Product Innovation in Electrical Steel to Set New Trends and Provide Significant Opportunities for Market Players in Europe, States Fact.MR - EIN Presswire

2022-06-15 13:24:34 By : Ms. Fansheng timing belt

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/EIN News/ -- United States, Rockville MD, June 14, 2022 (GLOBE NEWSWIRE) -- The Europe electrical steel market is valued at US$ 6.3 billion in 2022 and is forecasted to surpass a valuation of US$ 16.9 billion by the end of 2032. The market registered 7.6% CAGR during the historical years (2017-2021) and is projected to rise rapidly at 10.3% CAGR between 2022 and 2032, as per in-depth market analysis by Fact.MR, a market research and competitive intelligence provider.

Current trends in the electrical steel market represent rising electrical resistivity and ultimately reducing magnetic losses. This can be achieved by increasing the concentration of silicon in electrical steel sheets. Manufacturers are also implementing different methods to produce efficient electrical steel that offers better magnetic permeability and lamination quality.

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For instance, the use of technologies such as decarburization and nitriding using laser technology is being adopted to produce more efficient and uniform grain-structured electrical steel. Thus, product innovation will provide lucrative avenues for electrical steel manufacturers in Europe over the coming years.

Where is Consumption of Electrical Steel Higher in Europe? “European Market Led by Russia and Germany”

Russia’s electrical steel market and Germany's electrical steel market are leading the market in Europe with 47.6% and 10% market shares, respectively, in 2021.

Substantial growth in automotive industries along with rising public and private investments in the economy is propelling market growth in these countries. These factors are likely to supplement market growth at 8.5% and 13% CAGRs during the forecast years of 2022-2032.

In addition to these factors, rising emphasis on electric vehicle production and power generation is supporting the need for electric motors and charging stations. Prominent companies in these countries are focusing on the industrial production of electrical steel and are investing their resources to develop innovative electrical steel with improved properties, thereby boosting the competitiveness of their products in the European market.

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Key Segments Covered in the Europe Electrical Steel Industry Survey

Focus on geographical and capacity expansion along with investing resources in intensifying manufacturing capacities to augment production are the key strategies of European manufacturers of electrical steel.

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Key players in the Europe Electrical Steel Market

Key Takeaways from Europe Electrical Steel Market Study

Fact.MR’s Domain Expertise in Chemicals and Materials Division

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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