Using natural resources efficiently, is a major priority. It also applies once it comes to transferring electrical energy where electric motors convert electricity into generators or motion to turn indication into electricity. Electrical steel, also known as transformer steel or silicon electrical steel is a specialty steel tailored to produce assured magnetic properties such as low core loss along with high permeability. It has specific proportion of silicon that is responsible for its unique properties. Electrical steel material is generally manufactured in the form of cold-rolled strips (less than 2mm thick), these strips are called lamination (finished shape) when stacked together to form a core. Once gathered, they form the laminated cores of transformers and rotor parts of electric motors.
Looking ahead, electrical steel is considered as one of the most valuable magnetic materials available today. Of all the soft magnetic core materials, electrical steel is used more. It is ideal for high efficiency transformers, generators, motors, small transformers and ballasts. Besides, increasing demand from the power sector, is escalating the growth in the global electrical steel market. The global electrical steel is predicted to expand at an encouraging CAGR during the forecast period (2015-2025).
Electrical Steel Market: Drivers & Restraints
Electrical steel plays a very vital role in the transmission, distribution, generation and use of power as their high magnetic permeability and low iron core losses are forged on the molecular level. Energy conservation is the new trend in the global electrical steel market. Rising electricity consumption, urbanization, increasing needs for infrastructure and industrial development are the major drivers identified in the global electrical steel market. Advancement in technology along with high efficiency is opening new doors in the growth of the global electrical steel market. Regulatory environment (focus on reducing losses at transformers) is another key factor fueling the growth in the demand of the electrical steel market. However, higher cost of the investment for production and distribution, could act as a major restraint in the global electrical steel market.
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Electrical Steel Market: Segmentation
On the basis of types, the global electrical steel market is segmented as:
- Grain-Oriented Electrical Steel (GOES are used for transformers as holds magnetic properties that are strongly oriented with respect to the direction of rolling)
- Non-Grain Oriented Electrical Steel (used for rotating machine of all sizes, and small transformers, it is produced by processes that create a definite orientation)
On the basis of applications the global electrical steel market is segmented as:
- Large, Medium and Small-sized Transformers
- Others (small electric precision motors, industrial machines etc)
Electrical Steel Market: Region-wise Outlook
The global electrical steel market is expected to register a favourable growth for the forecast period, 2015?2025. . Depending on geographic regions, the global electrical steel market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. Looking forward towards region, Asia Pacific, Eastern Europe and Latin America are expected to be the growth engines of global electrical steel market in the near future. Asia-Pacific is anticipated to dominate the global electrical steel market. The key countries mentioned in the Asia-Pacific region are India, South Korea, and China as an outcome of growth in infrastructure sectors. Also, the region is expected to generate higher revenue as compared to North America. In Latin America, Brazil is expected to be the largest opportunity in terms of revenue of the global electrical steel market. The remaining regions are expected to grow at a steady rate over the forecast period.
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Electrical Steel Market: Key Players
Some of the key market participants in global electrical steel market are ThyssenKrupp, ArcelorMittal, Posco, Nippon Steel, China Steel Corporation, Tata Steel, JFE Holdings, AK Steel, ATI, Tenaris, Baosteel, Anshan Iron & Steel Group, Wuhan Iron & Steel Group, among many others.
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