Electrical Steel Market to witness a hike as Voestalpine AG debuts in China to goose tool-making in the consumer and automotive goods sector
The electrical steel is a metal conduit with the help of which wires, pipes, and cables are connected. Although these conduits have been used for years, it was then realized that it can also serve as a construction material to be used in residential buildings for civil purposes. As such, the demand for electrical steel constructions increased tremendously in the recent past . In April 2021, the Austrian steel manufacturing company, Voestalpine AG, opened two new production facilities, one in Dongguan City and the other in Shanghai City of China. Several factors such as expansion of the construction sector, population growth, industrialization, and increased need in the power sector are all driving growth of the electrical steel market. Although, the emergence of COVID-19 virus has severely affected the electrical steel market with numerous production halts across the globe. Likewise, the cost of raw materials that are required in steel-manufacturing are consistently varying, w...