Growth in demand for electrical steel likely to play a direct role in the organic growth of the global electrical steel coatings market

The global electrical steel coatings market is expected to increase at an above average CAGR over the forecast period (2016–2026). The global electrical steel coatings market was estimated to be valued at over US$ 200 Mn by 2016 end and is projected to increase at a CAGR of 5.3%, creating an incremental opportunity of US$ 141.7 Mn between 2016 and 2026. In terms of volume, the global electrical steel coatings market is forecast to reach more than 55,000 Tonnes by the end of 2026. APEJ is expected to exhibit promising growth in the global electrical steel coatings market, registering a CAGR of 6.4% over the forecast period. Driven by the consumption growth of electrical steel across various end-use applications, the APEJ electrical steel coatings market is expected to witness a sustainable growth rate over the coming years. China and India are likely to provide substantial opportunities in the global electrical steel coatings market over the coming years.

Consumption growth of electrical steel in a wide range of applications, coupled with the global trend of energy conservation in various electrical equipment are expected to fuel demand for electrical steel coatings

Electrical steel finds its utilisation in various small and large electrical equipment, including motors, inductors, transformers, etc. Furthermore, growth of the energy and power sector is leading to an increased demand for supporting infrastructure, wherein electrical steel finds its use. This, in turn, is expected to drive the growth of electrical steel as well as coatings.

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 Performance analysis of the coating type segment

On the basis of coating type, the electrical steel coatings market is segmented into C2, C3, C4 C5 and C6. C5 segment is projected to account for a major share of the global electrical steel coatings market through 2026. The physical and chemical properties imparted by the C5 type of coating makes it the coating of choice for electrical steel. In 2016, the C5 segment dominated the global market with more than two-third revenue share, followed by the C6 and C3 segments respectively.

The C5 segment is anticipated to expand at a CAGR of 5.8% over the forecast period to reach a market value in excess of US$ 265 Mn by the end of 2026. The demand for C5 coating – applied on both grain and non-grain oriented electrical steel – is expected to remain high across various regions. On the other hand, the C6 segment is estimated to exhibit a steady growth rate through the forecast period. C3 segment, witnessing a CAGR of 3.1%, is expected to represent 3.8% share of the total incremental opportunity created between 2016 and 2026.

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Market analysis of coating type segment

C2: C2 segment is expected to reach a market value of more than US$ 9.0 Mn by 2026 end.

C3: Registering a CAGR of 3.1% over the forecast period, the segment is anticipated to reach a value of more than US$ 20 Mn by 2026 end.

C4: C4 segment is expected to represent relatively small market share by the end of 2026.

C5: C5 segment is expected to hold major market share throughout the forecast period, accounting for 84% share of the total incremental opportunity created between the years 2016 and 2026.

C6: C6 segment is projected to create an incremental $ opportunity of US$ 13 Mn during the forecast period. 

Analyst’s Viewpoint

Decrease in end-use sales points among potential buyers

Competition in the global electrical steel coatings market is intensifying. Electrical steel manufacturers are increasingly developing their own R&D and manufacturing facilities to produce coatings with desired physical and chemical characteristics. Due to this, the number of total end-use sales points/potential buyers are decreasing, thereby further swelling the competition scenario in the remaining open market.

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