Global Electrical Steel Market Overview:
Electrical steel is a type of specialty steel produced to generate various magnetic properties, low amounts of core loss, and high permeability. It is used in the manufacture of the core of power transformers, inductors, and generators, among others. It is also known as laminate steel or silicon steel, as silicon is added to it. It is primarily used for lamination processes in the cores of electrical components. Some of the key players profiled in the study are Schneider Electric (France), ABB (Switzerland), Novolipetsk Steel (Russia), Voestalpine Stahl GmbH (Austria), POSCO (South Korea), AK Steel Corporation (United States), Nippon Steel & Sumitomo Metal Corporation (Japan), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), ArcelorMittal (Luxembourg), Cogent Power Limited (United Kingdom), Aperam (Luxembourg) and Baosteel Group (China). According to Market Analyst at AMA, the Global Electrical Steel market may see a growth rate of 6.5%
On the basis of geography, the market of Electrical Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2018. If we see Market by End User Industry, the sub-segment i.e. Automotive will boost the Electrical Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing demand for Electric/Hybrid vehicles
- Rapid industrialization and increasing building & construction sector
- Supportive Government Policies & Regulations
- The exponential Rise in the Power Distribution Network
- Increasing Preference for High Horsepower and Speed to Ensure Efficient Performance in Racecars
- The Increase in Grain-Oriented Electrical Steel Material for Supplying Power over Longer Distance
- The Increasing Demand from Developed As Well As Developing Nations
Major Market Developments:
On 2 April 2019, ThyssenKrupp, a German steel giant has submitted a comprehensive package of proposed solutions to the European Commission to obtain clearance for the merger of the two steel majors Thyssenkrupp Steel Europe and Tata Steel (India).
On 18 April 2019, POSCO (South Korea), a leading electrical steel company has launched a New Website, ‘POSCO Products’. ‘Products’ provides comprehensive information on POSCO products like hot rolled steel, cold rolled steel, steel plate as well as the products of affiliates: secondary battery materials (POSCO Chemical), color coated steel sheet (POSCO C&C), stainless steel (POSCO International), electrical steel and processed steel plates.
Electrical Steel Manufacturers, Distributors and End Users, Assembling Companies, Government Bodies Such As Regulating Authorities and Policy Makers, Associations, Organizations, Forums, and Alliances Related To Electrical Steel and Market Research Organizations and Consulting Firms
Major Objectives Focused through this Study
To define, describe, and forecast the Global Electrical Steel market on the basis of product [Cold Rolled Grain Oriented and Cold Rolled Non-Grain Oriented] , application [Power Transformer, Distribution Transformer, Instrument Transformer, Motor, Inductor and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Electrical Steel market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Electrical Steel industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are NICORE Electrical Manufactory Co. Ltd. (China), Emirates Transformer & Switchgear Limited (United Arab Emirates), Phoenix Mecano AG (Switzerland), Crompton Greaves (India), Leicong Industrial Co., Ltd (Taiwan) and Höganäs AB. (Sweden).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Electrical Steel market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.