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While the steel industry is witnessing an oversupply

While the steel industry is witnessing an oversupply of low-cost steel, growing demand for electrical steel has led manufacturers to ramp up their production capacities. Global demand for electrical steel is estimated to reach 15,900 kilo tonnes in 2018, according to Fact.MR valuation. The landscape of niche steel presentsmotor for cooker hood manufacturers from China immense opportunities as their demand outsells that of steel consumption. Overall growth of the electrical steel market can be attributed to, Growing interest of steel companies to accommodate the evolving trends in the electrical steel marketplaceChanging trade measures leading to declining exports and strengthening domestic electrical steel productionConsiderable demand for electrical steel in the automotive industry, particularly in electrical vehicles 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. “Trade actions are the most prominent influencer of the electrical steel industry wherein every action of steelmakers is being driven by a need to improve steel margins. Major investments are focused on improving competitiveness by introducing product portfolio with higher quality and higher effective utilization. Along the same lines, niche steel variants have significant opportunities wherein industry profitability is rising consistently,” says a senior analyst at Fact.MR. Request For Sample Report- //report/2397/electrical-steel-market The study shows that electrical steel consumption remains concentrated in electric motors and account for over 71% of the electrical steel used in 2017. Motors with power unit of 1000hp or more are estimated to lead the electrical steel utilization in electric motors. Lamination electrical steel, in particular, NGOES variants are highly sought after in high power motors. Application of electrical steel in transformers will account for over one-fifth of the electrical steel consumption in 2018 of which almost 40% is used in transmission or power transformers. Buoyancy in the utilities sector and indispensable role of transmission transformers in power generation will maintain application of electrical steel in these transformers in 2018. 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. 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 ensuremotor conditional suppliers market sustenance. 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. To Buy Electrical Steel Market Report, Check- S About Fact.MR Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions.

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