Europe Electrical Steel Market Size By End-use Industry (Energy, Automotive, Household Appliances), By Application (Transformers, Motors, Inductors), By Grade (Grain-oriented, Non-grain-oriented), By Delivery Mode (Mill-Direct-User, SSC, Distribution), By Geographic Scope And Forecast
Europe Electrical Steel Market Size By End-use Industry (Energy, Automotive, Household Appliances), By Application (Transformers, Motors, Inductors), By Grade (Grain-oriented, Non-grain-oriented), By Delivery Mode (Mill-Direct-User, SSC, Distribution), By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Europe Electrical Steel Market Size By End-use Industry (Energy, Automotive, Household Appliances), By Application (Transformers, Motors, Inductors), By Grade (Grain-oriented, Non-grain-oriented), By Delivery Mode (Mill-Direct-User, SSC, Distribution), By Geographic Scope And Forecast
Europe Electrical Steel Market Size And Forecast
Europe Electrical Steel Market size stood at USD 4,996.20 Million in 2022 and is projected to reach USD 7,033.08 Million by 2030, growing at a CAGR of 4.37% from 2023 to 2030.
The ‘Europe Electrical Steel Market’ is witnessing significant growth owing to various driving factors such as the rising popularity of ceramic tableware, growing demand for premium ceramic tableware, and rising preference for customized tableware. The Europe Electrical Steel Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Europe Electrical Steel Market Definition
Electrical steel is a specialized type of steel that is designed for use in electrical equipment and devices. It is made by adding silicon to carbon steel, which alters its magnetic properties, making it ideal for applications where low electrical losses and high magnetic permeability are required. The addition of silicon in electrical steel reduces the steel’s electrical conductivity, thereby minimizing eddy current losses that occur when magnetic fields change rapidly. Eddy currents are circulating currents induced in the material when it is subjected to alternating magnetic fields. These currents generate heat and result in energy losses, reducing the efficiency of electrical equipment. Electrical steel is also known as silicon steel or lamination steel.
Electrical steel is produced in thin sheets or laminations. The sheets are typically coated or insulated to minimize electrical losses further. The commercial electrical steel market is divided into two major categoriesgrain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES). The most common type of electrical steel is grain-oriented electrical steel (GOES), which has a specific grain orientation to optimize its magnetic properties. GOES exhibits superior magnetic permeability in the direction of rolling, making it highly efficient for applications such as power transformers. The non-grain-oriented electrical steel (NGOES) lacks the specific grain orientation of GOES. GOES is used in static machinery like transformers, which require unidirectional magnetization, while NOES is used in rotating machinery like motors and generators, which require multidirectional magnetization. Applications for NOES are extensive and include consumer appliances (dishwashers, washing machines, etc.), heating, ventilation, and air conditioning (HVAC) (including domestic refrigeration), automotive applications, small, medium, and power generators, large industrial motors, pumps, etc.
The primary applications of electrical steel include transformers, electric motors, and generators. Transformers, for example, use electrical steel to construct the laminated core, which is responsible for efficiently transferring electrical energy between different voltage levels. Electric motors and generators also employ electrical steel to create their cores, enabling the conversion of electrical energy into mechanical energy or vice versa.
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Europe Electrical Steel Market Overview
The ‘Europe Electrical Steel Market’ is witnessing significant growth owing to various driving factors such as the rising popularity of ceramic tableware, growing demand for premium ceramic tableware, and rising preference for customized tableware. The growing demand for premium ceramic tableware in Europe is largely driven by consumers looking for high-quality tableware that can be used for both functional and decorative purposes. Many consumers view premium ceramic tableware as an investment in their home decor, as it can add a touch of elegance and sophistication to any dining experience.
However, rising prices of raw materials required for the manufacturing of ceramic tableware might strangle the growth of the global market over the forecasted period. The rise in raw material prices can have a significant impact on the cost of production for ceramic tableware manufacturers, which can ultimately lead to higher prices for consumers.
The electric steel industry in Europe is experiencing significant growth and opportunities due to the increasing demand for electric vehicles (EVs) and renewable energy infrastructure. The transition towards electric mobility is driving the demand for electric vehicles in Europe. This shift requires the production of lightweight, high-strength steel components for EVs, such as battery enclosures, body structures, and chassis. The expansion of renewable energy sources like wind and solar power necessitates the development of infrastructure, including wind turbines, solar panel frameworks, and grid systems. Electric steel plays a crucial role in constructing and reinforcing these structures, offering opportunities for companies in this sector. Continuous innovation is essential in the electric steel industry to meet evolving market demands. Companies investing in research and development can develop advanced electric steel alloys with improved properties, such as enhanced strength, corrosion resistance, and magnetic characteristics. These developments can lead to competitive advantages and market opportunities.
