Qian Zhan Wang·2025-05-23 07:49Core Insights - The Chinese silicon steel industry is experiencing a shift in application scenarios, with significant demand from home appliances, large and medium-sized electrical machinery, and new energy vehicles [5][10]. Application Scenarios - In large electrical machinery, silicon steel is essential for manufacturing generator cores in wind, thermal, and hydroelectric power generation, enhancing efficiency [2]. - Home appliances utilize non-oriented silicon steel, particularly in air conditioning compressors, with increasing demand for high-grade materials due to energy efficiency upgrades [2][11]. - New energy vehicles have a substantial demand for silicon steel in drive motors, requiring high-grade non-oriented silicon steel for optimal performance across various speeds [2][10]. - Medium-sized electrical machinery, such as cranes and rolling mills, also relies on silicon steel for high-load, high-power applications [2]. - Transformer cores predominantly use oriented silicon steel, with growing demand for high magnetic induction oriented silicon steel driven by power grid construction and energy efficiency needs [2][5]. Market Trends - The application structure of silicon steel is changing, with home appliances' share of non-oriented silicon steel demand projected to decline from 40% in 2019 to 25% by 2024, while the share from large electrical machinery is expected to rise to 21% [5]. - The total installed power generation capacity in China has increased significantly, from 1.525 billion kilowatts in 2015 to 3.35 billion kilowatts in 2024, reflecting strong growth in the power industry [7]. - The production of new energy vehicles in China reached 9.587 million units in 2023, with a projected increase to 12.88 million units in 2024, indicating robust demand in this sector [10]. Home Appliance Market - The home appliance market is facing challenges due to intense online competition and a slowdown in real estate demand, impacting overall sales [11]. - Despite these challenges, the production of major appliances like air conditioners, refrigerators, and washing machines has shown growth in 2023, with air conditioner production increasing by 13.5% [11].