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Product Innovation in Electrical Steel to Set New Trends and Provide Significant Opportunities for Market Players in Europe, States Fact.MR

Market Players Are Launching Products to Meet the Specific Requirements of Electric Vehicles, Such As Non-Grain-Oriented Electrical Steel

United States, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) -- 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.

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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.

Where is Consumption of Electrical Steel Higher in Europe?
“European Market Led by Russia and Germany”

Russia’s electrical steel market and Germany's electrical steel market are leading the market in Europe with 47.6% and 10% market shares, respectively, in 2021.

Substantial growth in automotive industries along with rising public and private investments in the economy is propelling market growth in these countries. These factors are likely to supplement market growth at 8.5% and 13% CAGRs during the forecast years of 2022-2032.

In addition to these factors, rising emphasis on electric vehicle production and power generation is supporting the need for electric motors and charging stations. Prominent companies in these countries are focusing on the industrial production of electrical steel and are investing their resources to develop innovative electrical steel with improved properties, thereby boosting the competitiveness of their products in the European market.

To learn more about Europe Electrical Steel Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7457

Key Segments Covered in the Europe Electrical Steel Industry Survey

  • Europe Electrical Steel Market by Product Type :

    • Grain-Oriented Electrical Steel

    • Non-Grain-Oriented Electrical Steel
      • Fully-Processed
      • Semi-Processed
  • Europe Electrical Steel Market by Application :

    • Inductors
    • Transformers
      • Transmission
      • Portable
      • Distribution
    • Motors
      • 1hp – 100hp
      • 101hp – 200hp
      • 201hp – 500hp
      • 501hp – 1000hp
      • Above 1000hp

  • Europe Electrical Steel Market by End-use Industry :

    • Automotive
    • Manufacturing
    • Energy
    • Household Appliances
    • Others (Construction, Fabrication)

Competitive Landscape

Focus on geographical and capacity expansion along with investing resources in intensifying manufacturing capacities to augment production are the key strategies of European manufacturers of electrical steel.

For instance :

  • ArcelorMittal acquired John Lawrie Metals Ltd. in 2022. The company is a Scottish steel recycling business, and its acquisition will allow ArcelorMittal to enhance the use of scrap steel to reduce CO2 emissions from steelmaking.
  • In 2021, Novolipetsk Steel (NMLK) announced the building of a grain-oriented steel plant in the state of Maharashtra in India. The installation of metal structures has already been commenced and the plant will produce 64,000 MT of grain-oriented steel annually.

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Key players in the Europe Electrical Steel Market

  • Novolipetsk Steel (NMLK)
  • ArcelorMittal
  • Cogent Power Limited
  • Phoenix Mecano AG
  • Thyssenkrupp AG
  • Voestalpine Camtec GmbH
  • Aperam S.A.
  • SMS Group GmbH

Key Takeaways from Europe Electrical Steel 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.

Fact.MR’s Domain Expertise in Chemicals and Materials Division

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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