Europe Electrical Steel MarketSegmentation Analysis
The Europe Electrical Steel Market is segmented on the basis of End-use Industry, Application, Grade, Delivery Mode, and Geography.
Europe Electrical Steel Market, By End-use Industry
Energy
Automotive
Household Appliances
Manufacturing
Others
To Get a Summarized Market Report By End-use Industry-
Manufacturing accounted for the largest market share in 2022. Electrical steel, also known as silicon steel or transformer steel, is used in the industrial industry for a variety of uses linked to electrical equipment and machinery. Electrical steel is used to make cores, laminations, and other electrical equipment components such as transformers, electric motors, generators, inductors, chokes, and magnetic switches. These components create efficient magnetic circuits, decrease energy losses, and increase equipment performance.
Electrical steel is essential in the production of equipment used in energy conversion operations. It is employed as the core of power transformers, where it effectively transmits electrical energy between different voltage levels. It also plays a function in spinning machinery such as electric motors and generators, allowing electrical energy to be converted into mechanical energy and vice versa
Europe Electrical Steel Market, By Application
Transformers
Motors
Inductors
Others
Motors accounted for the largest market share in 2022. Electrical steel is used to manufacture various electric motor. The electromagnetic field needed to turn the rotor must be created with its help. Electric motor performance would be severely hampered if this iron alloy’s electromagnetic characteristics weren’t present. Motor vendors have always had minimal trouble securing priority supply lines since commercial and industrial motors have traditionally constituted a significant client base for electric steel suppliers. Yet, the automotive industry, in the wake of electric cars, is posing a challenge to the market share held by commercial and industrial electric motor providers.
Europe Electrical Steel Market, By Grade
Grain-oriented
Non-grain-oriented
Non-grain-oriented accounted for the largest market share in 2022. Since the grains in non-grain-oriented electrical steel are randomly oriented, it exhibits isotropic magnetic properties, meaning their magnetic characteristics are uniform in all directions. This type of electrical steel is commonly used in applications where magnetic flux density requirements are not as stringent, such as small transformers, electric motors, and other electromagnetic devices that do not rely on a specific magnetic direction. Non-grain-oriented electrical steel offers advantages in terms of ease of manufacturing, lower material costs, and broader usability compared to grain-oriented electrical steel.
Europe Electrical Steel Market, By Delivery Mode
Mill-Direct-User
SSC
Distribution
Mill-Direct-User accounted for the largest market share in 2022. When it comes to the procurement of electrical steel in a mill-direct-to-user scenario, it involves a direct relationship between the steel mill and the end user, bypassing intermediaries such as distributors or service centers. This approach offers several potential advantages, including closer collaboration, increased control over the supply chain, and potential cost savings. By adopting a mill-direct-to-user approach, the end-user can establish a direct relationship with the steel mill, which can lead to better communication, shorter lead times, and potential cost savings. However, it also places additional responsibility on the end-user to manage aspects such as logistics, quality assurance, and value-added services, which may require appropriate expertise and resources.
Europe Electrical Steel Market, By Geography
Germany
UK
France
Italy
Spain
Turkey
Poland
Belgium
Luxembourg
Netherlands
Rest of Europe
To Get a Summarized Market Report By Geography-Â
Germany accounted for the largest market share in 2022. As the electric vehicle market grows, demand for EV materials such as electrical steel is growing in lockstep. Motors determine the horsepower of a vehicle and are central to the efficiency and overall performance of EVs. Thus, high-quality electrical steels are sought after by automakers competing for the biggest share of the growing EV market in European region. Some of the important nations for the production of automobiles in Europe are Germany, Norway, the UK, France, Italy, and Spain. Germany’s core industry is the automobile sector, a global leader. As a result, there is an increasing need for different kinds of lightweight vehicles due to the enormous volume of automobiles being produced.
Key Players
The major players in the market are Voestalpine AG, ArcelorMittal, Voestalpine Stahl GmbH, Thyssenkrupp AG, Novolipetsk Steel, NikoMag, Aperam S.A, and others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
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