Market Overview:
Electrical steel, also known as silicon steel, is widely used in power generation, transmission and distribution equipment like transformers and motors. It provides low resistance path for magnetic flux while possessing high permeability leading to reduced power losses in electrical equipment. It comes in various forms like oriented, non-oriented and cold-rolled electrical steel depending on manufacturing process and requirement.

Market Dynamics:
Surging demand for efficient distribution transformers from burgeoning power sector along with growing focus on renewable power sources will significantly drive the electrical steel market growth over the forecast period. Expanding power infrastructure in developing regions also necessitates new transformers boosting market value. Further, rising penetration of electric vehicles and home appliances further strengthens the product demand. However, fluctuating prices of iron ore and other raw materials poses threat to stable supply and can hinder the market growth. On the positive side, ongoing R&D for developing advanced non-oriented electrical steel grades with low core loss and superior magnetic properties provides lucrative opportunities in the coming years.

The global Electrical Steel Market Share is estimated to be valued at US$ 38.16 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength:
- Electrical steel has high permeability which makes it suitable for applications involving transformers and motors. It has low core loss suitable for high frequency applications.
- Developed economies have a strong presence of major players with strong distribution network.
- Increasing investments in infrastructure projects will boost demand.

Weakness:
- Electrical steel is prone to oxidation and needs proper protection and packaging. Improper handling can corrode the material.
- Price volatility of raw materials like iron ore can impact production costs.

Opportunity:
- Growing demand for green energy will propel the demand for electrical steel in applications like wind turbines and electric vehicles.
- Advancements in metro and high-speed rail projects offer new areas of expansion.

Threats:
- Growing popularity of alternative materials like permanent magnets can reduce demand for electrical steel.
- Trade wars and geopolitical tensions impact steel prices and international trade.

Key Takeaways (keep this heading unchanged)

The global Electrical Steel market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing investments in grid infrastructure and renewable energy projects globally.

Regional analysis: Asia Pacific dominates the global electrical steel market owing to strong presence of end use industries like electronics, automotive and infrastructure in China, India, Japan and South Korea. The region accounts for over 60% of global demand. Western Europe and North America are other major consumers while growth is expected to be higher in developing countries.

Key players operating in the Electrical Steel market are 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, and Nicore Electrical Manufactory Co., Ltd. The electrical steel market is consolidated in nature with top players accounting for over 50% of total revenues. Expansion into new regions and development of advanced grades remain key strategies.

Read More: https://blogger-veritas.blogspot.com/2023/12/high-strength-electrical-steel-is.html