Transformer steel is specialty steel produced by the modification of the magnetic properties of conventional steel to induce high permeability. Transformer steel is primarily utilized for the manufacturing of various types of transformer cores. The higher permeability of transformer steel ensures low core losses in electrical components. Transformer steel is also known as silicon steel, as silicon is added into it, and is mostly used for the laminate process in the cores.
Prominent manufacturers of transformer steel are focusing on the improvement of grain-oriented material properties and production technology in order to support customers in building highly-efficient and eco-friendly transformers across the globe.
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Global Transformer Steel Market: Dynamics
Multiple benefits and properties associated with transformer grade steel is one of the key factors pushing its demand in power generation equipment across various geographies. Growth of the transformer steel market is primarily driven by the power and energy industry, as this material is widely used in the manufacturing of distribution and power transformers. CRGO steel is used to manufacture transformer cores, enabling lower core losses while ensuring the compact size of transformers used for power transmission and distribution. Thus, the demand for transformer steel is expected to surge in the near future.
However, the growing prominence of alternative products such as amorphous metal alloys (Fe-B-Si), owing to their better magnetism properties as compared to that of transformer steel, is expected to restrain the growth of the global transformer steel market over the next decade. Also, amorphous metal alloys reduce the core losses of transformer by 75%. Temperature and noise is also lower when amorphous metal alloys are utilized as the core material for the transformer as compared to that of grain-oriented transformer steel.
Long-term supply contracts for transformer steel with electrical machinery manufacturers is found to be one of the key strategies followed by players in the global transformer steel market. Moreover, various manufacturers are expanding their premium transformer steel portfolio. New grades of steel are designed primarily for the manufacturing of energy-efficient transformers that are easy to manufacture as well as cost-effective.
Global Transformer Steel Market: Regional Outlook
Considering the regions, Asia Pacific, spearheaded by China, is anticipated to account for a major share in the production as well as demand for transformer steel across the globe, owing to the presence of established industries such as transformer core, etc. The demand for transformer steel in the region is expected to grow significantly over the near future, owing to the rising demand from developing countries such as China and India. Asia Pacific is expected to be followed by Europe in the global transformer steel market over the forecast period.
North America is anticipated to grow at a moderate rate in the global transformer steel market over the forecast period. Latin America and Middle East & Africa account for a small share in the global transformer steel market, and are expected to grow at a slow rate over the forecast period.
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Global Transformer Steel Market: Market Participants
Examples of some of the market participants involved in the global transformer steel market include thyssenkrupp AG, voestalpine Stahl GmbH, ArcelorMittal S.A., NLMK Group, SMS Group GmbH, AK Steel Corporation, United States Steel, POSCO, NIPPON STEEL & SUMITOMO METAL CORPORATION, Cogent Power Limited, JFE Steel Corporation, Aperam S.A., and others
The global transformer steel market is found to be one of the most consolidated markets, since a limited number of manufacturers are actively involved across the globe.
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