Rising Demand in Power Generation Industry Drives Electric Steel Market: Fact MR
DUBAI--(Korea Newswire) June 10, 2021 -- A recent study by Fact MR, identifies East Asia as the frontrunner in the electric steel market. China, being the dominant producer and consumer, has significantly contributed to the expansion of the market in East Asia.
Expansion of the automotive industry in China and Japan will fuel the electrical steel demand. Fact MR sees the launch of new class electrical steel as a key growth opportunity.
New class of electrical steel offers higher flux density and increased torque, making it a good prospect in motor cores of hybrid electrical vehicles and electrical vehicles.
Increasing demand for motor downsizing and necessity for reduced high-frequency hysteresis loss in heavy electric vehicle motors is expected to increase demand for electrical steels.
Shutting down of construction and manufacturing industries due to COVID-19 pandemic negatively influenced the electrical steel market leading to slump in market demand. After the pandemic, the electric vehicles industry is expected to propel the electrical steel market growth.
China Dominates Electrical Steel Market in Asia
According to Fact. MR’s analysis, the East Asian region is expected to account for almost half of the sales of electrical steel spearheaded by China by 2030.
China experienced an impressive growth in the electrical steel market surpassing Japan and India in 2019. The presence of leading manufacturers in China for decades will help the regions to continue its domination in terms of production and consumption over the assessment period.
Hubei province of China is the epicenter of total export of electrical steel from the country. Closure of ports and trading activities due to pandemic hampered the sales of electrical steel across the nation.
“Increasing emphasis on reducing the carbon footprint of vehicles and extensive research towards developing complementary new material will boost the electrical steel market,” says lead analyst at Fact.MR.
China is switching towards electrical vehicle production, creating lucrative opportunities for market players. According to the International Agency of Energy, China has the largest fleet of electric cars with 4.5 million units in 2020.
Rising popularity of electric vehicles will further accelerate the market growth, finds the study. Relaxation in car policies and other government incentives will increase the electric car demand, subsequently fuelling the demand for electrical steel.
The level of scrutiny and regulation in Asian countries is lower than the US and European countries will attract the key market players to setup their production plants in the region.
Government enacting more stringent laws regarding emissions and promoting eco-friendly production will positively influence the electrical steel market.
Fact.MR’s social media consumer sentiment analysis with respondents from ten Asian countries, including Japan, China, South Korea, and India revealed that consumers are becoming aware towards the environment and global warming. Fact.MR estimates this sentiment to further strengthen during the assessment period.
Key market players exploring outside China for the import of premium quality raw material required for manufacturing premium electrical steel will negatively influence market growth in East Asia.
The Fact.MR study also profiles leading players in the electrical steel market, including ArcelorMittal S.A., Baosteel Group Corporation, POSCO, Novolipetsk Steel, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation, and Voestalpine AG.
Key Questions Answered by the Report
· What is the Asia electrical steel market size?
· How will demand for electrical steel grow in Asia?
· Who are the leading electrical steel manufactures and what is their strategy?
· Which countries in Asia Pacific are ideal for investment?
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