According to a new market research report published by Inkwood
Research, the Global Electric Steel Market is projected to evolve at a CAGR of 4.30%
during the forecasting years of 2019-2028.
“Browse 54 market Data Tables and 54 Figures spread over 159
Pages, along with an in-depth TOC on Global Electric Steel Market Forecast
2019-2028.”
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The electric steel refers to a special kind of steel having
magnetic properties. They are used in various electromagnetic machines such as
generators, transformers, and motors. The electric steel market consists of
grain-oriented and non-grain-oriented steel. The end-user industries using
electric steel are automobiles, energy, manufacturing, household appliances,
etc. The grain-oriented steel is produced from low carbon steel and is used as
a raw material to manufacture high power transformer and distribution
transformer. Non-grain-oriented steel is largely used as raw material for
motor, stator, rotor, etc. for high rotational speed while reducing the motor
size with low iron loss at high frequencies. It is also used to strengthen the
rotors to resist the force that is felt while moving in a curved path.
Rising
Urban Population across the Globe Propels Market Growth
One of the significant factors boosting the need for
electric steel is the rapid increase in urban population resulting in growing
housing demands. The local governments and developers are adopting power
expansion strategies to fulfill the growing urban demand, which is driving the
demand for transformers and power generators. With the increase in the urban
population, the demand for electric steel also rises.
Transformers
– The Dominating Category in the Application Segment
Electric steel is used for
manufacturing transformer as it helps to reduce core losses, enhance the
characteristics of the transformer, such as the reduction in transformer noise
and reduction in flux. In addition, the adoption of electric steel in
transformers can minimize the energy losses by 35% as compared with the use of
traditional steel grades. Hence, saving enormous energy losses is expected to
boost the adoption of electrical steel based transformers and propel the market
growth of global transformers. Moreover, technological advancements and
innovations in electrical steel based transformers are one of the significant
factors benefitting the growth of the global transformer market over the
projected period.
North
America Region is Predicted to Record the Highest CAGR
The North America electric steel market is evaluated to
record the highest growth rate over the forecast period. The market analysis of
the region involves the study of the lucrative investment destinations of North
America, the United States & Canada. Spiraling population living in urban
areas, rising demand for electric vehicles, new substation and power
transmission line projects, increasing power demand, and substituting old power
transformers are some of the factors fueling the North America market growth.
Electric steels have huge applications in power transformers and power lines of
North America. The United States is envisaging to replace its old electricity
infrastructure and coordinate the existing electric grid network with renewable
energy sources, which results in expanding demands for electric steel during
the projected period.
The market rivalry is quite intense among the players of the
electric steel market as the companies try to capture the largest market share.
Some of the prominent companies trying to consolidate their position in the
global electric steel market are ArcelorMittal, Arnold Magnetic Technologies,
Nippon Steel, Baosteel Group Corporation, Steel Authority of India Limited,
etc.
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