Market expansion is anticipated to be aided by rising demand for electrical steel from consumer goods including refrigerators, air conditioners, and high-power coolers. Energy savings of 15% to 30% are achieved by consumer appliances made with electrical steel, which is also environmentally benign. Appliances that can be constructed with electrical steel and installed in cabins and rooms include compressor motors and relays. Market expansion is primarily being driven by rising demand for electric steel from the automotive industry, which is used to make various automobile components. It is employed in the production of actuators, actuator cores, and electrical power steering system motors. Also, using electrical steel helps automobiles run more efficiently. Hence, it is anticipated that rising demand from the automotive industry for electrical steel will fuel market expansion. A significant market trend is the increase in electrical resistivity, which can be accomplished by increasing the concentration of silicon and aluminium on the electrical sheet. This technology is being used by many electrical steel producers to increase silicon and aluminium concentrations through surface deposition.
According to Coherent Market Insights, In terms of revenue, the global electrical steel market was estimated to be worth US$ 33.5 billion in 2021. Throughout the forecast period, the market had a CAGR of 6.2%. (2022 to 2030).
Major Players in the Electrical Steel Industry:
1. Voestalpine AG,
The company was established in 1938 and is located in Linz, Austria. Products made of steel are created, processed, and distributed by voestalpine AG. The company provides flat and long steel products to the automotive, home appliance, railroad equipment, and oil and gas industries. Voestalpine supplied the first premium steel with CO2 reduction to clients in June 2022. The world's most sophisticated continuous caster was unveiled by Voestalpine in October 2020 at its Donawitz location.
2. POSCO
The company was established in 1968 and is based in South Korea. The company produces electrical steels, galvanised steels, hot-rolled steels, chilly steels, steels, steel plates, wire rods, and other related items in addition to manufacturing and distributing steel products. The Adani Group stated in January 2022 that it has signed an MoU with POSCO to investigate the possibility of establishing an integrated steel mill in Mundra, Gujarat.
3. Nippon Steel & Sumitomo Metal Corporation,
The company was established in 1950 and has its headquarters in Tokyo, Japan. The business produces and sells steel plates, pipes, structural steel, and other steel products. Together with other items, Nippon Steel also sells chemicals and novel materials. Nippon Steel and Teck Resources Limited signed a contract in February 2023 to buy ownership and royalty interests in Elk Valley Resources Ltd.
4. Thyssenkrupp AG,
The company was established in 1999 and is based in Essen, Germany. The business makes machine tools, bearings, nonferrous metals, polymers, flat rolled and cast steel, vehicle parts, elevators and escalators, and industrial components. Thyssenkrupp creates and manages factories, as well as develops and administers real estate. Thyssenkrupp successfully sold its mining division to FLSmidth in August 2022.
5. JFE Steel Corporation,
The company was established in 2003 and has its headquarters in Japan. The business creates and sells steel goods, including steel plates, steel pipes, iron powders, titanium steel products, and more. JFE Steel also runs logistical companies. DenjiroTM Insulation-coated Pure-iron Powder for Soft Magnetic Composites will be available from JFE Steel starting in January 2022.
6. ArcelorMittal,
The business was established in 2006, and its main office is in Luxembourg. The business produces wire rods, slabs, and electrogalvanized, coated, and cold-rolled steels. A holding firm, ArcelorMittal SA, is involved in the production of steel and mining. On September 28, 2020, the business transferred to Cleveland-Cliffs its US-Business for about $1.4 billion.
7. AK Steel Corporation,
The company was established in 1899 and is based in Ohio, United States. For the automotive, infrastructure, and manufacturing sectors, including the electrical power, distributors, and converters markets, AK Steel principally provides flat-rolled carbon, stainless, and electrical steel products.
*Definition: Transformer steel and silicon steel are further names for electrical steel. It is frequently used in the production of motors, inductors, transformers, batteries, and welding equipment and has magnetic properties that have been adjusted.
