(MENAFN- Ameliorate Digital Consultancy)
The global electrical steel market is valued at US$ 25.9 billion in 2022 and further expand at a CAGR of 8.5% to reach US$ 55.1 billion by the end of 2032.
Sales of electrical steel accounted for nearly 12.3% of the global specialty steel market at the end of 2021. Industrial growth plays a crucial part in market's growth over the forecast period.
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Manufacturer's Growth Stratagems
Major key electrical steel market players are focusing on safe and environment-friendly materials. The companies are focusing on developing products that comply with the safety norms of local markets. With effective research, development, and innovation, global manufacturers are working on the development of new products.
Further, the companies focus on cost reduction, improvement of existing products, process improvement, development of new manufacturing methods, quality assurance, and improvement of existing manufacturing methods to gain high-profit margins.
In April 2022, POSCO started the construction of an electrical steel production facility. The steel manufacturer in South Korea plans to invest US$ 805 million in the construction of the plant. The facility will have an annual production capacity of 300,000 tons of NOES. In May 2021, JSW Steel and JFE Steel Corporation inked a memorandum of understanding (MoU) to carry out a feasibility study for the establishment of a GOES sheet manufacturing and sales joint-venture company in India.
Key Companies Profiled:
Voestalpine Stahl GmbH POSCO Nippon Steel Sumitomo Metal Corporation ThyssenKrupp AG JFE Steel Corporation Cogent Power ArcelorMittal SA Aperam SA Baosteel Group
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Rising in Demand for Electrical Steel Industry
The demand for electrical steel is on the rise due to the increasing demand for energy efficiency and the need for more efficient electrical systems. Electrical steel is used in a variety of applications, including transformers, motors, generators, and other electrical components. It is also used in the production of electrical appliances, such as washing machines, refrigerators, and air conditioners.
The increasing demand for energy efficiency has led to a rise in the demand for electrical steel. This is because electrical steel is more efficient than other materials when it comes to conducting electricity. It also has a higher resistance to heat and corrosion, making it ideal for use in high–temperature environments.
Additionally, electrical steel is more cost–effective than other materials, making it an attractive option for manufacturers. The growing demand for electrical steel is also driven by the increasing number of renewable energy sources being used around the world. Renewable energy sources require efficient electrical systems to convert their energy into usable electricity. Electrical steel is an ideal material for these systems due to its high efficiency and low cost.
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By Product Type :
Grain-Oriented Non-Grain Oriented By Application :
Inductors Motors Transformers By End-Use :
Automobiles Manufacturing Energy Generation Household Appliances Other End Uses By Region :
North America Latin America Europe East Asia South Asia & Oceania MEA
Questionnaire answered in the report include:
How the industry has grown? What is the present and future outlook on the basis of region? What are the challenges and opportunities? Why the consumption in region? In which year segment is expected to overtake segment?
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