Electrical Steel Market is associated to some of the core end-use industry such as energy, power generation plants, automotive and electronics, that has resulted in advancement in technologies which is expected to boost the electrical steel market. Electrical steel is an alloy which consist of silicon and iron coupled with magnetic properties which are embedded into the steel to make them lucid to electricity. Electrical steel, also known as silicon steel or laminate steel are used for various applications such as generators, transformers, inductors and others. These electrical steel are generally of two types which are grain-oriented electrical steel and non-oriented electrical steel. The grain-oriented electrical steel which is manufactured from low carbon steel, are used in energy efficient transformers and large transformers. However, the non-oriented electrical steel is used in small transformers, high frequency devices, rotating machines of variety of sizes, among others. These electric steels enhance the power generation from the turbines as they helps the energy to be fed into the transformers thereby increasing the voltage with effective transmission of energy over very long distances.
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The Rise of Electrical Steel Market: Insights
The electrical steel market is expected to propel due to its application in energy and power generation coupled with the global energy deficiency in the African and Asian countries such as Indonesia, Myanmar, Pakistan and others. Another factor which is expected to drive the market of electrical steel is the rise of electric vehicles in the automotive industry. For instance, ThyssenKrupp Steel Europe, is one of the largest suppliers of electrical steel for electric vehicles in Europe. According to the Department of Energy, in 2016, the electric vehicles market has increased by 46% with China being the leader followed by Japan, Germany and the United States. The growth of electric vehicles is due to rise in government regulations to control air pollution and reduce the emission of GHG coupled with reduction in gasoline run vehicles, which in return in expected to boost the market during the forecast period. The demand for grain-oriented electrical steel is expected to boost the market due to rise in renewable energy and smart powered electricity via solar and wind which requires transformers according to amount of power to be transmitted. However, non-grain oriented electrical steel is expected to gain traction for the electrical steel market due to its application in white goods such as home appliances, refrigerator, washing machine and others coupled with its application in electric motors. Owing to these factors the market is expected to gain major traction during the forecast period (2018 – 2025).
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Asia Pacific is expected to dominate the electrical steel market throughout the forecast period from 2018 to 2025 followed by Europe and North America. The major factor that is expected to boost the electrical steel market in Asia Pacific is the rise in electric vehicles. The electric vehicles market is majorly led by China and Japan, with 40% of the total production of electric vehicles coming from china and holding a market share of 26% globally, in 2017, according to United States Environmental Protection Agency (EPA). Thus the application of electrical steel into electric motors is expected to proper the market during the forecast period.
Mergers & Innovations: Major Electrical Steel Market Players
The market for electrical steel market is expected to propel with various mergers and product innovation by various market players. For instance, In 2017, Nisshin Steel Co.,Ltd., was acquired by Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group which is an integrated steel manufacturer that specializes in the ordinary steel, special steel, and others. Tata Steel Europe, in 2015, developed a new electrical steel with chrome-free phosphate insulation coating and formaldehyde-free, organic coating, which provides a much safer and environment friendly environment.
Major players operating in the field of electrical steel market include Cogent (Tata Steel), thyssenkrupp AG, AK Steel, ArcelorMittal S.A., POSCO, Stalprodukt S.A., among others.
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