Electrical Steel Market: Semi-Processed NGOES Registers Nearly 58% Electrical Steel Consumption

Rockville, USA, 2019-Jul-02 — /EPR Network/ — Fact.MR has compiled a report on the electrical steel market and published a report titled, “Electrical Steel Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018 to 2026.” The electrical steel market report covers all the vital facets of the market including drivers, restraints, trends and future opportunities that hold significant influence on the growth of the electrical steel market during the forecast period.

Global demand for electrical steel is estimated to reach 15,900 kilo tonnes in 2018, according to Fact.MR valuation. The landscape of niche steel presents immense opportunities as their demand outsells that of steel consumption. Overall growth of the electrical steel market can be attributed to,

  • Growing interest of steel companies to accommodate the evolving trends in the electrical steel marketplace
  • Changing trade measures leading to declining exports and strengthening domestic electrical steel production
  • Considerable demand for electrical steel in the automotive industry, particularly in electrical vehicles

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Trade actions are the most prominent influencer of the electrical steel industry wherein every action of steelmakers is being driven by a need to improve steel margins. Major investments are focused on improving competitiveness by introducing product portfolio with higher quality and higher effective utilization. Along the same lines, niche steel variants have significant opportunities wherein industry profitability is rising consistently,” says a senior analyst at Fact.MR.

Segmentation

The electrical steel marketplace is thoroughly analyzed for supply-demand scenario and associated industry assessment. Base on this thorough analysis, the market structure of the electrical steel market is designed that has segmented the market based on product type, application type and key economic regions.

Based on product type, the electrical steel market included non-grain oriented and grain-oriented electrical steel types. In the grain-oriented electrical steel, Hi-Permeability (HiB), Conventional GOES and Laser Magnetic Domain Refinement (LMDR) – sub-types are included. In the non-grain oriented electrical steel type, fully processed and semi-processed subtypes are covered.

APEJ to Continue Pole Position in Electrical Steel Market

The Fact.MR study estimates that APEJ continues to register significant consumption for electrical steel and will account for nearly 44% of the total demand in 2018. APEJ’s optimistic outlook for automotive and utilities sectors can be attributed for the leading consumption of electrical steel in the region.

Fact.MR also states that electrical steel marketplace is witnessing consolidation of domestic markets led by ongoing trade disputes. Initiated in the U.S., electrical steel market consolidation continues in Europe. Well aware of the scenario, investments by steelmakers are focused on improving electrical steel quality as well as the portfolio to meet emerging regional demands. Amid ongoing consolidation, steelmakers in the electrical steel marketplace are aiming at aligning their developments with evolving trends in global and domestic landscapes to ensure market sustenance.

Few of the profiled players in the electrical steel market include Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group, AK Steel Corporation, ATI, Schneider Electric, NICORE Electrical Manufactory Co.,Ltd., ABB, Emirates Transformer & Switchgear Limited, Phoenix Mecano AG, Crompton Greaves, Leicong Industrial Co., Ltd. and Höganäs AB.

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