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U.S. non-grain oriented electrical steel market demand should record gains of about 5.5% by 2025. It finds usage in electric hybrid vehicles for efficient magnetism and optimum electricity conversion. It imparts high efficiency, control harmful gases emission, thus hep in significant contribution to environment protection and are thereby used in industrial, aerospace and medical applications. Rising demand for energy, exponential rise in power distribution network and increasing preference for high horsepower and speed to ensure efficient performance in racecars is further expected to boost electrical steel market demand.According to a new research report by Global Market Insights, Inc. the size of electrical steel market is set to surpass USD 22.5 billion by 2025. Rising urbanization along with increase in disposable income and changing living standards have increased the demand of energy efficient household appliances. Growing demand for hybrid vehicles, rapid industrialization and increasing building & construction sector should stimulate electrical steel market growth. These products offer effective magnetic properties which increase the fuel efficiency and electric machines performance.
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Europe non-grain oriented electrical steel market from automotive applications should register gains at over 5.5% by 2024. Growing demand of commercial vehicles and technological advancements have increased the demand of fuel efficient and smart vehicles in the region. Non-grain oriented electrical steel is widely used in automotive & hybrid vehicles owing to their multidirectional magnetic properties.
UK non-grain oriented electrical steel market size from automotive applications was valued at about USD 18.25 million in 2018. High anti corrosion properties and stringent government regulations to reduce VOC emissions will enhance the existing automotive infrastructure which in turn will boost domestic steel market growth. Technological advancements, increasing demand for e-vehicles and government support are key factors that will optimize the overall electrical steel industry growth.
Grain-oriented electrical steel market demand from distribution transformers was valued at over USD 1.2 billion in 2018. These products offer reliability, durability and efficiency required in commercial and industrial applications. These transformers can be used indoor as well as outdoor owing to their portable size.
Grain-oriented electrical steel market size from small transformers may witness favorable growth during the forecast timeframe. These products convert energy into power voltages which is then utilized in various industries and power generation systems. Rising demand of electricity in rural and urban areas as they are economically feasible for various networks and are suitable for remote and rural areas, further accelerate industry demand.
Browse key industry insights spread across 300 pages with 450 market data tables & 21 figures & charts from the report, “Electrical Steel Market Size By Product (Grain Oriented [By Application {Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers}], Non Grain-Oriented [By Product {Semi Processed, Fully Processed}]), By End-Use (Energy, Automotive, Manufacturing, Household Appliances), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Ukraine, China, India, Japan, South Korea, Indonesia, Australia, Brazil, Argentina, Iran, UAE, Egypt, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electrical-steel-market
China grain oriented electrical steel market demand from household appliances is estimated to account over USD 95 million by 2025 pertaining to the new innovations in the manufacturing of household appliances like refrigerator and washing machines. Rising standard of living and per capita income of consumers has resulted in increased power distribution network in the region. Increasing consumer electronics sales and rising demand in end-use industries should accelerate market growth.
Cogent Power Ltd, Aperam, Voestalpine, Tempel, Thyssenkrupp and KOBE are the key industrial participants catering to the industry. Manufacturers are engaged in strategic mergers & acquisitions to enhance their regional presence and improve product portfolio. Companies are expanding their collaboration network to develop innovative products which should accelerate the electrical steel market growth.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Electrical Steel Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014-2025
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.2.1 Collaboration/partnerships
3.3.2.2 Distributors
3.3.2.3 Technology providers
3.4 Technology landscape
3.5 Pricing analysis
3.6 Regulatory landscape
3.6.1 U.S.
3.6.2 Europe
3.6.3 China
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 North America: Growing demand from energy generation & transmission industries
3.7.1.2 Europe: Increasing usage of electrical vehicles
3.7.1.3 Asia Pacific: Rise in end-use applications
3.7.2 Industry pitfalls & challenges
3.7.2.1 Threat of substitute
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2018
3.9.1 Emerging business model
3.10 Porter’s analysis
3.11 Competitive landscape, 2018
3.11.1 Strategy dashboard
3.12 PESTEL analysis
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/electrical-steel-market
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https://www.gminsights.com/industry-analysis/tool-steel-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Website: https://www.gminsights.com/industry-analysis/electrical-steel-market
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