Electrical Steel Market Projected to be Influenced by Rising Technological Innovations
Verfasser: ashwani_kailiya on Wednesday, 24 June 2020The electrical steel market is presently witnessing a slump during the COVID-19 outbreak. Temporary closure of mining facilities, and restrictions on international trade are expected to hinder market activity in the short term. Also, the severe impact of COVID-19 on China, one of the largest steel producers will hurt the market.
The electrical steel market is expected to rise at a 8% CAGR through the projection period (2019 – 2029). Strong demand for electric vehicles in addition to infrastructural and utilities development projects will assist in the recovery of the industry once the pandemic subsides, reveals the Fact.MR report.
“The wide scope of electric steel applications in the automotive industry and high-power consumer appliances including commercial refrigerators, air conditioners, power coolers, will support the growth of the market. Consumer appliance OEMs are researching the use of electrical steel in the products to mitigate the environmental impact of regular steel. Such developments enable low energy costs with high performance, strongly driving sales once the pandemic restrictions are lifted,” says the FACT.MR analyst.
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