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The electrical steel industry is gaining momentum due to the wide and varied applications of electrical steel in generators, transformers, and motors, among other uses. Among the two types of electrical steel, the production of grain-oriented electrical steel is rapidly driving the industry growth. Grain-oriented electrical steel exhibits high magnetic permeability leading to low excitation currents and lower inductions, thus, making it is excellent for the iron cores of power transformers. Furthermore, grain-oriented electrical steel enables better and compact designs in the form of laminated, wound or punched sheets. Thus, it is an essential core material of distribution transformers, power transformers, and small transformers. Therefore, the wide applicability of grain-oriented electrical steel is generating market growth for electrical steel industry.
Two leading companies in the industry, JSW Steel (NSE: JSWSTEEL) and JFE Steel (TYO: 5411), have announced to conduct a feasibility study to establish a manufacturing and sales joint venture company of grain-oriented steel in India in May 2021. The rising production of grain-oriented electrical steel in India is anticipated to drive the market growth of the Asia Pacific region, which is expected to positively impact the overall market. Grain-oriented steel is an important material in the production of high-performance generators and energy efficient transformers. Due to the increasing demand for electricity, the growing adoption of renewable energy sources, and the emergence of electronic vehicles, the growth of grain-oriented steel segment is bolstering, thereby boosting the overall market growth. The feasibility study is projected to strengthen both companies’ position as India’s leading manufacturer of advanced steel products that will help reduce CO2 emissions and aid in building a sustainable world. Such developments are, therefore, augmenting the market growth of electrical steel.
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The major players in the global electrical steel market are ArcelorMittal S.A., China Baowu Steel Group Corp., Ltd., Nippon Steel Corporation, United States Steel Corporation, State Authority of India Limited, and Tata Steel Limited. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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