Electrical Steel Market Trends, Growth Forecast 2019 – 2025

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

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.

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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.

Grain-oriented electrical steel market demand from distribution transformers was valued at over USD 1.4 billion in 2019. 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.

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UK non-grain oriented electrical steel market size from automotive applications was valued at USD 45 million in 2019. 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 industry 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 market growth.

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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