Electrical Steel Market Incremental Opportunity Assessment through 2018-2026
In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global electrical steel market considering 2013-2017 as the historic year and 2018–2026 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting electrical steel market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume. Fact.MR study finds a consistently rising consumption of electrical steel wherein an increase of almost 900 kilo tonnes between 2017 and 2018 and a y-o-y growth of 6.7% is estimated.
The key players in the global electrical steel market report consist of
- Baosteel Group Corporation
- JFE Steel Corporation
- NIPPON STEEL & SUMITOMO METAL CORPORATION
- Cogent Power Limited
Each market player encompassed in the electrical steel market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the electrical steel market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
Semi-Processed NGOES Registers Nearly 58% Electrical Steel Consumption
Among fully and semi-processed NGOES variants, Fact.MR projects that semi-processed will account for a bulk of the total NGOES consumption in 2017 and the status-quo will continue in 2018. In particular, the optimistic forecast of NGOES can be attributed to the increasing application of non-grain oriented electrical steel in the automotive industry, particularly electric and hybrid vehicles. Owing to the superior properties, commercial NGOES is used in multiple applications including small to mid-sized motors and transformers across end-user industries.
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The Fact.MR report tracks the electrical steel market for the period 2018-2026. According to the report, the electrical steel market is projected to grow at over 8% CAGR through 2026. Fact.MR estimates that grain-oriented electrical steel (GOES) will hold the remaining market share and account for one-fourth of the global consumption in 2018. Application of GOES remains consolidated in larger distribution and power transformers utilized in the utilities sector.
APEJ to Continue Pole Position in Electrical Steel Market
The Fact.MR study estimates that APEJ continues to register significant consumption for electrical steel and will account for nearly 44% of the total demand in 2018. APEJ’s optimistic outlook for automotive and utilities sectors can be attributed for the leading consumption of electrical steel in the region.
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Fact.MR also states that electrical steel marketplace is witnessing consolidation of domestic markets led by ongoing trade disputes. Initiated in the U.S., electrical steel market consolidation continues in Europe. Well aware of the scenario, investments by steelmakers are focused on improving electrical steel quality as well as the portfolio to meet emerging regional demands. Amid ongoing consolidation, steelmakers in the electrical steel marketplace are aiming at aligning their developments with evolving trends in global and domestic landscapes to ensure market sustenance.