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Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A4637
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Market Overview:
The global electrical steel market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Electrical steel, or lamination steel, is a soft ferromagnetic material consisting of varying amounts of iron and silicon. It is commonly available in non-oriented fully processed, non-oriented semi-processed and grain-oriented variants. Electrical steel is usually cast or melted in oxygen furnaces, hot rolled for removing impurities and cooled down into the desired shape and thickness. It is further processed to customize the existing magnetic properties of steel and combined silicon for higher permeability, lower magnetostriction and minimal power loss during alternating magnetism force. As a result, electric steel is widely used in power generators, electric motors, small relay transformers, solenoids, inductors and batteries.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Electrical Steel Market Trends:
The increasing demand for electric motors across various residential, commercial and industrial sectors is one of the key factors driving the growth of the market. Electrical steel is widely used in the manufacturing of motors with stronger magnetic flux and torque and power generators for enhanced electromagnetic properties and minimal emissions of carbon dioxide. Moreover, the widespread adoption of hybrid and electric (H/EVs) is providing a thrust to the market growth. Electric steel is used for reducing the weight of automotive components and enhancing aesthetics and safety. In line with this, the increasing demand for electrical steel for the transmission of power over long distances and infrastructural development activities with minimal energy losses is also contributing to the growth of the market. Additionally, various product innovations, such as the development of non-grain oriented electrical steel with homogeneous magnetic properties, are acting as other growth-inducing factors. It is widely used in rotating machines, electric motors, commercial power generators and consumer electronics. Other factors, including significant growth in the energy and power industries, along with the implementation of favorable government policies promoting sustainable development, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electrical steel market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
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- Grain Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
Breakup by Application:
- Transformers
- Motors
- Generators
- Others
Breakup by End Use Industry:
- Energy and Power
- Automobiles
- Household Appliances
- Building and Construction
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Voestalpine AG.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Type, Application, End Use Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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 and Voestalpine AG |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global electrical steel market was valued at US$ 37.6 Billion in 2022.
We expect the global electrical steel market to exhibit a CAGR of 5.9% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries for electrical steel.
The rising demand for Hybrid and Electric Vehicles (H/EVs), along with the growing adoption of electrical steel for reducing the weight of automotive components and enhancing aesthetics and safety, is primarily driving the global electrical steel market.
Based on the type, the global electrical steel market can be categorized into grain-oriented electrical steel and non-grain-oriented electrical steel. Currently, non-grain-oriented electrical steel accounts for the majority of the total market share.
Based on the application, the global electrical steel market has been segregated into transformers, motors, generators, and others. Among these, motors hold the largest market share.
Based on the end use industry, the global electrical steel market can be bifurcated into energy and power, automobiles, household appliances, building and construction, and others. Currently, the energy and power industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global electrical steel market include 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, and Voestalpine AG.
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