According to a recent market study published by Growth Market Report, titled, “Global Silicon Steel Market By Type (Grain Oriented, Non Grain Oriented), By Thickness Range (Up to 0.35mm, 0.35mm to 0.50mm, Above 0.50mm), By Application (Transformers, Electric Motors & Inductors, Relays & Solenoids, Electrical Appliances, Others), By End User (Automotive, Electrical & Electronics, Construction, Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA)): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 27,611.3 Million in 2022 and is expected to grow at a growth rate of 7.6% by the year 2031.

As per Growth Market Report industry analyst Aditya Jawalkar, the “Global Silicon Steel Market” is anticipated to witness significant growth during the forecast period 2023-2031. Silicon steel is also highly resistant to corrosion, which makes it suitable for use in harsh environments. It is used extensively in the production of electrical equipment such as generators, transformers, and motors, due to its unique properties and durability. Silicon steel is available in a variety of grades and thicknesses to suit a wide range of applications, and is an essential component of modern electrical infrastructure.

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The Global Silicon Steel Market was valued at USD XX Mn in 2022 and is expected to reach USD XX Mn in 2031, expanding at a CAGR of XX% during the forecast period. The overall incremental opportunity in the market is estimated to be USD XX Mn from 2023 to 2031. Annealing is done to relieve internal stress and improve magnetic properties. The coating is added to reduce eddy current losses, and finally, the steel is cut and stamped into desired shapes. The resulting product is a high-quality silicon steel used in various industrial applications.

The primary and secondary research methodology is used for keen observation and study of Silicon Steel. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The outbreak of coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets and automotive components and creating manufacturing issues.

In January, the WHO labeled the COVID-19 outbreak as a public health emergency of global concern and proclaimed it a global pandemic in March 2020. This deadly virus has become one of the biggest pandemics in human history. The COVID-19 outbreak is a public health emergency that affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially across Eastern Europe, European Union, the US, and Eastern & Central Asia.

As of December 19, 2023, this pandemic had infected over 772,838,745 people, and over 6,988,679 people died from the disease. COVID-19 cases have been registered in more than 231 countries and territories. Many countries are economically weak, while others have poor healthcare systems that affect the economy and life of people.

Key Takeaways from the Study:

  • The players include Eastern Steel Manufacturing Co.,Ltd, Shandong Tanglu Metal Material Co., Ltd., Longbank, GNEE(TIANJIN)MULTINATIONAL TRADE CO.,LTD, Chun Yuan Steel Industry Co., Ltd, Leicong Industrial Co., Ltd, JFE Steel Corporation, thyssenkrupp AG, SPECIAL STEEL CO., LTD., Shanghai AIYIA Industrial Co., Ltd., Baosteel Co.,Ltd., CSVC.

Report Scope:

Report Metric

Details

Market Value in 2022

USD 27,611.3 Million

Market Growth Rate (from 2023 to 2031)

7.6%

Historical Data

2016 & 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

By Type (Grain Oriented, Non Grain Oriented), By Thickness Range (Up to 0.35mm, 0.35mm to 0.50mm, Above 0.50mm), By Application (Transformers, Electric Motors & Inductors, Relays & Solenoids, Electrical Appliances, Others), By End User (Automotive, Electrical & Electronics, Construction, Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA))

Key Companies Profiled

Eastern Steel Manufacturing Co.,Ltd, Shandong Tanglu Metal Material Co., Ltd., Longbank, GNEE(TIANJIN)MULTINATIONAL TRADE CO.,LTD, Chun Yuan Steel Industry Co., Ltd, Leicong Industrial Co., Ltd, JFE Steel Corporation, thyssenkrupp AG, SPECIAL STEEL CO., LTD., Shanghai AIYIA Industrial Co., Ltd., Baosteel Co.,Ltd., CSVC

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Raw material suppliers and Manufactures  

  • Demand Side: Silicon Steel manufacturing companies

  • Regulatory Side: Concerned government authorities, and other regulatory bodies.