Transformer Steel Market: Industry Outlook, Growth Prospects and Key Opportunities

Posted on 2021-07-08 by Future Market Insights, Inc in Industrial // 0 Comments

Transformer steel sales continue to be impacted by COVID-19, however, the latest Fact.MR analysis reveals recovery is underway. Global transformer steel demand grew at a steady clip during 2016-2019. The pandemic-induced slowdown in 2020 led to a decline in demand.

Fact.MR’s latest analysis on transformer steel sales reveals 2021 to be a recovery year. Sales of transformer steel during 2021-2031 will be influenced by overall momentum.

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Key Trends of Transformer Steel

Transformer steels’ ability to increase their capacity to support magnetic fields along with its tendency to expand or contract in magnetic fields makes it extremely useful for various purposes.

In addition to this, transformer steels’ wide usability in power and distribution transformers, magnetic switches and relays, reactors and magnetic amplifiers, welding transformer will boost the market post lockdown.

For example, Thyssenkrupp, a key player in manufacturing transformer steel covers a wide range of transformer steel that includes semi-finished and full finished grades. The end-user demand for high-efficiency transformer steel has increased. Thus, the company is focusing on providing transformer steel that offers high efficiency. Another key player, Voestalpine Stahl GmbH, is focusing on performance and sustainability.

Key Transformer Steel Market Trends

Multiple benefits and properties associated with transformer grade steel is one of the key factors pushing its demand in power generation equipment across various geographies.

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Growth of the transformer steel market is primarily driven by the power and energy industry, as this material is widely used in the manufacturing of distribution and power transformers.

CRGO steel is used to manufacture transformer cores, enabling lower core losses while ensuring the compact size of transformers used for power transmission and distribution. Thus, the demand for transformer steel is expected to surge in the near future.

However, the growing prominence of alternative products such as amorphous metal alloys (Fe-B-Si), owing to their better magnetism properties as compared to that of transformer steel, is expected to restrain the growth of the sales of transformer steel market over the next decade.

Segmentation

The market can be segmented on the basis of product type and end use.

Product Type

Grain-oriented Transformer Steel
- Conventional
- Hi-Permeability (HiB)
- Laser Magnetic Domain Refinement (LMDR)

Non-grain-oriented Transformer Steel

Fully Processed
Semi Processed

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End-use

Distribution Transformers
Portable Transformers
Transmission Transformers

Competitive Landscape

Examples of some of the market participants involved in the global transformer steel market include

Thyssenkrupp AG
voestalpine Stahl GmbH
ArcelorMittal S.A.
NLMK Group
SMS Group GmbH
AK Steel Corporation
United States Steel

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