Global Transformer Steel Market Analysis, 2024-2030

Transformer Steel, also known as Electrical Steel, is the name given to a type of specialty steel manufactured by altering the magnetic properties of standard steel to show high levels of permeability. Transformer steel is majorly used to produce the core of transformers, generators, etc. which ensures a lower rate of core loss.

The report on global transformer steel market is a crux of 340 hours of primary and secondary research performed by the analysts at Market Krystal. As per the report, the transformer steel has two types of structures. It is either grained oriented or non-oriented. Grained Oriented Steel is used in the manufacturing of transformers, magnetic amplifier, and transducers cores. Non-Oriented Steel is used to manufacture rotating machines like alternators, generators, and motors.

According to the report, the global transformer steel market was valued at more than USD XX Billion in 2017 and is anticipated to reach approximately USD XX Billion at a CAGR of above X.XX% from 2018 to 2026. The increase in demand for electric and hybrid cars is a crucial component to boost the demand for transformer steel in the next few years.

The hybrid vehicle industry is on the rise, and with this increasing demand, there is a record of increase in the production of transformer steel globally. Automotive industries use this steel to not only minimize magnetic losses but also to improve the magnetic flux and torque. This material also provides higher mechanical strength. The growth in demand can also be traced back to government regulations regarding environmental issues. Strict government rules and regulations for implementing the use of transformers, which prevent the loss of energy and have low emissions of carbon dioxide, has given rise to more efficient motors and cores. Some of the clinical challenges of producing transformer steel are that Nickel-Iron alloys offer more precise and efficient solutions. Furthermore, a large amount of mechanical stress and strain is generated during the processing of cold-rolled electrical steel.

The market for transformer steel is dominated by the Asia-Pacific region with 55% of market share, and it is followed by Europe, North America, Middle East, Africa and Latin America. Furthermore, the rise in export percentage from India can be beneficial in the drive for transformer steel market in Asia-Pacific in the next few years. Top players of this industry include Nippon Steel & Sumitomo Metal Corporation, Shandong Iron and Steel Group Co Ltd, Baosteel Group and Tata Steel Limited. In 2017, Nippon Steel & Sumitomo Metal Corporation acquired Nisshin Steel Co. Ltd., an integrated blast furnace steel manufacturer that specializes in surface-treated steel, stainless steel, and ordinary and special steel.

Our Approach

The research process at Market Krystal begins with the bifurcation of transformer steel market into smaller segments, followed by tracking the factors affecting each segment of the market. All types of material were tracked for different application in different end-use industries across the globe. The findings were validated by conducting interviews with business leaders from diverse background (Fig.1).

Figure 1 Primary research breakdown

Contents of the report:

• Insight on transformer steel industry dynamics.
• Estimation of the current transformer steel market size in terms of value and volume.
• Market breakup of global transformer steel market based on type, application, and geography.
• Substantiated market forecast for each segment of the global transformer steel market for the next five years.
• Detailed analysis of the key companies operating across different nodes of transformer steel industry value chain.

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