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 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
So, you know that steel used in your appliances? Well, electrical steel is a special kind of it, made just for that! Basically, it's regular carbon steel with silicon added to it. This little tweak gives it amazing magnetic powers, perfect for things that need to be energy-efficient and magnetically strong. The silicon helps lower its ability to conduct electricity, which is a good thing. Why? Because it stops tiny currents, called eddy currents, from forming when magnetic fields are constantly changing. These eddy currents are like sneaky energy thieves; they heat things up and waste power. Think of electrical steel as the hero that prevents that! You might also hear it called silicon steel or lamination steel.
Electrical steel comes in thin sheets, almost like laminations. To cut down on electrical losses, these sheets usually get a coating or insulation. When you're talking about buying electrical steel, you've got two main typesgrain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES). GOES is the most common, and it's special because its grains are lined up a certain way to make it super magnetic. It's really good at letting magnetism flow in one direction (the way it was rolled), which makes it perfect for things like power transformers. On the other hand, NOES doesn't have that grain alignment. So, while GOES is great for static stuff like transformers that only need magnetism in one direction, NOES is better for things that spin, like motors and generators, where magnetism needs to go in different directions. You'll find NOES in all sorts of places, from your dishwasher and washing machine to your home's HVAC system (even your fridge!), plus cars, generators of all sizes, big industrial motors, and pumps – you name it!
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 scene in Europe is really taking off, with tons of potential thanks to the electric vehicle (EV) craze and the push for renewable energy. Basically, everyone wants electric cars, and that's fueling demand for lightweight, super-strong steel parts for things like battery enclosures, body structures, and even the chassis. Plus, with more wind and solar power, we need new infrastructure like wind turbines and solar panel frameworks. Electric steel is key for building and strengthening all this stuff, which is great news for companies in the industry! To stay ahead, you've got to keep innovating. Companies that invest in R&D can cook up new electric steel alloys with awesome features – think better strength, corrosion resistance, and even improved magnetic properties. That's how you get a leg up and grab those 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
In 2022, motors were the biggest piece of the pie. You see, electrical steel is crucial for making all sorts of electric motors. It's what helps create the electromagnetic field needed to spin the rotor. Without the right electromagnetic properties of this iron alloy, your motor just wouldn't work very well! Motor companies haven't usually had a hard time getting their hands on this steel because, historically, commercial and industrial motors have been big customers for those supplying electric steel. But now, with electric cars revving up, the automotive industry is really starting to compete for the market share previously dominated by those commercial and industrial electric motor vendors.
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
Back in 2022, going mill-direct-to-user was the most popular way to get electrical steel. This means the steel mill and the company using the steel work directly together, cutting out the middleman like distributors or service centers. Why do this? Well, it can create a stronger partnership, give you more say in how things are made, and maybe even save some money. When you go straight to the mill, you can often talk to them easier, get your steel faster, and potentially pay less. But, heads up! You're also taking on more work – things like shipping, making sure the quality is top-notch, and other services you might need. You'll need to have the know-how and resources to handle all of that.
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
In 2022, Germany led the pack in market share. And guess what? As electric vehicles become more popular, so does the need for EV materials like electrical steel! See, the motor is the heart of an EV, deciding its horsepower and how well it runs overall. That means automakers in Europe are all hunting for top-notch electrical steels to get ahead in the booming EV world. Places like Germany, Norway, the UK, France, Italy, and Spain are big players when it comes to making cars. Germany? Well, their automobile industry is a global powerhouse. Because they crank out so many vehicles, there's a real push for lighter-weight designs.
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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