Electrical Steel Coatings Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Electrical Steel Coatings Market grew at a CAGR of 4.9% between 2017-2021 and is estimated to be US$ 312.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.2% and is expected to reach a valuation of US$ 570.7Mn by 2032 end.
Pigmented coatings on steel are referred to as electrical steel coatings because they aid in insulating silicon steel sheets used in motors and generators. These special coatings are often used when building electrical equipment like transformers and engines to avoid corrosion, eddy current losses, hysteresis, and abnormal losses.
In addition, they provide good thermal stability and surface insulation resistance. Additionally, it is anticipated that the use of electric equipment such as transformers, generators, and motors will increase along with the global population during the forecast period.
ChemView Consulting has analyzed that exclusive coatings firms may have considerable growth prospects if higher-quality coatings with cheaper costs can be developed. Market participants can take advantage of the possibility of providing high-quality goods at more affordable prices, particularly those engaged in producing electrical steel coatings.
Although major steel producers are building their own coatings production facilities, the cost of large-scale production, R&D, and acquiring raw materials are thought to be the fundamental drivers of successful backward integration. As a result, it will open up opportunities for producers worldwide, eventually leading to market growth for electrical steel coatings. The market for electrical steel coatings will also benefit from increased demand for electrical equipment, including transformers, generators, and motors in the booming automotive and power sectors.
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Segments Covered in Report
By Coating Type:
By Material Type:
- Chrome Free
- Non-grain Oriented
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Electrical Steel Coatings Market
- Based on the application, due to its increasing use across numerous end-use industries, grain-oriented electrical steel is anticipated to hold the biggest market share globally for electrical steel coatings during the forecast period. Grain-oriented electrical steel is a noteworthy material that can produce magnetic flux at rest and without rotating. Because of this, grain-oriented electrical steel is useful for making transformers. It is commonly utilized in laminated, wrapped, or punched sheets.
- Based on the coating type, in the electrical steel coatings market between 2023 and 2032, the C5 coating type is anticipated to hold the bulk of the market share. The C5 coating type uses a chemical process and an inorganic filler to create an insulating coating with high electrical resistance. C5 layers provide excellent surface resistivity before and after stress reduction annealing (SRA).
- Based on the end-use, the transformers segment is projected as the most lucrative segment.
- Based on the region, with a market share of 52.7%, the electrical steel coatings market in the Asia Pacific Region is one of the most profitable markets globally. It is anticipated to expand at a rapid rate over the forecast period. The booming automotive sector, rising government spending on building the infrastructure for electricity, and the accessibility of electrified steel coatings at significantly reduced prices all contribute to the market’s growth.
Key companies covered in the market study are Axalta Coating Systems Ltd., Thyssenkrupp AG, Rembrandtin Lack GmbH Nfg. KG, POSCO, Baosteel, Nippon Steel & Sumitomo Metal Corporation (NSSMC), ArcelorMittal SA, JFE Steel Corporation, Filtra Catalysts and Chemicals Ltd., Polaris Laser Laminations, LLC, Wuhan Iron & Steel (GROUP) CORP., Proto Laminations Inc., AK Steel Holding Corporation, Cogent Power Limited, Chemetall GmbH
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
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