Electrical steel is a valuable steel variant which has acquired its cardinal position in the global market due to the rising demand for electric motors and electric cars. Fact.MR has conducted a precise evaluation on the overall electrical steel market in order to draw striking conclusions which can be utilized by industry experts, investors and other readers.
According to this research published by Fact.MR, the demand for electrical steel was evaluated at 16 thousand kilo tonnes in 2018. It has been examined that the overall growth of the electrical steel market is attributed to several factors such as rising interest of steel companies to put up with evolving trends in the concerned marketplace. Moreover, fluctuating trade measures are causing decline in exports and further solidifying domestic electrical steel production. The above represented scenario is projected to expand the global electrical steel market at a positive CAGR of ~6.2% over the assessment period (2020-2030).
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This study highlights a steadily rising consumption of electrical steel due to soaring demand from the automotive industry, predominantly from the electrical vehicles sector. It is expected that almost 900 kilo tonnes of electric steel would be traded in 2019 at a Y-o-Y growth of 6.7%. In addition, the report preaches the growing interest of electrical steelmakers to enhance product quality. Also, demand for NGOES or non-grain oriented electrical steel, will experience a stable rise.
Semi-Processed NGOES to Seize Almost 58% Consumption in Global Market
Considering fully and semi-processed NGOES variants, the research admits that semi-processed variant accounted for a major consumption share in 2017 and the statistics remained unaffected in 2018. To be precise, the forecast is expected to stay optimistic of NGOES being the prime steering factor for the global electrical steel market attributed to the growing application of nongrain oriented electrical steel across the automotive industry. Moreover, due to its superior properties, the use of commercial NGOES for multiple applications such as mid-sized motors and transformers is also expected to act as a primary motivator for the global market for electrical steel.
APEJ Region Leads to Acquire Prominent Share in the Global Electrical Steel Market
This intelligent study updated by Fact.MR delivers an in-depth regional market share forecast for the global electrical steel market. As per the study, APEJ endures to register noteworthy consumption for electrical steel and is projected to showcase greater demand as compared to the 44% share recorded in 2018. The report also states that the marketplace for electrical is observing consolidation of domestic markets as a result of ongoing trade quarrels. Keeping a good check on the scenario, investments by steelmakers are primarily centered on improving the quality of electrical steel and skillfully fulfill evolving regional demands.
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Overall, this research insight proves beneficial for the new investors who still have to explore opportunities in the global electrical steel market. Furthermore, the merger of primary and secondary research together with analyzed data, makes this assessment reliable for further referencing.
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