Global Electrical Steel Market Overview
Electrical Steel Market was valued at US$ 45.8 Billion in 2024 and is projected to grow at a CAGR of 9.30% to reach US$ 103 Billion by 2034.
Electrical steel is a ferromagnetic material composed of iron that consists of variable amounts of silicon (Si) that range from 1% to 6.5%. It is a soft magnetic material with enhanced electrical properties primarily used for applications such as small relays, electric motors, solenoids, generators, and electromagnetic devices. It is also known as silicon steel, lamination steel, or transformer steel. It is used mainly in electrical power distribution systems and automotive industries. High permeability - the increased capacity to support magnetic fields. Low magnetostriction - a low tendency to expand or contract in magnetic fields. High electrical resistivity - lessens the core loss by reducing the eddy current component. Decreased hysteresis loss - low hysteresis loss means less wasted energy from heat from alternating magnetizing force.
Global Electrical Steel Market Dynamics
Rising sustainable demand for motors
The increasing industrialization and the use of motors in the residential sector are enhancing the market growth of engines. Electrical steel currently produces substantial magnetic flux, which is a solution to the spin of an electric motor. This leads to its multiple application for enhancing horsepower. It also results in higher efficiency. Thus, driving the growth of the target market. The electric vehicle market's significant progress will result in revenue from the electrical steel market.
However, technical and clinical-related challenges might hamper the growth of the global market to a certain extent.
Global Electrical Steel Market Segmentation
Electrical steel market is segmented on application, type, end-use industry, and region.
Depending upon the application, the electrical steel market is categorized into transformers, motors, and inductors. Depending upon the type, the global market is categorized into grain-oriented and non-grain oriented. Depending upon the End-use Industry, the target market is categorized into energy, automobiles, manufacturing, household appliances, and others.
Regional Insights:
Electrical steel market accounted for US$ 45.8 Billion in 2024 and is estimated to be US$ 103 Billion by 2034, and is anticipated to register a CAGR of 9.30%.. In the region, the electrical steel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American electrical steel market held a dominant position in 2019. In terms of value, it was followed by Europe. The Asia Pacific is expected to witness positive growth owing to increased government funding for research, increasing demand, and the rising presence of electrical steel companies in the region.
Electrical Steel Market Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2023 |
|
Forecast period |
2024 – 2034 |
|
Market representation |
Revenue in USD Billion & CAGR from 2024 – 2034 |
|
Market Segmentation |
By Application- Motors, Transformers, Inductors, and Others. By Type– Grain-Oriented and Non-Grain-Oriented By End Use Industry- Energy, Automobiles, Manufacturing, Household Appliances, and Others |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the electrical steel market report based on application, type, end use industry and region.
Electrical Steel Market, By Region:
- North America
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
-
- U.S.
- Canada
- Middle East & Africa
Global Electrical Steel Market Key Players
The key players operating in the electrical steel market include ArceloS.A.tal S.A., POSCO, voestalpine Böhler Welding, China Baowu Steel Group Corp., Ltd., Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Tata Steel Limited, JFE Steel Corporation, Steel Authority of India Limited, and Essar Steel Allegheny Technologies.
Global Electrical Steel Market Company Profile
- ArceloS.A.tal S.A
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- POSCO
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- voestalpine Böhler Welding
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- China Baowu Steel Group Corp. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Nippon Steel & Sumitomo Metal Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- United States Steel Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Steel Authority of India Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Tata Steel Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- JFE Steel Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Essar Steel Allegheny Technologies.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
“*” marked represents similar segmentation in other categories in the respective section
Global Electrical Steel Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Preview
- Executive Summary
- Key Findings—Global Outlook for Electric Steel Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By End-user
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Market Segmentation, By Type, 2024– 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024– 2034
- Y-o-Y Growth Analysis (%), 2024– 2034
- Segment Trends
- Grain- Oriented
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024– 2034
- Non- Grian Oriented
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024– 2034
- Overview
- Market Segmentation, Application, 2024– 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024– 2034
- Y-o-Y Growth Analysis (%), 2024– 2034
- Segment Trends
- Transformer
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024– 2034
- Motors
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024– 2034
- Inductors
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024– 2034
- Overview
- Market Segmentation, By End-user, 2024– 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%),2024– 2034
- Y-o-Y Growth Analysis (%),2024– 2034
- Segment Trends
- Energy
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%),2024– 2034
- Automobiles
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%),2024– 2034
- Manufacturing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%),2024– 2034
- Overview
- Global Market, By Region,2024– 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%),2024– 2034
- Y-o-Y Growth Analysis (%),2024– 2034
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type,2024– 2034
- Market Size and Forecast (US$ Bn), By Application,2024– 2034
- Market Size and Forecast (US$ Bn), By End-user,2024– 2034
- Market Size and Forecast (US$ Bn), By Country,2024– 2034
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type,2024– 2034
- Market Size and Forecast (US$ Bn), By Application,2024– 2034
- Market Size and Forecast (US$ Bn), By End-user,2024– 2034
- Market Size and Forecast (US$ Bn), By Country,2024– 2034
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type,2024– 2034
- Market Size and Forecast (US$ Bn), By Application,2024– 2034
- Market Size and Forecast (US$ Bn), By End-user,2024– 2034
- Market Size and Forecast (US$ Bn), By Country,2024– 2034
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Type,2024– 2034
- Market Size and Forecast (US$ Bn), By Application,2024– 2034
- Market Size and Forecast (US$ Bn), By End-user,2024– 2034
- Market Size and Forecast (US$ Bn), By Country,2024– 2034
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Type,2024– 2034
- Market Size and Forecast (US$ Bn), By Application,2024– 2034
- Market Size and Forecast (US$ Bn), By End-user,2024– 2034
- Market Size and Forecast (US$ Bn), By Country,2024– 2034
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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- ArceloS.A.tal S.A.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- POSCO
- voestalpine Böhler Welding
- China Baowu Steel Group Corp. Ltd.
- Nippon Steel & Sumitomo Metal Corporation
- United States Steel Corporation
- Steel Authority of India Limited
- Tata Steel Limited
- JFE Steel Corporation
- Essar Steel Allegheny Technologies
- ArceloS.A.tal S.A.
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- The Last Word
- Future Impact
- About Us
- Contact
Global Electrical Steel Market Highlights
FAQs
Electrical steel market is segmented based on application, type, end use industry and region.
Rising sustainable demand for motors is the major factor driving growth of the global market.
North America holds a dominant position in the global electric steel market.
The key players operating in global electrical steel market include ArceloS.A.tal S.A., POSCO, voestalpine Böhler Welding, China Baowu Steel Group Corp., Ltd., Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, Tata Steel Limited, JFE Steel Corporation, Steel Authority of India Limited, and Essar Steel Allegheny Technologies.