motors as
well as the laminated cores of transformers. Punch and die cutting, laser
cutting, or wire electrical discharge machining as options for shaping
laminates to their final shape.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Electrical Steel Market."
The global electrical
steel market is segmented based on type, application, vertical, and region.
Based on type, the market is segmented into grain-oriented electrical steel and
non-grain-oriented electrical steel. Based on application, the market is
segmented into transformers, motors & generators, and inductors. Based on
vertical, the market is divided into automotive, construction, manufacturing,
energy & power, and others. The market analysis studies the regional
segmentation divided among North America, Europe, Asia-Pacific, South America,
and Middle East & Africa.
Based on
application, the market is divided into transformers, motors & generators,
and inductors. The motor segment is anticipated to have the largest growth rate
during the upcoming years 2024-2028. In terms of volume, the motor
segment has shown strong expansion in recent years. The demand for
electric motors is expected to rise in the upcoming years owing to the use of
electric motors is spread throughout the developed and emerging countries. Additionally,
growing awareness of the advantages of using electrical steel is generating
rising demand, which is opening opportunities for producers of the material.
The
grain-oriented electrical steel segment is anticipated to grow the fastest
throughout the forecast period. Transformers and charging stations for electric
vehicles are the two main applications for grain-oriented electrical steel. It
uses less material for the core winding because of its high electromagnetic
induction and stacking factor. Its electromagnetic properties reduce core
losses and offer cost-effective and efficient solutions for transformers.
Key market players in the global electrical
steel market include:
- Aperam S.A
- ArcelorMittal S.A
- Baoshan Iron & Steel Co. Ltd
- Cleveland-Cliffs Inc
- JFE Holdings Inc
- Nippon Steel Corporation
- Slovenian Steel Group
- Tata Steel Limited
- Voestalpine AG
- United States Steel Corporation
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“The global
electrical steel market is expected to boost in the upcoming years owing to
rising demand for electric motors in various sectors including residential,
commercial & industrial. Additionally, increasing demand from energy
generation & transmission industries is leading to increased usage of
electrical vehicles across the world. In the Asia-Pacific region, the Indian government
launched “The Production-Linked Incentive” (PLI) plan for producing high-grade
specialty steel in July 2021. the program is expected to be
implemented over five years. The project includes domestic grain-oriented
electrical steel manufacturing as well.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Electrical Steel Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type
(Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel), By
Application (Transformers, Motors & Generators, Inductors), By Vertical (Automotive, Construction,
Manufacturing, Energy & Power and Others), By Region, Competition Forecast
& Opportunities, 2028F”, has evaluated the future growth potential of electrical
steel and provides statistics and information on market structure, size, share,
and future growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global electrical steel
market.
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