Electrical Steel Coatings Market Growth at 5.3% CAGR by 2026
Growing adoption of large power transformers in heavy industries as well as residential sectors is driving the sales of electrical steel coatings. Particularly in developed countries, a majority of electrical steel coatings are used for manufacturing the core of such transformers. Higher surface insulation resistance and thermal stability are some of the key advantages that promote the use of electrical steel coatings in such applications. Future Market Insights recently published its report on the global market for electrical steel coatings, excerpts from which also indicate how increasing sales of hybrid cars and EVs are factoring the growth in demand for electrical steel coatings. According to the report, the global electrical steel coatings market is presently valued at US$ 211.9 Mn, and is expected to expand at 5.3% CAGR to reach US$ 353.6 Mn by the end of 2024.
Apart from their use in manufacturing large power transformers, and motors of hybrid cars and EVs, electrical steel coatings are also gaining applicability in energy conservation measures. Eco-friendly production of various electrical equipment has necessitated the use of electrical steel coatings, especially for spiking energy efficiency of such equipment. While the global electrical steel coating revenues are projected to grow at a steady pace, the market is estimated to witness downtrend in terms of global consumption. Decreasing end-use sales of electrical steel coatings among potential buyers is said to impact the global consumption count, which recorded sales of 34,563 tonnes of electrical steel coatings in 2016.
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In the report, titled “Electrical Steel Coatings Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” the demand for electrical steel coatings has been projected to be considerably high in the Asia-Pacific excluding Japan (APEJ) region. By the end of 2026, the APEJ electrical steel coatings market is expected to dominate by accounting for US$ 150 Mn revenues. While the region will register fastest revenue growth, Western Europe’s electrical steel coatings market is also predicted to grow robustly. Moreover, Japan’s electrical steel coating revenues will also soar at an impressive CAGR of 4.6%.
US-based Axalta Coating Systems Ltd. is being profiled as one of the largest manufacturer & supplier of electrical steel coatings in the world. Companies such as AK Steel Holding Corporation, Proto Laminations Inc. and Polaris Laser Laminations, LLC are also contributing towards consolidation of electrical steel coatings market in North America. The global electrical steel coatings market will witness significant participation from APEJ companies such as Wuhan Iron & Steel (GROUP) Corp., and Filtra Catalyst and Chemicals Ltd., as well as Japan’s JFE Steel Corporation. World’s leading steel manufacturer, ArcelorMittal SA, is also partaking in the growth of global electrical steel coatings market. Other companies profiled in this report include, thyssenkrupp AG, Rembrandtin Lack GmbH Ngf. KG, Cogent Power Limited, and Chemetall GmbH.
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Key highlights of the report on global electrical steel coating market include:
- Development of water-based semi-inorganic coatings is slated to revolutionise the global electrical steel coating market.
- More than three-fourth of global electrical steel coating revenues arise from sales of C5 coatings.
- By 2026-end, nearly 80% of global electrical steel coating market value will be accounted by chrome-free coating materials
- In 2016, more than US$ 140 Mn worth of electrical steel coatings were globally consumed for non-grain-oriented applications.
- Over the forecast period, automotive motors will be remain as the most prominent end-use of electrical steel coatings in the world.
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