Market Research Report
Electrical Steel Market by Type (Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel) and Application (Transformers, Motors, Generators, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
|Published by||Allied Market Research||Product code||970255|
|Published||Content info||267 Pages
Delivery time: 2-3 business days
|Electrical Steel Market by Type (Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel) and Application (Transformers, Motors, Generators, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027|
|Published: September 24, 2020||Content info: 267 Pages||
The global electrical steel market was valued at $15.0 billion in 2019, and is projected to reach $21.0 billion by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
Electrical steel is a ferromagnetic material containing silicon up to 6.5%. It has the potential to decrease the dissipation of heat, a problem that results in energy wastage. Electrical steel with 6.5% silicon has the most improved electrical and magnetic properties. The inclusion of silicon in steel increases resistivity, decreases hysteresis loss, and enhances permeability. The mostly used commercial electrical steel has around 3.25% of silicon.
One of the significant factors that drive the market growth is increasing demand for energy from developing economies. Furthermore, rise in penetration for electrical vehicles is one of the factors expected to offer lucrative opportunities for the key players operating in the electrical steel market.
The report segments the market on the basis of type, application, and region. By type, it is classified into grain oriented electrical steel and non grain-oriented electrical steel. Based on application, it is sub-divided into transformers, motors, generators, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.