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Electrical Steel Market 2019-2024 Statistics By Regional Players

Author : Rahul Varpe | Published Date : 2019-07-16 

Growing demand for hybrid vehicles, rapid industrialization and increasing building & construction sector should stimulate electrical steel market growth. These products offer effective magnetic properties which increase the fuel efficiency and electric machines performance. Rising demand for energy, exponential rise in power distribution network and increasing preference for high horsepower and speed to ensure efficient performance in racecars is further expected to boost electrical steel market demand.

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

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Grain-oriented electrical steel market demand from distribution transformers was valued at over USD 1.2 billion in 2018. These products offer reliability, durability and efficiency required in commercial and industrial applications. These transformers can be used indoor as well as outdoor owing to their portable size. Rising government regulations pertaining to emissions and investments by manufacturers in R&D activities is likely to boost market growth.

Grain-oriented electrical steel market size from small transformers may witness favorable growth during the forecast timeframe. These products convert energy into power voltages which is then utilized in various industries and power generation systems. Rising demand of electricity in rural and urban areas as they are economically feasible for various networks and are suitable for remote and rural areas, further accelerate industry demand.

U.S. non-grain oriented electrical steel market demand should record gains of about 5.5% by 2025. It finds usage in electric hybrid vehicles for efficient magnetism and optimum electricity conversion. It imparts high efficiency, control harmful gases emission, thus hep in significant contribution to environment protection and are thereby used in industrial, aerospace and medical applications.

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/electrical-steel-market

UK non-grain oriented electrical steel market size from automotive applications was valued at about USD 18.25 million in 2018. High anti corrosion properties and stringent government regulations to reduce VOC emissions will enhance the existing automotive infrastructure which in turn will boost domestic steel market growth. Technological advancements, increasing demand for e-vehicles and government support are key factors that will optimize the overall electrical steel market growth.
China grain oriented electrical steel market demand from household appliances is estimated to account over USD 95 million by 2025 pertaining to the new innovations in the manufacturing of household appliances like refrigerator and washing machines. Rising standard of living and per capita income of consumers has resulted in increased power distribution network in the region. Increasing consumer electronics sales and rising demand in end-use industries should accelerate electrical steel market growth.

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Cogent Power Ltd, Aperam, Voestalpine, Tempel, Thyssenkrupp and KOBE are the key industrial participants catering to the industry. Manufacturers are engaged in strategic mergers & acquisitions to enhance their regional presence and improve product portfolio. Companies are expanding their collaboration network to develop innovative products which should accelerate the electrical steel market growth.

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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