Electrical Steel Market Growth Strategies and Competition Background through 2018 to 2026

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

Fact.MR study finds a consistently rising consumption of electrical steel wherein an increase of almost 900 kilo tonnes between 2017 and 2018 and a y-o-y growth of 6.7% is estimated.

The electrical steel market report highlights the following players:

• Phoenix Mecano AG
• Baosteel Group Corporation
• AK Steel Corporation
• JFE Steel Corporation
• Others

The electrical steel market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.

The study opines that owing to the growing focus of electrical steelmakers to improve product quality, demand for non-grain oriented electrical steel (NGOES) will witness a steady rise. Nearly 11,860 kilo tonnes of non-grain oriented electrical steel consumption is estimated while occupying over almost three-fourth of the global electrical steel demand in 2018.

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Semi-Processed NGOES Registers Nearly 58% Electrical Steel Consumption

Among fully and semi-processed NGOES variants, Fact.MR projects that semi-processed will account for a bulk of the total NGOES consumption in 2017 and the status-quo will continue in 2018. In particular, the optimistic forecast of NGOES can be attributed to the increasing application of non-grain oriented electrical steel in the automotive industry, particularly electric and hybrid vehicles. Owing to the superior properties, commercial NGOES is used in multiple applications including small to mid-sized motors and transformers across end-user industries.

Fact.MR estimates that grain-oriented electrical steel (GOES) will hold the remaining market share and account for one-fourth of the global consumption in 2018. Application of GOES remains consolidated in larger distribution and power transformers utilized in the utilities sector.

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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. The Fact.MR report tracks the electrical steel market for the period 2018-2026. According to the report, the electrical steel market is projected to grow at over 8% CAGR through 2026.

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