An optimistic forecast of a sustainable economic growth in 2019, Europe electrical steel market is expected to ride on a favorable growth track. According to Fact.MR valuation, volume sales of electrical steel surpassed 3300 kilo tons in 2018 in Europe of which over 61% consumption was reported in Eastern Europe. Overall growth of the electrical steel market can be attributed to,
- EU Commission’s active efforts in protecting the domestic electrical steel market led by changing trade measures
- Increasing application of electrical steel in the mature automotive industry and emerging electrical vehicles
- Growing interest of steelmakers to accommodate evolving demand trends in the electrical steel market
Fact.MR finds that Europe electrical steel market will witness an excess of 180 kilo tons consumption in 2019 and a growth of 5.3% y-o-y is estimated. Europe follows APEJ for electrical steel consumption wherein Europe is estimated to account for over 30% of the global electrical steel consumption.
“Current marketplace of Europe electrical steel market is marked by EU’s efforts to investigate and safeguard electrical steel imports. While efforts are focused on improving domestic electrical steel production, steelmakers are well aware of their dependency on electrical steel imports and insufficiency of domestic production. Amid EU’s rising steel demand, the Europe electrical steel market is expected to generate revenues worth US$ 4,860 Million in 2019,” says a senior analyst at Fact.MR.
The electrical steel marketplace in Europe is driven under the influence of evolving trade measures across the globe. Led by the impacts of trade disputes and threat of trade diversion, EU Commission has initiated safeguard measures to protect the domestic electrical steel market. A recent report published by German Electrical and Electronic Manufacturers’ Association (ZVEI) revealed that under the effects of EU safeguard measures, Europe electrical steel market will witness a scenario wherein domestic supply will prove inefficient against the growing demand for electrical steel.
Speak with an Analyst to learn more (methodology) @ https://www.factmr.com/connectus/sample?flag=RM&rep_id=2397
Electric Motors Consume Nearly 70% of NGOES
Fact.MR study finds that non-grain oriented electrical steel (NGOES) variant will witness higher consumption as compared to grain-oriented electrical steel variant. Extensive application of NGOES in electrical machines such as motors and generators is set to rise in Europe wherein domestic NGOES market will try to meet the demand amid limited imports.
Fact.MR estimate that total outline consumption of NGOES in Europe will be worth over US$ 3 billion and volume consumption to reach 2450 kilo tons in 2018. In particular, consumption of semi-processed NGOES was accounted to be greater as compared to fully processed NGOES and the status quo will continue in 2019.
The other electrical steel variant – grain-oriented electrical steel (GOES) is expected to grow by 5.6% y-o-y in 2018 against the backdrop of steady application of GOES in electric power transformers. Europe being the world leading transformer industry, GOES imports and costs hold a significant impact on the overall public costs of utilities and other end-user industries.
The study opines that electrical steel consumption remains consolidated in electric motors. A well-established automotive and electric and electronic industry explains significant utilization of electric motors, thereby driving the consumption of electrical steel. Fact.MR estimates that electric motors will capture a majority of NGOES sales in 2019, particularly in high power motors.
Major investments by EU steelmakers are focused on expanding the product portfolio of better electrical steel products and improving market competitiveness. In particular, consumption of niche steel is set to rise rapidly on the back of increasing demand for higher quality and effective products by end-use industries.
The aforementioned insights and numbers are according to a Fact.MR study which also tracks the performance of the Europe electrical steel market for the period 2018-2026.
Get Access to Report @ https://www.factmr.com/checkout/2397/S