High Magnetic Induction Grain-oriented Silicon Steel Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4350
High Magnetic Induction Grain-oriented Silicon Steel Market size will experience significant growth in Asia Pacific owing to propelling demand from power industry in the forecast period. It is a type of grain-oriented silicon steel alloys which possess high permeability. Grain-oriented silicon steel alloys are generally known as electrical steel. It has a symmetrical structure where cubic crystals are cumulatively arranged in the direction of rolled steel plate. It is made by a chain of annealing and rolling treatments.
Power transmission industry will chiefly drive the high magnetic induction grain-oriented silicon steel market size in the coming years. The region is witnessing fastest industrial growth till date, which has resulted in high electricity demand in the past few years. According to the World Bank, the number of emerging economies in Asia Pacific including India, Vietnam, Indonesia, Thailand, Cambodia Myanmar, etc. have an undeveloped power sector with low access rates and low quality of supply, as per capita electricity consumption rate. Therefore, countries such as India and Thailand are proactively taking steps to increase their electricity access for household and commercial sector by expanding the transformer grid across their region. As power installation plans will accelerate in future, the product demand is expected to increase over the forecast period.
Greater share of amorphous steel is expected to function as a hindrance to the growth of the product demand in the coming years. However, as the product cost decreases in future, its applications will rise over the forecast period.
The product has wider scope to grow as a suitable material for electric vehicle industry. The swift venture of the automotive sector into electrical vehicles (EV) market is additionally producing ever-growing demands on manufacturing and infrastructure that electrical steels can potentially fulfill in the coming years. The product is expected to lower the losses of electric vehicles, which will aid in making efficient electric vehicle with minimum electrical losses. With growth of efficient EV, the global environmental problems will likely be mitigated at earliest. Hence, the product’s future prospects are unbound and have wider scope to develop.
The product are mainly used in the core of transformer and motors. The high permeability rendered by the electrical steel results in many attributes such as low core loss, stable quality, lower eddy currents, etc. Anisotropic properties such as flux density, core loss, and permeability result from directional crystal orientation. High Magnetic Induction properties along the rolling direction expand inductive properties.
The main application of the product is in power industry. In the form of, wound, punched or laminated sheets, it is an essential core material of distribution, power and small transformers. some of the main transformers where the product is largely used are large power transformers, small transformers, distribution transformers, current transformers, power generators, wound cores, and shunt reactors. Similarly, in motors, the product is used as efficient core material. Motor usage in automobiles has expanded to include windshield wiper motors, passenger compartment fans, starters, cooling fans, adjusting motors, alternators, etc.
Asia Pacific is likely to contribute significantly to the overall high magnetic induction grain-oriented silicon steel market growth in the forecast timeframe. India and China lead the region in both manufacturing and consumption of product. According to a 2014, Asia Development Bank report, the energy need of Asia Pacific is expected to increase over 70% between 2010 and 2035, with China’s share accounting for 38% while India’s share to be over 13%. The rest of Asia Pacific is expected to account for 64%. North America and Europe have a satisfactory electricity access, thus will show moderate gains to the overall high magnetic induction grain-oriented silicon steel market size by 2025.
The companies functioning in high magnetic induction grain-oriented silicon steel market are Thyssenkrupp, Arnold Magnetic Technologies Corp., Cogent power, AK Steel Intl., Posco, Cogent Power Limited, JFE Steel Corporation, Baosteel. and Nippon Steel&Sumitomo Metal. In 2018, Thyssenkrupp announced that it was starting the production of grain oriented electrical steel (CRGO) at its Nashik plant in India.
High Magnetic Induction Grain-oriented Silicon Steel Market, By Application, 2014-2025 (Kilo Tons) (USD Million)
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Arnold Magnetic Technologies Corp.
- Cogent power
- AK Steel Intl.
- Cogent Power Limited
- JFE Steel Corporation
- Nippon Steel&Sumitomo Metal
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