APAC Electrical steel Market shall reach a value of $60.8 Billion in 2033, growing with a CAGR of 6.5% during the forecast period of 2023 to 2033.

The APAC Electrical Steel market pertains to the sector operating within the Asia-Pacific region that manufactures and trades electrical steel commodities. Electrical steel, also recognized as silicon steel or transformer steel, is a specialized material crucial in crafting transformers, electric motors, and generators due to its exceptional magnetic permeability and minimal core loss attributes. This market covers nations like China, India, Japan, South Korea, and others, serving as a pivotal player in the global electrical steel arena. Market expansion is propelled by factors such as escalating electricity requirements, urban development, and industrial progress in the region.

Rising energy demand is a prominent driving force behind the robust growth of the APAC Electrical Steel market. This surge in demand can be attributed to several factors that collectively stimulate the need for electrical steel products in the region. Firstly, the Asia-Pacific region is experiencing rapid urbanization and industrialization, leading to increased power requirements. The expansion of urban areas and the establishment of new industrial facilities necessitate the development of robust power infrastructure, including transformers and generators, which are core applications for electrical steel. Secondly, the growth of renewable energy sources like wind and solar power is booming in the APAC region. These energy sources require efficient transformers and generators, where electrical steels magnetic properties play a crucial role in optimizing energy conversion and transmission. Furthermore, governments across APAC are prioritizing infrastructure development and electrification, promoting the use of electrical steel in modernizing power grids, transportation systems, and various industrial applications. Energy efficiency and sustainability initiatives are also driving the adoption of high-quality electrical steel products, as they reduce power losses during transmission and distribution, aligning with global environmental goals. In conclusion, the escalating energy demand resulting from urbanization, industrialization, renewable energy expansion, and infrastructure development is pivotal in propelling the APAC Electrical Steel markets growth as it continues to cater to the evolving energy landscape in the region.
However, trade disputes and tariffs represent a significant restraint on the growth of the APAC Electrical Steel market. The imposition of trade tariffs and the escalation of trade tensions in the Asia-Pacific region can disrupt the intricate supply chain of electrical steel, hindering the efficient flow of raw materials, components, and finished products. These disruptions can lead to increased production costs, reduced competitiveness, and uncertainty in pricing dynamics, which, in turn, undermine market stability and hinder investment confidence. Moreover, such trade-related challenges can limit market access to crucial export destinations, affecting the profitability and expansion prospects of electrical steel manufacturers in the APAC region. As a result, these trade barriers introduce unpredictability and risk into the market, making it more challenging for industry stakeholders to plan for sustainable growth and navigate the ever-changing global trade landscape.

Impact of COVID-19

The COVID-19 pandemic had a notable impact on the APAC Electrical Steel market. Supply chain disruptions, workforce shortages, and reduced manufacturing capacity led to production delays. Additionally, decreased construction and industrial activities during lockdowns lowered demand for electrical steel products. However, the market showed resilience, driven by recovery efforts, government stimulus measures, and the importance of reliable power infrastructure during the crisis. The pandemic accelerated digitalization and renewable energy projects, driving long-term demand. Overall, while short-term challenges were faced, the APAC Electrical Steel market adapted and remains positioned for growth in the post-pandemic era.

According to the product type, the non-grain-oriented segment has held 63% revenue share in 2022. The non-grain-oriented (NGO) segment dominates the APAC Electrical Steel market due to its versatile applications in power generation, distribution, and transformers. NGO electrical steel exhibits superior magnetic properties and minimal core loss, making it ideal for high-efficiency transformers and motors, which are in high demand across the Asia-Pacific region. The increasing need for energy-efficient electrical equipment, driven by urbanization, industrialization, and renewable energy initiatives, has further boosted the demand for NGO electrical steel, solidifying its significant market share compared to grain-oriented counterparts, which are more specialized for specific applications.

China has held largest revenue share 42% in 2022. Chinas prominence in the APAC Electrical Steel market is attributed to several pivotal factors. Firstly, its colossal industrial sector generates substantial requisites for electrical steel in devices like generators, motors, and transformers. Secondly, the nations extensive infrastructure ventures necessitate a robust electrical grid, amplifying the demand for electrical steel products. Furthermore, Chinas global stature as a manufacturing powerhouse solidifies its role as a primary producer and exporter of electrical steel commodities. Lastly, government initiatives focused on renewable energy and energy conservation stimulate the need for top-tier electrical steel, cementing Chinas pivotal position within the regional market.

Recent Strategic Developments
• In 2021, JFE Steel Corporation inked an agreement with JSW Steel Limited (JSW) to conduct a feasibility study to establish a grain-oriented electrical steel sheet production and sales joint venture in India.
• POSCO and China Steel Corporation have joined forces in a collaboration known as PCS Electrical Steel. Their aim is to pioneer innovative electrical steel products tailored for electric vehicles, generators, motors, and transformers.
• Nippon Steel Corporation has developed NVC electrical steel, boasting a remarkable 10% increase in energy efficiency compared to conventional electrical steel. This exceptional performance stems from its distinctive microstructure, achieved through an innovative manufacturing technique.

Years considered for this report
• Historical Years: 2021 - 2022
• Base Year: 2022
• Forecast Period: 2023-2033

APAC Electrical steel Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2033)
• Data breakdown for application Industries (2022 - 2033)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies

APAC Electrical steel Market Segments
Product Type (Revenue, USD Million, 2022 - 2033)
• Grain Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel
o Fully Processed
o Semi-Processed

Application (Revenue, USD Million, 2022 - 2033)
• Inductors
• Motors
o 1 HP – 100 HP
o 101 HP – 200 HP
o 201 HP – 500 HP
o 501 HP – 1000 HP
o Above 1000 HP
• Transformers
o Transmission
o Portable
o Distribution

Thickness (Revenue, USD Million, 2022 - 2033)
• 0.23 mm
• 0.27 mm
• 0.30 mm
• 0.35 mm
• 0.5 mm
• 0.65 mm
• Others

Core Losses (Revenue, USD Million, 2022 - 2033)
• Less Than 0.9 w/kg
• 90 w/kg to 0.99 w/kg
• w/kg to 1.29 w/kg
• 1.30 w/kg to 1.39 w/kg
• Above 1.39 w/kg

Flux Density (Revenue, USD Million, 2022 - 2033)
• Less Than 1.65 Tesla
• 1.65 Tesla to 1.69 Tesla
• 1.69 Tesla to 1.73 Tesla
• 1.73 Tesla to 1.76 Tesla
• Above 1.76 Tesla

End User (Revenue, USD Million, 2022 - 2033)
• Automotive
• Manufacturing
• Energy
• Household Appliance
• Construction
• Fabrication

By Country (Revenue, USD Million, 2022 - 2033)
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Japan
• Rest of APAC

APAC Electrical steel Market Companies
• POSCO
• China Steel Corporation
• Nippon Steel Corporation
• JFE Steel Corporation
• AK Steel Corporation
• Baosteel Group Corporation
• Tata Steel
• NLMK Group
• ArcelorMittal
• ThyssenKrupp AG

Available Versions of Tradings Cards Market Report:
Global Electrical steel Market Research Report
Europe Electrical steel Market Research Report
Middle East Electrical steel Market Research Report
US Electrical steel Market Research Report
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