In international trade, silicon steel products are rolled flat materials, distinguished by a width of 600 millimeters.
The upstream and downstream industries of silicon steel are closely related. The upstream sectors include ore mining and smelting, especially the supply of high-purity iron ore and materials containing silicon elements. The downstream industries primarily include the power equipment manufacturing sector, such as transformers, generators, and electric motors. These industries have significant demand for silicon steel, particularly in the context of expanding and upgrading power infrastructure, which has driven a continuous increase in silicon steel demand. Globally, major silicon steel producers include Japan’s Nippon Steel, Korea’s POSCO, and China’s Baosteel Group.
In Vietnam, the application of silicon steel is mainly concentrated in the machinery manufacturing and power equipment sectors. According to the analyst, in recent years, Vietnam’s industrialization process has accelerated, with the government heavily investing in infrastructure development and upgrading the domestic power transmission and distribution network. Meanwhile, the increased demand for efficient electric motors and generators in industries such as electronics, household appliances, and automobiles has further boosted silicon steel demand.
However, Vietnam's local production capacity is limited due to lack of the necessary steel industry foundation, technology, and equipment, especially in producing grain-oriented silicon steel, which requires advanced technical standards. Also, Vietnam’s smelting technology and equipment have not yet fully met these requirements. Furthermore, Vietnam’s limited resources of high-quality iron ore are insufficient to support silicon steel production, making large-scale production of such products less cost-effective. Therefore, Vietnam’s silicon steel market demand is mainly reliant on imports.
Based on the data, Vietnam’s total silicon steel imports exceeded USD 170 million in 2023, with imports of silicon steel over 600 mm in width accounting for more than USD 100 million. From January to June 2024, Vietnam’s cumulative silicon steel imports surpassed USD 90 million, and the import volume is expected to maintain a steady growth rate in the coming years.
The analyst indicates that the main sources of Vietnam’s silicon steel imports between 2021 and 2024 include China, Japan, and Singapore. Key exporters to Vietnam include companies such as CORE STEEL CO., LTD, SUMITOMO CORPORATION TAIWAN LTD, and BAOSTEEL SINGAPORE PTE LTD.
The primary importers of silicon steel in Vietnam are related to the steel processing, machinery manufacturing sectors, as well as distributors and wholesalers. According to the analyst, these companies are mostly foreign-invested enterprises, including JFE SHOJI STEEL VIETNAM CO., LTD, TOSHIBA INDUSTRIAL PRODUCTS ASIA, and POSCO VIETNAM PROCESSING CENTER CO., LTD.
Overall, as Vietnam's economy develops, with rising per capita income levels and an expanding consumer goods market, its related manufacturing industries are also advancing. Silicon steel, as an essential material, holds a significant position in the industrial development of both Vietnam and the global market. The analyst forecasts that Vietnam's Silicon steel imports will continue to grow in the coming years.
Topics covered:
- The Import and Export of Silicon Steel in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Silicon Steel in Vietnam (2021-2024)
- Total Import Value and Percentage Change of Silicon Steel in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Silicon Steel in Vietnam (January-June 2024)
- Total Import Value and Percentage Change of Silicon Steel in Vietnam (January-June 2024)
- Average Import Price of Silicon Steel in Vietnam (2021-2024)
- Top 10 Sources of Silicon Steel Imports in Vietnam and Their Supply Volume
- Top 10 Suppliers in the Import Market of Silicon Steel in Vietnam and Their Supply Volume
- Top 10 Importers of Silicon Steel in Vietnam and Their Import Volume
- How to Find Distributors and End Users of Silicon Steel in Vietnam
- How Foreign Enterprises Enter the Silicon Steel Market of Vietnam
- Forecast for the Import of Silicon Steel in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- Core Steel Co. Ltd
- Sumitomo Corporation Taiwan Ltd
- Baosteel Singapore Pte Ltd
- Jfe Shoji Steel Vietnam Co. Ltd
- Toshiba Industrial Products Asia
- Posco Vietnam Processing Center Co. Ltd.
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | October 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 190 Million |
| Forecasted Market Value ( USD | $ 323.74 Million |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
