Electric Steel Market to Surge, with Heightened Mainstream Adoption in Electric Vehicles, Opines Fact.MR
Published : 21 Feb 2020 Industry: Chemical & Materials
Electrically-powered motors used in automotive relies on high grade electrical steel which is set to amplify the market’s growth during the forecast period (2019-2029). Efficacy to reduce the motor’s weight without compromising on its efficiency is poised to fuel demand for electrical steel. In addition, high grade alloys derived from silicon and aluminum are able to reduce heat loss in motors during magnetic reversal by 30%. Owing to its exceptional advantages, up to 100 kilos of non-grain oriented electrical steels are being primarily used in the construction of electric vehicles. The aforementioned scenario is projected to expand the global electrical steel market at a positive CAGR of 8% over the assessment period.
Key Takeaways of Electrical Steel Market:
- Escalating demand from a range of applications such as generators, electric motors and appliances are set to drive the demand for electrical steel.
- On the basis of product, non-grain oriented electrical steel is forecast to maintain its hegemony in the market accounting for nearly three fourth of the revenue share by 2029
- During the historical period, motors have driven the consumption of electrical steel and the scenario is projected to continue creating an absolute $ opportunity worth US$ 16 Bn during the forecast period.
- Automotive industry is poised to register a high growth rate and is set to surpass valuation of US$ 5 Bn by 2029
- East Asia is projected to maintain its supremacy in the global electrical steel consumption accounting for nearly half of the volume share by 2029
“Innovative products offered by electrical steel manufacturers in response to energy-efficient, high torque motors and high-frequency motors are set to create remunerative opportunities in the market", says the Fact.MR analyst.
Tier 1 Companies Account for Nearly Half the Global Sales
Electrical steel market is consolidated in nature in which ArcelorMittal S.A., Baosteel Group Corporation, POSCO, Novolipetsk Steel, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation, and Voestalpine AG accounted for near half of the global sales in 2018. In order to meet the increasing demand for electrical steel, prominent companies have ramped up their production capacities during the historical period (2014-2018). For instance, companies like ThyssenKrupp AG and Big River Steel have done billion $ investments to expand their production capacities, strengthening their position in the market.
More Valuable Insights on Electrical Steel market:
Fact.MR, in its new offering, presents an unbiased analysis of the electrical steel market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the electrical steel on the basis of product (grain-oriented electrical steel and non-grain oriented electrical steel), application (inductors, transformers and motors), end-use industry (automobile, energy, household appliance, manufacturing and others) across six major regions.
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of entire value chain of Chemical & Materials sector. A team of passionate analysts track the performance of the existing Chemicals & Materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed Chemicals & Materials lucidly in 50+ countries for over a decade. The Chemicals & Materials team at Fact.MR has been assisting clients in their business expansion as well as new ventures, through their analysis and recommendations.