Reports and Insights has published a new report titled, “Electrical Steel Sheet Market: Opportunity Analysis and Future Assessment 2023-2031”
Global Electrical Steel Sheet Market, By Product Type (Non-Oriented Electrical Steel Sheets, Grain-Oriented Electrical Steel Sheets), By Application (Rotating Machines (Large Rotating Machines, Medium Rotating Machines, General use A.C. Motors, Small Motors and Intermittent Service A.C. Motors, Electrical Vehicle Driving Motors, Others), Static Machines (Power Transformers, Distribution Transformers, Audio Transformers, Current and Potential Transformers, Others (Reactors and Magnetic Amplifiers, Magnetic Switches, Welding Transformers, Ballast)), By Thickness (0.23 mm to 0.35, 0.35 mm to 0.50, 0.50 mm to 0.65) and By End Use Industries (Automotive, Construction and civil engineering, Power plants, Electrical appliances, Steel furniture, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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Electrical steel can be perceived as a delicate magnetic material with improved electrical attributes that is comprehensively employed across applications such as small relays, electric motors, solenoids, electric generators, and a bunch of other electromagnetic devices. Electrical steel is also termed as transformer steel, silicon steel, or lamination steel. It is used majorly in automotive industries and in electrical power distribution systems.
One of the prime reasons which is essentially accounting for the rapid market growth is the swift rise in power generation and transmittance projects all across the world, which is majorly accelerating the demand of electric steel for diverse applications in various end-consumer industries. In addition, speedy technological advancements in today’s contemporary world have further paved the way to greater production capacity, which is also estimated to be a huge breakthrough in the global electric steel sheet market in the future.
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Other than that, the increasing initiatives undertaken by governments and authorities in order to enhance power distribution centers in emerging countries is further expected to propel the market growth in the near future. Furthermore, the superior attributes of electrical steel including high receptiveness, high electrical resistivity, reduced hysteresis loss, and reduced magnetostriction make it extremely desirable for applications associated with electricity generation, consumption, and distribution. Attributing to which, the global electric steel sheet market is estimated to witness significant growth in the coming years.
Reports and Insights Study identifies some of the key participating players in the electrical steel sheet market globally are Murata Manufacturing Co., Ltd., American Precision Glass Corp., Atheer, Inc., Vuzix, Thermoseal, Packerland Glass Products, Nippon Sheet Glass Co., Ltd., CoorsTek, Inc., Saint-Gobain, SCHOTT AG, AGC Inc., Advanced Glass & Mirror, Inc., Corning Incorporation, GUARDIAN INDUSTRIES, Sisecam Group, among others.
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