Non-Grain-Oriented
Report ID:
SQMIG15O2013 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
65 |
Figures:
77
Global Electrical Steel Market size was valued at USD 38.34 billion in 2022 and is poised to grow from USD 40.91 billion in 2023 to USD 68.73 billion by 2031, at a CAGR of 6.7% during the forecast period (2024-2031).
Electrical steel is used in a wide range of electromagnetic devices, including small relays, solenoids, electric motors, generators, and many others. Electrical steel has diverse applications in generators, electric motors, relays, solenoids, and various electromagnetic devices, all of which play crucial roles in power distribution systems and related sectors. The United States stands as the second-largest electricity generator worldwide. The nation produced approximately 4,000 terawatt-hours (TWh) of electricity through utility-scale generators, marking a substantial 16.7% increase in renewable power generation from 2019. The burgeoning electric vehicle (EV) industry is another significant catalyst for the electrical steel market. This specialized steel possesses magnetic properties essential for the efficient operation of EV motors, particularly in rotors and stators. Its use results in improved motor efficiency by minimizing core energy losses, consequently extending the vehicle's range.
Despite the disruptive impact of the pandemic on global economic growth, plug-in vehicle sales surged to around 3.24 million, a remarkable increase of over 43%. Notably, Europe outpaced China to become the largest EV market, experiencing a substantial 137% growth in EV sales. This upswing in EV production directly drives the utilization of electric motors, thus boosting the demand for electrical steel. The escalating demand for electrical steel has prompted manufacturers to expand their production capacities. For instance, in May 2021, JSW Steel and JFE Steel Corporation entered into a Memorandum of Understanding (MoU) to explore the feasibility of establishing a joint venture company in India dedicated to the manufacturing and sales of electrical steel sheets within the country. The rise of electric vehicles, driven by environmental concerns and government incentives, has significantly boosted the demand for electrical steel. This material is essential for the motors and batteries in EVs, where it enhances energy efficiency and extends driving range.
US Electrical Steel Market is poised to grow at a sustainable CAGR for the next forecast year.
Largest Segment
Non-Grain-Oriented
Fastest Growth
Non-Grain-Oriented
Growth Rate
ong>US Electrical Steel Market is poised to grow at a sustainable CAGR for the next forecast year.% CAGR
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Global Electrical Steel Market is segmented on the basis of type, application, end user and region. By type, the market is segmented into grain-oriented, non- grain-oriented, others. By end user, market is segmented into household appliances, manufacturing, energy & power, automotive, others. By application, the market is segmented into inductors, transformers, motors, rotors, stators, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electrical Steel Market Analysis by Application
A revenue share of more than 52.0% of the whole market was held by the transformer sector in 2022. The demand for transformers has grown as a result of the penetration of electric vehicles, an increase in digital loads, and a rise in distributed generation.
Throughout the projected period, the motor segment is expected to increase at the fastest rate. In electric motors, electrical steel is preferred because of its high frequency, high permeability, and great magnetic characteristics. The demand for electric motors is being fueled by the growing emphasis on EV production, which will eventually help the industry grow.
Electrical Steel Market Analysis by Type
The market for electrical steel was dominated by Non-grain Oriented Electrical Steel (NGOES), which had the highest revenue share of more than 70.0% in 2022. From generators to electric motors and appliances, NGOES is used throughout the whole energy value chain. Depending on the qualities, composition, and applications, it comes in a variety of grades.
Transformers and the infrastructure for EV charging are the principal uses of grain-oriented electrical steel (GOES). Its high magnetic induction and stacking factor allow for less material to be used in the core's winding. Due to its magnetic characteristics, it offers affordable and effective solutions for transformers by reducing core losses.
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Asia Pacific, which holds the largest share of the worldwide market, is anticipated to rise at a CAGR of 5.8% throughout the forecast period. The examination of the Asia-Pacific market covers China, India, Japan, Australia, and the rest of the region. In terms of both power production and consumption, India comes in third place globally. Furthermore, it is predicted that investments totaling USD 179.31 billion will enter the Indian electricity sector. India would account for almost 44% of sales across South Asia and the Pacific. Government initiatives to build reliable and reasonably priced energy generation and distribution networks across the country for rural and urban electrification are predicted to boost India's energy sector development.
During the projection period, Europe is anticipated to expand at a CAGR of 6.8%. because of the region's growing car industry and the emerging electric vehicle market segment. The automobile industry is quickly establishing cost and fuel economy, recyclability, and formability as key focal areas, making material and component selection more important than ever. According to data released by Tata Steel, a division of the Tata Group, the demand for advanced electrical and plated steel in the European automotive industry would climb by 2.6 million tonnes by 2050 as a result of the anticipated increase in demand for electric or ultra-low emission vehicles.
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Electrical Steel Market Drivers
Rise of Electric Motor to Bolster Market Growth
Electrical Steel Market Restraints
Price Fluctuation to Hinder Market Growth
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Due to the presence of multiple significant companies, the market for electrical steel is quite competitive. The leading businesses have a competitive edge thanks to their cutting-edge technology, robust research efforts, and established positions in local marketplaces.
Electrical Steel Market Top Player’s Company Profiles
Electrical Steel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global electrical steel market is experiencing significant growth due to the increasing demand for energy-efficient transformers and motors in various industries. Electrical steel is used in the manufacturing of transformers, electric motors, and other power distribution systems due to its unique magnetic properties. The rise in demand for energy-efficient electrical equipment, coupled with the increasing focus on renewable energy sources, is expected to drive the growth of the global electrical steel market. The market is also expected to benefit from the expansion of the power generation and transmission infrastructure in emerging economies. The market faces a few significant restraints, such as volatility in raw material prices, high capital requirements, and limited availability of raw materials. These factors may limit the growth potential of the market in the coming years. Nonetheless, the increasing demand for energy-efficient electrical equipment and the expansion of the power generation and transmission infrastructure are expected to drive the growth of the market in the long run.
Report Metric | Details |
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Market size value in 2031 | |
Growth Rate | ong>US Electrical Steel Market is poised to grow at a sustainable CAGR for the next forecast year.% |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Electrical Steel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electrical Steel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Electrical Steel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG15O2013