Grain-oriented Silicon Steel Market

COVID-19 Impact Analysis 

• The unfavorable global effects of COVID-19 are already evident and had a big impact on the grain-oriented silicon steel market in 2020.
• The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected the grain-oriented silicon steel to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic. 

Top Impacting Factors

Increase in demand for electricity, especially in developing countries such as India, Indonesia, and Vietnam, is likely to positively influence the market. Rapid urbanization and growing population in these counties are poised to bolster the need for expansion in transmission capacities. Increase in focus on energy conservation, reduction in carbon dioxide emission, and life-cycle costing are estimated to spur the growth of the market in the coming years. Replacement demand is expected to continue to rise with an increase in focus on high-end quality products. In addition, electricity demand, specifically from the utility power sector, is observing plateaued trend in the U.S.

Market Trends

• High Consumption Rate of Electrical steel in Transformers and Motors Boosts Market Growth
• The rise in electricity consumption and the increase in need for industrial development are the major drivers the boost the demand for transformers, thus driving the market growth. Grain-oriented silicon steel is mainly used in the power sector because of its high magnetic permeability.
• Growth in Automobile Sector and Growing Industrialization Process Expand Market Growth Opportunities
• The increasing global automobile production is a major factor that drives the growth of the global electrical steel market. The global automotive production improves year-on-year. The deployment of electrical steel in automotive cars increases a vehicle’s fuel efficiency, thus driving the consumption of electrical steel in the automotive industry. Growing industrialization and the application of motors in the residential sector drive the growth of electrical steel in motors. Electrical steel has become an essential component of electric motors as it creates stronger magnetic flux, which is key to the torque of an electric motor. Furthermore, it also leads to higher efficiency.
• Upcoming Regulations and Government Support Further Strengthening Market Expansion
• The rules and regulations in emerging economies, such as India, China, and Brazil, are not as stringent as compared to the U.S. and Western European countries. The size of the auto industry in these countries is not only huge but also growing at a significant rate. With regulations in place, these countries will be the major destinations for steel market players. Governmental bodies also emphasize on the reduction of carbon emissions from vehicles. They are conducting research & development on new materials and are supporting the use of electrical steel not only for electric vehicles but also for heavy construction equipment and passenger vehicles.

Key Benefits of Report

• This study presents the analytical depiction of the grain-oriented silicon steel industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the grain-oriented silicon steel market share.
• The current market is quantitatively analyzed to highlight the grain-oriented silicon steel market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed grain-oriented silicon steel market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in Grain-oriented Silicon Steel Market Report

• Who are the leading market players active in the grain-oriented silicon steel market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?