Global Electrical Galvanized Steel Market is expected to grow at CAGR 6.2% till 2025 | Sheer Analytics and Insights
Global Electrical Galvanized Steel market in terms of revenue is expected to grow at CAGR of 6.2% from 2018 to 2025 as per new market research report titled Global Electrical Galvanized Steel Market (by types- galvanized steel coil, galvanized steel tube, galvanized steel strip, galvanized steel wire, and galvanized steel sheet. By application- automotive, construction, industrial, and home appliances) – global industry analysis, size, share, growth, trends, and forecast, 2018 – 2025, by Sheer Analytics & Insights Pvt. Ltd.
Mainly used for commercial purposes, electrical galvanized steel is now being utilized in the automotive, and construction industries. The vast variety of applications of electrical galvanized steel ensure the market demand remains high. The advantageous properties and attractive qualities of electrical galvanized steel which attracts a growing customer base promise the market will have a prominent and significant growth over the forecasted period.
In the recent market research reports that were published by Sheer Analytics & Insights, the global electrical galvanized steel market has been segmented based on types, and application. Based on the types, the market is segmented into galvanized steel coil, galvanized steel tube, galvanized steel strip, galvanized steel wire, and galvanized steel sheet. Based on an application the global electrical galvanized steel market has been bifurcated in automotive, construction, industrial, and home appliances.
The market is further segmented into geographical region North America, Middle East & Africa, Asia-Pacific, and Latin America. North America holds the largest share in the electrical galvanized steel market followed by Asia-Pacific in the second holder, and Europe in the third rank holder. A significant effect of the electrical galvanized steel market is being witnessed in the North American region. The reason may be attributed to the growing demand for electrical galvanized steel from the automotive industries based in Canada, and the United States. The rise of industrialization and urbanization is augmenting the market growth of the Asia-Pacific region. Furthermore, the Asia-Pacific region is estimated to dominate the global market owing to technological advancements and improvements in power efficiencies for electrical galvanized steel over the projection period.
Japanese steelmakers Sumitomo Metal Corporation and Nippon Steel are planning to launch a continuous line of hot-dip galvanized Steel at the Kimitsu plant in Chiba prefecture, east of Tokyo. The purpose of the new galvanizing line is to strengthen the tensile strength of the steel plate. Moreover, the galvanized steel line will be producing ultra-high strength steel plates with a 1.5-GPA strength. The production is set to start in the second quarter of 2020.
NSSMC (Nippon Steel Sumitomo Metal Corporation) explained: “in addition, electric cars and other electric cars are expected to be more and more into the market, because of distance and the challenge of battery weight, demand for the development of light vehicles may further growth.”
AK Steel recently launched a new grain-oriented electrical steel for power transformers- TRAN-COR® X. This latest grain-oriented electrical steel product aids in powering the transformer manufacturers design to higher levels of efficiency. In addition to this, owing to energy loss in electricity distribution, transmission, it reduces greenhouse gas emissions.
Roger Newport, Chief Executive Officer of AK Steel said, “AK Steel is excited to introduce this new family of high permeability grain-oriented electrical steel, which represents one of the highest efficiency products available in the world. This product enables our customers to improve the overall energy efficiency of the transformers they produce.”
The major companies in the global electrical galvanized steel market include: Arcelor Mittal, Bohai Steel, JFE Steel, Shandong Iron & Steel, Valin Steel, among others.
Global Electrical Galvanized steel market: By Types
- Galvanized Steel Coil
- Galvanized Steel Tube
- Galvanized Steel Strip
- Galvanized Steel Wire
- Galvanized Steel Sheet
Global Electrical Galvanized steel market: By Application
- Home Appliances
Global Electrical Galvanized steel market: By Geography
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America
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