Electrical Steel Market Size, Share and Global Trend By Type (Grain oriented, Non-Grain Oriented), By Application (Motors, Transformers, Inductors, Others), By End User (Energy, Automotive, Manufacturing, Household Appliance, Others), and Geography Forecast Till 2022-2029

Electrical steel which is also known as silicon steel is an iron and silicon alloy which is developed by different manufacturers in order to provide low coercivity, high permeability, and ductility to the electrical equipment such as transformers, motors, inductors, and generators. Electrical steel is manufactured depending on the quality and standards required for the particular application. These qualities and standards vary from region to region. For instance, the household voltage required in the U.S is 120V while that in China and India is 220V. These differences change the configurations and requirements of the same product in different places.

On the basis of type, electrical steel is classified as grain-oriented and non-grain oriented electrical steel. The grain-oriented electrical steel is used in a wide range of applications such as distribution transformers, power transformers, and large generators among others. The non-grain oriented electrical steel is used in applications such as motors and generators. Exhibition of one-directional magnetic properties by grain-oriented electrical steel differs from the non-grain oriented electrical steel which exhibits magnetic properties in all directions. By the end-user industry, electrical steel is bifurcated depending on its use in various industries such as the automotive industry, electrical industry, electronic components industry and power generation industry among others.

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Electrical steel is used in the manufacturing of transformers, generators, and motors which are among the key components in electricity production and consumption. The growth in the consumption of electricity is expected to boost the sales of electric steel in the near future. Different regions of the world have taken initiatives for the generation of power using renewable energy sources such as wind, water and solar. Owing to which the demand for the transformers and generators is expected to boost which is thus expected to drive the electric steel market in the coming years.

Manufacturers in different regions manufacture a specific quality and standard of the electric wire which may or may not match the standards and quality requirements of other regions. This is likely to limit the growth of the electric steel market.

Key Players Covered

Some of the major companies that are present in the global electrical steel market are Tata Steel Europe Limited, ThyssenKrupp AG, AK Steel Corporation, Voestalpine Stahl GmbH, JFE Steel Corporation, Arnold Magnetic Technologies, Nippon Steel Corporation, SMS Group GmbH, Big River Steel, Aperam S.A., Posco Poggenamp Electrical Steel Pvt. Ltd., Allegheny Technologies Incorporated, Marubeni-Itochu Steel Inc., Baosteel Co. Ltd, and Normax Electrical Steel Pvt. Ltd.

SEGMENTATION 

Regional Analysis

The global Electrical Steel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe region has witnessed a steady growth in its automotive industry and power generation and distribution sector, owing to which the electrical steel market is expected to witness moderate growth in the region. Growth in construction of solar power generation plants in India and China coupled with growing vehicle production and sales in the Asia Pacific region is expected to drive the electric steel market in the region. The electrical steel market is expected to gain traction in the Middle East and Africa region owing to the growth of power generation plants and the moderately growing automotive industry in the region. The growth of the electrical steel market in the Latin America region is expected to be driven by the moderately growing electrical industry and power distribution service industry in the region.

Key Industry Developments

• In the year 2019, China is expected to witness a merger of Baowu Group and Magang Group which are among the biggest steel manufacturers in China


• In April 2019, ThyssenKrupp AG announced that it is set to produce cold rolled grain-oriented electrical steel in India. The company is planning to expand the manufacturing capacity of its facility located in Nashik, India to 35,000 tonnes per year


• In May 2018, AK Steel Corporation introduced a new grain-oriented electrical steel under the brand name TRAN-COR® X for applications in the power transformer.