Electrical steel is also referred to as transformer steel and silicon steel. It has modified magnetic properties and is widely used across motors, inductors, transformer, battery, and welding equipment. It is also used for lamination methods in the cores of electrical products since they can reduce the energy loss, emit a low level of carbon dioxide, and improve the efficiency of the electric motors.
The global electrical steel market was estimated to account for US$ 21,575.90 Mn in terms of value and 16,800.00 Kilo Tons in terms of volume by the end of 2019.
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The global electrical steel market is growing at substantial rate, owing to rise in consumption rate of electrical steel in motors and transformer. Furthermore, increasing sales of automotive vehicles is the key underlying factor supporting market growth. According to Organisation Internationale des Constructeurs d'Automobiles, in 2018, 95.05 million units of vehicles were sold globally, up from 93.8 million in 2016. This scenario is expected to provide lucrative growth to the global Electrical steel market over the forecast period.
Major players in the global electrical steel market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use energy, household appliances and automobile industry. For instance, in 2018, AK Steel, launched electrical steel for use in high voltage and ultra-voltage power transformers, TRAN-COR X, belongs to high permeability grain oriented electrical steel (GOES) type. This scenario is expected to fuel the market during the forecast period.
Global Electrical steel Market, By Type:
Laser magnetic domain refinement (LMDR)
Key companies covered as a part of this study includes NLMK, Voestalpine AG, POSCO, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group Corporation, AK Steel Corporation, ATI, Schneider Electric, Nicore Electrical Manufactory Co.,
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