The global Inductors steel market is forecasted to reach USD 24.40 billion by 2027, driven by factors such as the increase in infrastructure development and urbanization, rising demand from the energy generation and transmission sector, and the introduction of electric vehicles. The shift towards urbanization is leading to an increase in demand for electricity, and industrial developments across the world are further driving the growth of the industry. Additionally, government initiatives for infrastructural development are boosting demand in the market. The increase in disposable income and adoption of electric and hybrid vehicles are also contributing to the growth of the industry, as Inductors steel is widely used in the manufacturing process of these vehicles.
However, the industry’s growth is being restricted due to the replacement of Inductors steel transformers with electronic ballasts, which do not require transformers to operate. This is resulting in limited growth opportunities for the industry. Additionally, the increase in raw material prices is making the products of the industry expensive, making room for substitutes.
To download a PDF sample copy of the report, visit @ https://www.reportsanddata.com/download-free-sample/3210
The demand for high-quality electrical steel products is indeed fueled by the growing emphasis on energy conservation and the increasing adoption of electric vehicles. High-quality electrical steel is specifically designed to reduce energy losses, making it an essential component in motors, generators, and transformers used in these applications. The expectation of energy savings drives the market’s revenue growth.
- High production costs: The production of high-quality electrical steel involves complex manufacturing processes and requires specialized facilities, which can lead to higher production costs. These costs may impact the final price of the steel, making it less affordable for some consumers and potentially limiting market demand.
- Unpredictable raw material costs: The availability and cost of raw materials, such as iron ore and specific alloys, can fluctuate due to various factors like supply and demand dynamics, geopolitical events, and market speculation. These fluctuations can increase the production costs and affect the profitability of electrical steel manufacturers.
- Availability of alternatives: Copper and aluminum are alternative materials that can be used in certain electrical applications. While high-quality electrical steel offers distinct advantages, the availability and relative cost of these alternatives could affect the market demand. If copper or aluminum become more cost-effective or readily available, some customers may choose to switch materials, potentially impacting the revenue growth of the electrical steel market.
Top Companies Operating in the Global Inductors Steel Market:
ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Voestalpine Group, Baosteel, United States Steel Corporation, Posco, Steel Authority of India Limited, Tata Steel Group, Essar Steel and JFE Steel Corporation.
Inquiry before buying @ https://www.reportsanddata.com/inquiry-before-buying/3210
The global market is further segmented into type and application:
Type Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
- Non Grain-oriented
Application Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
End-Use Industry Outlook (Revenue, USD Billion; 2020-2027) (Kilo Tons)
- Household Appliances
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- The Non Grain-oriented Inductors steel segment is expected to surpass USD 15.51 billion by 2027. This type of steel is widely used in electric vehicles, which would be a major factor behind the segment’s growth.
- The market value of the generator application segment was around USD 2.5 billion in 2018. The segment would experience consistent growth during the forecast period, whereas the motor segment is likely to have the highest growth during 2020-27.
- The demand from the household appliances segment may experience significant growth of around 6% owing to properties of electric steel like corrosion resistivity and recyclable nature. The products of the industry are used in refrigerators, washing machines, motors, and many other kitchen appliances.
- The growth in European Market is predicted to be around 6.5% whereas in the Asia Pacific region the figure will be around 7% during the forecast period. The main consumers in Europe are Germany, UK, France, Italy, and Spain, whereas China, India, and Japan would be the largest consumers among Asian countries.
- There have been a number of new product launches in the market amongst which INNOVILT, launched by POSCO in 2019, requires special mention. Voestalpine Group had developed technology as part of its climate protection strategy, which would help in reduced CO2
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/3210
Overall, while the increased focus on energy saving and the rise of electric vehicles are driving factors for the demand of high-quality electrical steel, the market’s revenue growth can be influenced by the high production costs, unpredictable raw material costs, and the availability of alternative materials.
Explore More Industry Research by Reports and Data:
Off-Highway Dump Trucks Market – https://www.reportsanddata.com/report-detail/global-off-highway-dump-truck-market
Automotive Transmission Shafts Market – https://www.reportsanddata.com/report-detail/automotive-transmission-shafts-market
Remote Starter Market – https://www.reportsanddata.com/report-detail/remote-starter-market
Fuel Trucks Market – https://www.reportsanddata.com/report-detail/global-fuel-trucks-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370