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Electrical Steel Market Expected To Grow At A Highest CAGR Over The Forecast Timeframe

Author : Rahul Varpe | Published Date : 2019-06-17 

Global Market Insights has launched a report on Electrical Steel Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

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.

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According to a new research report by Global Market Insights, Inc. Electrical Steel Market size is set to surpass USD 22.5 billion by 2025.

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.

Growth drivers are
1.    North America: Growing demand from energy generation & transmission industries
2.    Europe: Increasing usage of electrical vehicles
3.    Asia Pacific: Rise in end-use applications

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.

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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.

Read More  @ https://www.reuters.com/brandfeatures/venture-capital/article?id=120963

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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