Cold Rolled Electrical Steel Market size is estimated to be USD 30 Billion in 2024 and is expected to reach USD 45 Billion by 2033 at a CAGR of 5.5% from 2026 to 2033.
South Korea's Cold Rolled Electrical Steel Market is undergoing significant transformation, driven by the nation's push towards electrification and sustainable energy solutions. This market, pivotal to the production of efficient electrical components, is expanding to meet the evolving needs of various industries.
Types of Cold Rolled Electrical Steel:
Grain-Oriented Electrical Steel (GOES): Primarily used in transformers, GOES offers high magnetic permeability and low core loss, essential for efficient energy transmission.
Non-Grain-Oriented Electrical Steel (NGOES): Versatile in application, NGOES is utilized in electric motors, generators, and other rotating machinery due to its uniform magnetic properties.
Industrial Requirements and Applications:
Automotive Industry: With the rise of electric vehicles (EVs), there's an increased demand for NGOES in manufacturing efficient and compact motors.
Energy Sector: The shift towards renewable energy sources necessitates high-quality electrical steel for wind turbines and solar power transformers.
Consumer Electronics: Miniaturization and energy efficiency in devices drive the need for specialized electrical steel components.
Leading South Korean steel manufacturers are investing heavily to cater to these demands. For instance, POSCO's recent initiatives aim to enhance production capacities, ensuring a steady supply of both GOES and NGOES to domestic and international markets. Such strategic moves are crucial in maintaining South Korea's position as a key player in the global electrical steel industry.
In my experience working with electrical components, the quality of cold rolled electrical steel directly impacts the performance and efficiency of the end products. The advancements in South Korea's steel industry promise not only improved material properties but also innovations that could redefine standards in various applications.
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Baowu
NSSMC
Shougang
TISCO
Posco
JFE Steel
Ansteel
NLMK Group
Masteel
AK Steel
ThyssenKrupp
Cogent (Tata Steel)
CSC
Stalprodukt S.A.
APERAM
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Cold Rolled Electrical Steel Market
Grain-Oriented Electrical Steel (GOES)
Non-Grain-Oriented Electrical Steel (NGOES)
Power Generation
Transformers
Motors
Electronics
Automotive
Electric Motors
Transformers
Generators
Magnetic Cores
Less than 0.2 mm
0.2 mm to 0.3 mm
Above 0.3 mm
Uncoated
Coated (Electrogalvanized, Hot-dip Galvanized, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Cold Rolled Electrical Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Cold Rolled Electrical Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Cold Rolled Electrical Steel Market, By Type
6. South Korea Cold Rolled Electrical Steel Market, By Application
7. South Korea Cold Rolled Electrical Steel Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Cold Rolled Electrical Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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