Electrical Steel Market 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), and By Region– Global Forecast till 2034

Electrical Steel Market was valued at USD 45.8 Billion in 2024 and is projected to grow at a CAGR of 9.30% to reach USD 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.

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.

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:

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:

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

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.

• ArceloS.A.tal S.A
• 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.