Electrical steels are essential for the electromagnetic machines that power our world. Electrical steel sheets are used as magnetic cores for everything from power generators to transformers to motors. Efficient electrical steels are essential to modern life. Furthermore, there are two types of electrical steel. Grain oriented electrical steels (GOES) are iron-silicon alloys that were developed to provide the low core loss and high permeability required for efficient and economical electrical transformers. GOES is the most energy efficient electrical steel and used in transformers where energy conservation is critical. Likewise, non-oriented electrical steels are iron-silicon alloys in which magnetic properties are practically the same in any direction in the plane of the material.
Increasing urban population increase the demand for electrical steel, technology advancement and high consumption rate of electrical steel in transformers and motors are some of the factors driving the electrical steel market. However, the instable price of raw material is one of the factors hampering the electrical steel market.
The electrical steel is segmented by type, application, end user and geography.
Based on type, the electrical steel market is segmented into non grain-oriented steel and grain-oriented steel. The grain-oriented steel segment is further classified into fully processed and semi-processed. The use of non grain-oriented steel reduces magnetic loss by increasing the concentration of silicon and aluminum in electrical steel sheets.
By application, the electrical steel market is segmented into transformers, current transformers, power transformers, distribution transformers, motors, inductors and others. Electrical steel is used in functional automotive components such as fuel pumps and electrical power steering. Electrical steel is also used as a core material and precision motor part for motors and actuators to improve the comfort, power performance, and fuel economy of automobiles.
The end user studied in this report are energy, automobiles, manufacturing, household, appliances and others. Upsurge in the production of automobiles, where electrical steel is used as a core material in motor parts to improve the comfort, power performance, and fuel economy of automobiles is expected to increase demand for electrical steel products.
Based on geography, the market is segmented into Asia-Pacific, North America, Western Europe, Central & Eastern Europe, Middle East & Africa and South America. Asia Pacific emerged as the largest consumer and dominated the electrical steel market in 2018, owing to huge demand for electrical steel from countries such as Japan, China, India and increasing consumption for electrical steel in automobiles, energy and manufacturing is benefitting the overall regional market.
The global electrical steel market is led by key companies such as Arcelormittal, Posco, Voestalpine Group, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Steel Authority of India Limited, Tata Steel Limited, JFE Steel Corporation, Essar Steel, Hebei Puyang Iron and Steel Group, Jiangsu Shagang International Trade Co. Ltd., China Steel Corporation, JSW Steel, Wuhan Iron & Steel Corporation, Thyssenkrupp AG, Angang Steel Company Limited, Electrosteel Limited, Allengency Technologies and Union Electric Steel Corporation. Foremost companies have invested huge capital in mergers & acquisitions and research & development activities to develop advanced products in the market.
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