Market Overview

Europe Electrical Steel Market Projections – To Expand at 6.5% During 2019-2025

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According to a new research report by Global Market Insights, Inc. Electrical Steel Market is set to surpass USD 22.5 billion by 2025. The products provide effective magnetic features and help to increase fuel efficiency as well as the performance of electric machines by having reduced hysteresis loss, playing a key role in generating, transmitting and distributing electric power.

Expansion of power distribution networks, increasing energy demand and rising preference for higher speed and horsepower to enable racecars to perform efficiently will further stimulate electrical steel market size in the future. Increase in the per capita income and surging government regulations for the transformer used for the prevention of energy loss will drive the product demand.

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Described below are some major trends fostering electrical steel market share:

Increase in the demand for distribution transformers

Grain-oriented electrical steel is extensively used to manufacture energy-efficient transformers. It also forms the chief material used in power and distribution transformers. These high performing steel products are used in the improvement of efficiency and reduction of carbon emissions, which is likely to propel electrical steel consumption.

Grain-oriented electrical steel market share had accounted for a total revenue of over USD 5 billion in the year 2018 owing to a massive demand for transformers & motors. These products provide durability, efficiency, and reliability needed in industrial and commercial applications.

The transformers can be used outdoor and indoor due to their portable size. Rise in the regulations imposed by the government in association with emissions as well as investments in R&D activities by manufacturers will foster electrical steel market outlook.

Rising technological advancements in the automotive sector

Increasing demand for commercial vehicles along with technological advancements in the automotive industry has boosted the manufacturing for smart and fuel-efficient vehicles. Non-grain oriented electrical steel is extensively utilized in hybrid & automotive vehicles due to their multidirectional magnetic features.

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Their anti-corroding properties coupled with strict government regulations for the reduction of VOC emissions will encourage the automotive players to adopt electrical steel. U.K. non-grain oriented electrical steel industry share from automotive applications accounted for USD 18.25 million in the year 2018.

With an increasing demand for e-vehicles and the government support, the Europe non-grain oriented electrical steel market size from the automotive segment was anticipated to record a growth of more than 5.5% by 2024.

Expanding consumption of electronics in North America

Change in lifestyles along with the rapid urbanization and increasing disposable income has spurred the demand for household appliances that are more energy efficient.

North America grain-oriented electrical steel market share from the energy applications is expected to surpass USD 120 million by the year 2024.

The steel products are extensively used in white goods like air-conditioners, washing machines and refrigerators due to their heat resistibility and strength, which will boost durability and quality of products and fuel the consumption of consumer electronics.

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Surging demand for household appliances in China

Rise in the living standards and per capita income of the customers in Asia Pacific have driven the need for high power distribution network in countries like China. Surge in the demand from various end-user industries as well as rising consumer electronics sales will accelerate electrical steel market forecast.

Owing to new innovations in the production of household appliances such as washing machines and refrigerators, China grain-oriented electrical steel market size from the household appliances segment is projected to garner a staggering revenue of more than USD 95 million by the year 2025. 

 

 

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