Market Research Report
Electrical Steel Market Size By Product, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||801182|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|Electrical Steel Market Size By Product, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025|
|Published: February 18, 2019||Content info: 300 Pages||
Electrical Steel Market may exceed USD 22.5 billion by 2025; according to a new research report.
Rising demand for electricity in industrial & residential areas along with growing investments for infrastructure development will drive the electrical steel market growth. The product is widely used in transformers and motors owing to their high magnetic efficiency. They enhance the performance of materials by reducing hysteresis loss and play a crucial role in the generation, transmission and distribution of electric power. Rise in per capita income and increasing government regulations for the use of transformers that prevent energy loss will stimulate the product demand.
Grain oriented electrical steel market surpassed USD 5 billion in 2018 on account of huge demand of transformers & motors. Grain oriented electrical steel is widely used in manufacturing energy efficient transformers and forms a primary material in power and distribution transformers. These high performance steel products are used to improve the efficiency and reduce carbon emission from transformers and generators which is likely to increase the product demand.
North America grain oriented electrical steel market from energy applications should exceed USD 120 million by 2024. Rising urbanization, increase in disposable income and changing living standards have increased the demand of energy efficient household appliances. These specialty steel products are widely used in white goods such as refrigerators, air-conditioners and washing machines owing their strength and heat resistibility which is likely to boost the market growth in the region.
Europe non-grain oriented electrical steel market from automotive applications should register gains at over 5.5% by 2024. Growing demand of commercial vehicles and technological advancements have increased the demand of fuel efficient and smart vehicles in the region. Non-grain oriented electrical steel is widely used in automotive & hybrid vehicles owing to their multidirectional magnetic properties. Rising economic development and increasing demand for high performance vehicles should boost the market growth.
Major industry participants in the market include: ArcelorMittal Europe, KOBE Steel, Cogent Power, Voestalpine and POSCO Poggenamp. Prominent manufacturers are engaged in production capacity expansion to satisfy rising consumer needs and R&D activities to recognize improved products which should drive electrical steel market growth.