Electrical Steel Market Size, Share, Trends, Industry Analysis & Forecast
The global electrical steel market size reached US$ 39.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 64.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
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Summary:
- The global electrical steel market size reached USD 39.9 Billion in 2023.
- The market is expected to reach USD 64.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest electrical steel market share.
- Non-grain-oriented electrical steel accounts for the majority of the market share in the type segment due to its isotropic magnetic characteristics, which make it appropriate for a number of applications where consistent performance is crucial.
- Motors holds the largest share in the electrical steel industry.
- Energy and power remain a dominant segment in the market, driven by the requirement for effective transformers and generators in systems for the production and distribution of electricity.
- The increasing demand for advanced manufacturing technologies, as industries seek to improve productivity and efficiency through the use of high-performance electrical components, is impelling the market growth.
- Another factor is the rising trend of miniaturization in electronics, leading to a demand for smaller, more efficient electrical steel components in devices such as transformers and inductors, thus supporting the market expansion.
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Industry Trends and Drivers:
- Growing Demand for Energy-Efficient Electric Machines:
One of the primary factors driving the electrical steel market is the increasing demand for energy-efficient electric machines. Electrical steel, also known as silicon steel, is essential in the manufacturing of transformers, generators, and electric motors due to its superior magnetic properties.
The global push for energy efficiency in electrical appliances and machinery has led to the widespread adoption of electrical steel, as it helps minimize energy losses during operation. Industries, including manufacturing and utilities, are increasingly focused on reducing operational costs and improving performance, making electrical steel a crucial material for enhancing the efficiency of electric machines is aiding the market growth.
- The Expansion of Renewable Energy Sources:
With a global shift towards sustainable energy solutions, the demand for wind and solar power is surging. Wind turbines, which rely heavily on electrical steel for their generators and transformers, are experiencing increased installations worldwide. The lightweight and efficient design of electrical steel allows for improved performance and energy conversion in wind turbine generators, making it a preferred choice for manufacturers in the renewable energy sector.
Similarly, as solar power installations grow, the demand for electrical steel in inverters and transformers used in solar energy systems is also rising. This growing emphasis on renewable energy sources drives demand for electrical steel and aligns with global sustainability goals, thus supporting market expansion.
- Advancements in Electric Vehicle (EV) Technology:
Advancements in EV technology represent another critical driver of the electrical steel market. The automotive industry is undergoing a significant transformation with the increasing adoption of EV and hybrid vehicles, which rely on electric motors for propulsion. Electrical steel is essential in the production of efficient motors that power EVs, as it reduces energy losses and enhances performance.
As governments around the world promote the transition to electric mobility through incentives and infrastructure development, automakers are ramping up their production of EVs. This surge in EV production directly correlates with the growing demand for electrical steel, making it a vital component in the automotive supply chain is bolstering the market growth.
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Electrical Steel Market Report Segmentation:
Breakup By Type:
- Grain Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
Non-grain-oriented electrical steel accounts for the majority of shares as they are preferred for its isotropic magnetic properties, making it suitable for various applications where uniform performance is essential.
Breakup By Application:
- Transformers
- Motors
- Generators
- Others
Motors dominate the market due to the increasing demand for energy-efficient electric motors in industrial, commercial, and residential applications.
Breakup By End-Use Industry:
- Energy and Power
- Automobiles
- Household Appliances
- Building and Construction
- Others
Energy and power hold the majority of shares driven by the need for efficient transformers and generators in electricity generation and distribution systems.
Breakup By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific holds the leading position due to rapid industrialization, a booming manufacturing sector, and significant investments in renewable energy and electric vehicles.
Top Electrical Steel Market Leaders: The electrical steel market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- Aperam
- ArcelorMittal
- Baoshan Iron & Steel Co. Ltd. (China Baowu Steel Group Corp. Ltd.)
- China Steel Corporation
- JFE Holdings Inc.
- JSW Steel Ltd.
- Nippon Steel Corporation
- POSCO
- SIJ - Slovenian Steel Group d. d.
- Steel Authority of India Limited
- Sumitomo Corporation
- Tata Steel Limited
- ThyssenKrupp AG
- United States Steel Corporation
- Voestalpine AG
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