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Electrical Steel Market Global Industry Insights, Trends And Forecast, 2017-2025

por Wesley Vallery (02/07/2020)

Electrical Steel Market is associated to some of the core end-use industry such as energy, power generation plants, automotive and electronics, that has resulted in advancement in technologies which is expected to boost the electrical steel market. Itl is an alloy which consist of silicon and iron coupled with magnetic properties which are embedded into the steel to make them lucid to electricity.

Electrical steel, also known as silicon steel or laminate steel are used for various applications such as generators, transformers, inductors and others.These electric steels enhance the power generation from the turbines as they helps the energy to be fed into the transformers thereby increasing the voltage with effective transmission of energy over very long distances.

The electrical steel market is expected to propel due to its application in energy and power generation coupled with the global energy deficiency in the African and Asian countries such as Indonesia, tour trung quoc Myanmar, Pakistan and others. Another factor which is expected to drive the market of electrical steel is the rise of electric vehicles in the automotive industry. For instance, thyssenkrupp Steel Europe, is one of the largest suppliers of electrical steel for electric vehicles in Europe. According to the Department of Energy, in 2016, the electric vehicles market has increased by 46% with China being the leader followed by Japan, Germany and the United States. The growth of electric vehicles is due to rise in government regulations to control air pollution and reduce the emission of GHG coupled with reduction in gasoline run vehicles, which in return in expected to boost the market during the forecast period. The demand for grain-oriented electrical steel is expected to boost the market due to rise in renewable energy and tour trung quốc smart powered electricity via solar and wind which requires transformers according to amount of power to be transmitted. H period (2018 - 2025).

Asia Pacific is expected to dominate throughout the forecast period from 2018 to 2025 followed by Europe and North America. The major factor that is expected to boost the electrical steel market in Asia Pacific is the rise in electric vehicles. The electric vehicles market is majorly led by China and Japan, with 40% of the total production of electric vehicles coming from china and holding a market share of 26% globally, in 2017, according to United States Environmental Protection Agency (EPA). Thus the application of electrical steel into electric motors is expected to proper the market during the forecast period.

Major players operating in the field of electrical steel market include Cogent (Tata Steel), thyssenkrupp AG, AK Steel, ArcelorMittal S.A., POSCO, Stalprodukt S.A., among others.

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Hi I am sophia and i post the article for The electrical steel market for tranding.