Electrical steel is a type of specialty steel manufactured by modifying the magnetic properties of conventional steel to induce high permeability. It is used in the manufacture of the core of power transformers, generators, inductors, etc. Its high permeability ensures low core loss in electrical components. Electrical steel is also known as laminate steel or silicon steel, as silicon is added to it. It is primarily used for lamination processes in the cores of electrical components.
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Developed and developing countries are increasingly shifting toward sustainable energy systems. The electric/hybrid vehicle industry is also in the growth phase. This industry requires high-grade electrical steel for various applications. Companies such as ArcelorMittal and ThyssenKrupp are producing high-grade electrical steel to meet the increase in demand for electrical steel. They are improving the magnetic properties of electrical steel and introducing higher grades. This is expected to fuel the market during the forecast period. Rise in production of electrical steel is anticipated to be primarily driven by growth in various application segments, where electrical steel is largely consumed (e.g. transformer and motor industries).
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Electrical steel improves efficiency and reduces losses in many applications; however, its magnetic properties are insufficient to meet the complex requirements of precision and efficiency. Nickel iron alloys offer more innovative and intelligent solutions than electrical steel. They are ideal substitutes for electrical steel. Nickel iron alloys play an important role in the production of relays, sensors, and motor laminations. They also offer better magnetic permeability and magnetic induction than electrical steel. Hence, increase in adoption of nickel iron alloys in electro-technical applications is projected to hamper the global electrical steel market during the forecast period.
Highly competitive market with dominance of top players
The global electrical steel market is a highly competitive. Leading players dominate the market. Key players operating in the electrical steel market are Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Shandong Iron and Steel Group Co Ltd, JFE Steel Corporation, SAIL (Steel Authority of India Limited), Shagang Group Inc., ArcelorMittal, Ansteel Group Corporation, Baosteel Group (Baowu Steel Group Corporation Limited), POSCO, Voestalpine Group, Tata Steel Limited, United States Steel Corporation, Jindal Steel and Power Limited, and HBIS Group.
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Large amount of mechanical stress and strain is generated during the processing of cold-rolled electrical steel. The process includes bending, cutting, and punching operations. This, in turn, deteriorates the magnetism of electrical steel; the degree of deterioration depends upon the width of the sheet being punched. For instance, if the width decreases 10X, then the total magnetism loss is around 40% that of the initial loss. Hence, there is need for stress-relief annealing before installing the component in the motor core in order to retain the original magnetism of electrical steel. Reprocessing of electrical steel is a critical and delicate process. This can hamper the global electrical steel market to a certain extent during the forecast period.
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Asia Pacific to expand at fast pace in terms of consumption of electrical steel
Currently, countries in Asia Pacific dominate the electrical steel market in terms of year-on-year increase in demand for electrical steel based products in construction and automotive industries. Asia Pacific constituted nearly 55% share of the global electrical steel market in 2017. The market in the region is expected to expand at a significant CAGR during the forecast period, due to the expansion in construction and automobile industries and presence of prominent players in Asia Pacific. Additionally, rise in export of electrical steel (increase of 78% from 2016 to 2017) from developing countries such as India is anticipated to drive the electrical steel market in Asia Pacific during the forecast period.
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