Reckons Electrical Steel Sales To Surpass A Valuation Of Us$70 Billion By 2031

Chemical & Materials

According to Fact.MR assessment, the global demand for electrical steel sheet in 2018 is estimated to be 15,900 kilotons. The niche steel environment presents tremendous opportunities as demand exceeds steel consumption. The overall growth of the electrical steel sheet market is

Growing interest in steel companies to keep up with evolving trends in the electrical steel sheet market
Changes in trade policy reduce exports and
strengthen domestic electrical steel production Significant demand for electrical steel in the automotive industry, especially in electric vehicles,
according to a study by Fact.MR It turned out. Electrical steel consumption growth expected to increase by almost 900 kilotons between 2017 and 2018 and increase by 6.7% year-on-year.

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Competitive Landscape

Prominent manufacturers in the market for electrical steel are leveraging strategic collaborations and partnerships to increase their production capacity and meet the rising demand.

In July 2021, ArcelorMittal invested US$ 25 million in Form Energy as part of its XCarbTM innovation fund. Through this investment, Arcelor will provide raw iron, tailored to specific requirements, to Form Energy for their battery technology, which includes electrical steel.

China Baowu Steel Group Corp is a Chinese state-owned iron and steel business based in Shanghai. It is currently one of the world’s largest steel businesses. It manufactures and exports steel goods such as special steel, stainless steel, and carbon steel to over 40 countries.

It is also one of the world’s leading steel suppliers to sectors such as automobiles, petrochemicals, nuclear power, home appliances, metallurgy, energy, equipment manufacturing, electronic devices, and astronautics.

Segmental Overview

  • By Product Type:

    • Grain-Oriented Electrical Steel
    • Non-Grain Oriented Electrical Steel
  • By Application:

    • Electric Steel for Inductors
    • Electric Steel for Motors
    • Electric Steel for Transformers
  • By End Use:

    • Electrical Steel for Automobiles
    • Electrical Steel for Manufacturing
    • Electrical Steel for Energy Generation
    • Electrical Steel for Household Appliances
    • Electrical Steel for Other End Uses

 

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