Product Innovation in Electrical Steel to Set New Trends and Provide Significant Opportunities for Market Players in Europe, States Fact.MR
The Europe electrical steel market is valued at US$ 6.3 billion in 2022 and is forecasted to surpass a valuation of US$ 16.9 billion by the end of 2032. The market registered 7.6% CAGR during the historical years (2017-2021) and is projected to rise rapidly at 10.3% CAGR between 2022 and 2032, as per in-depth market analysis by Fact.MR, a market research and competitive intelligence provider.
Current trends in the electrical steel market represent rising electrical resistivity and ultimately reducing magnetic losses. This can be achieved by increasing the concentration of silicon in electrical steel sheets. Manufacturers are also implementing different methods to produce efficient electrical steel that offers better magnetic permeability and lamination quality.
For instance, the use of technologies such as decarburization and nitriding using laser technology is being adopted to produce more efficient and uniform grain-structured electrical steel. Thus, product innovation will provide lucrative avenues for electrical steel manufacturers in Europe over the coming years.
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Key Takeaways from Market Study
- The European market for electrical steel is set to surpass US$ 16.9 billion by 2032-end, expanding at a CAGR of 10.3%.
- Non-grain-oriented electrical steel holds 73.7% market share and is projected to expand at 9.5% CAGR during the forecast years.
- Market share of motors stands at 52.3% in 2022 and is likely to rise to 57.9% by the end of 2032.
- Valuation of the energy segment, under end-use industry, stands at US$ 2.6 billion in 2022.
- Russia holds the largest share in the European market at 47.6%.
- Together, Russia and Germany are likely to represent 57.6% of the European market share in 2022.
Market Players Are Launching Products To Meet The Specific Requirements Of Electric Vehicles, Such As Non-Grain-Oriented Electrical Steel
Development of Market
Prominent manufacturers in the European electrical steel market are investing their energy and resources towards undertaking capacity expansion programs and are looking for collaborative activities to enhance their market presence.
Opting for sustainable manufacturing practices is allowing companies to distinguish themselves from other players in the market.
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Manufacturer’s Growth Stratagems
Eminent players includes Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, among others.
Major key market players are focusing on safe and environment-friendly materials. The companies are focusing on developing products that comply with the safety norms of local markets. With effective research, development, and innovation, global manufacturers are working on the development of new products.
Further, the companies focus on cost reduction, improvement of existing products, process improvement, development of new manufacturing methods, quality assurance, and improvement of existing manufacturing methods to gain high-profit margins.
- In April 2022, POSCO started the construction of an electrical steel production facility. The steel manufacturer in South Korea plans to invest US$ 805 million in the construction of the plant. The facility will have an annual production capacity of 300,000 tons of NOES.
- In May 2021, JSW Steel and JFE Steel Corporation inked a memorandum of understanding (MoU) to carry out a feasibility study for the establishment of a GOES sheet manufacturing and sales joint-venture company in India.
Fact.MR has provided detailed information about the price points of key manufacturers of electrical steel positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Electrical Steel Industry Research
By Product Type :
- Non-Grain Oriented
By Application :
By End-Use :
- Energy Generation
- Household Appliances
- Other End Uses
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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