Global Electrical Steel Market

Global Electrical Steel Market Size, Share, Growth Analysis, By Type(Grain-Oriented, Non- Grain-Oriented), By End User(Household Appliances, Manufacturing) - Industry Forecast 2023-2030


Report ID: SQMIG15O2013 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 77

Global Electrical Steel Market Insights

Global Electrical Steel Market size was valued at USD 35.93 billion in 2021 and is poised to grow from USD 38.34 billion in 2022 to USD 60.36 billion by 2030, at a CAGR of 6.7% during the forecast period (2023-2030).

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.

Market snapshot

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

Global Electrical Steel Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Electrical Steel Market Size By Type 2022-2030 ($ Bn)
Global Electrical Steel Market Size By Type 2022-2030 (%)

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Global Electrical Steel Market Segmental Analysis

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.

Global Electrical Steel Market Size By Type 2022(%), in (%)

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Global Electrical Steel Market Regional Insights

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.

Global Electrical Steel Market Size By Geography, 2022-2030,
  • Largest
  • Fastest

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Global Electrical Steel Market Dynamics

Electrical Steel Market Drivers

Rise of Electric Motor to Bolster Market Growth

  • One of the key drivers of market expansion is the rising demand for electric motors across various residential, commercial, and industrial sectors. Electrical steel is widely used to produce motors with higher magnetic flux and torque as well as power generators with enhanced electromagnetic properties and minimal carbon dioxide emissions. Additionally, the use of hybrid and electric cars (H/EVs) is expanding, which is boosting market growth. Electric steel vehicle components are lighter while also enhancing the vehicle's aesthetics and safety.
  • High rate of electrical steel consumption in motors and transformers the rise in global vehicle manufacturing is one of the key drivers behind the expansion of the electrical steel market. The production is rising annually. The use of electrical steel in automobiles increases fuel efficiency, which raises demand for electrical steel in the automotive industry. Due to the increasing demand for electric and hybrid vehicles, it is predicted that the market for electrical steel would expand even more throughout the forecast period. Energy conservation is a recent market trend. Increased industrial expansion and rising energy consumption are the primary drivers of the industry and the demand for transformers.

Electrical Steel Market Restraints

Price Fluctuation to Hinder Market Growth

  • The production of electrical steel requires a variety of raw materials, including iron ore, coal, and other metals. Any volatility in the prices of these raw materials can significantly impact the production cost of electrical steel, which can lead to fluctuations in the market price of electrical steel.

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Global Electrical Steel Market Competitive Landscape

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

  • POSCO (South Korea)
  • Baosteel Group Corporation (China)
  • AK Steel Corporation (USA)
  • Voestalpine AG (Austria)
  • ThyssenKrupp AG (Germany)
  • Tata Steel Limited (India)
  • Kobe Steel, Ltd. (Japan)
  • United States Steel Corporation (USA)
  • China Steel Corporation (Taiwan)
  • NSSMC India Pvt. Ltd. (India)
  • Cogent Power Limited (UK)
  • ATI Allegheny Ludlum (USA)
  • Aperam S.A. (Luxembourg)
  • TISCO (India)
  • Stalprodukt S.A. (Poland)
  • ATI Wah Chang (USA)
  • Jindal Steel & Power Ltd. (India)
  • JSW Steel Ltd. (India)
  • MMK-Metiz (Russia)

Electrical Steel Market Recent Developments

  • In May 2023, JFE Steel unveiled plans for the expansion of its primary electric steel sheet production capacity, along with the introduction of a subsequent phase of expansion at its Kurashiki steel plant, located within the West Works facility. This strategic expansion effort is geared towards the incorporation of cutting-edge technologies and the development of advanced steel products, with a dual aim of curbing CO2 emissions and contributing to the global sustainability agenda, thereby fostering an eco-friendlier planet.

  • In April 2023, Posco and Honda entered into a collaborative partnership with the shared goal of accelerating their path towards achieving carbon neutrality. This strategic alliance leverages the expertise of both entities to pursue their environmental objectives. Furthermore, the partnership envisions ongoing collaboration in areas related to environmental and electric technology.

  • In July 2022, JFE Steel Corporation completed the acquisition of EcoLeaf, specifically for its tinplate products, JFE Universal Brite, and tin-free steel under the SuMPO EPD program in Japan. The inclusion of EcoLeaf will facilitate data visualization, contributing to a heightened level of transparency regarding the environmental attributes of JFE products.

Global Electrical Steel Key Market Trends

  • Rising Electricity Demand: This surge in demand can be attributed to factors such as rapid population growth, industrialization, and urbanization, all of which necessitate greater energy supply. As electricity remains a fundamental aspect of modern life, it drives the need for energy-efficient electrical equipment. Electrical steel, with its exceptional magnetic properties, plays a critical role in power generation and distribution equipment, particularly in transformers and generators, enabling energy efficiency improvements and the reduction of energy losses in the transmission and distribution of electrical power, thus addressing the escalating need for reliable and efficient electricity supply.
  • Globalization of Manufacturing: This trend is fueled by various factors, including access to cost-effective labor, global supply chains, and the pursuit of new markets. Electrical steel, as an essential component in various industries, benefits from this globalization as it allows manufacturers to access efficient, standardized materials for electrical equipment and components, ensuring compliance with international standards and enhancing competitiveness in a global market. This interconnected approach to manufacturing supports the growth of the electrical steel market by facilitating the efficient production and distribution of energy-efficient equipment across diverse industries and geographic regions.

Global Electrical Steel Market SkyQuest Analysis

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
Growth Rate ong>US Electrical Steel Market is poised to grow at a sustainable CAGR for the next forecast year.

%
Segments covered
  • Type
    • Grain-Oriented, Non- Grain-Oriented, Others
  • End User
    • Household Appliances, Manufacturing, Energy & Power, Automotive, Others
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
  • POSCO (South Korea)
  • Baosteel Group Corporation (China)
  • AK Steel Corporation (USA)
  • Voestalpine AG (Austria)
  • ThyssenKrupp AG (Germany)
  • Tata Steel Limited (India)
  • Kobe Steel, Ltd. (Japan)
  • United States Steel Corporation (USA)
  • China Steel Corporation (Taiwan)
  • NSSMC India Pvt. Ltd. (India)
  • Cogent Power Limited (UK)
  • ATI Allegheny Ludlum (USA)
  • Aperam S.A. (Luxembourg)
  • TISCO (India)
  • Stalprodukt S.A. (Poland)
  • ATI Wah Chang (USA)
  • Jindal Steel & Power Ltd. (India)
  • JSW Steel Ltd. (India)
  • MMK-Metiz (Russia)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Electrical Steel Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Electrical Steel Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

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.

Regional Analysis: Further analysis of the Global Electrical Steel Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

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.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

US Electrical Steel Market is poised to grow at a sustainable CAGR for the next forecast year.

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. 'ArcelorMittal (Luxembourg)', 'Nippon Steel Corporation (Japan)', 'JFE Steel Corporation (Japan)', 'POSCO (South Korea)', 'Baosteel Group Corporation (China)', 'AK Steel Corporation (USA)', 'Voestalpine AG (Austria)', 'ThyssenKrupp AG (Germany)', 'Tata Steel Limited (India)', 'Kobe Steel, Ltd. (Japan)', 'United States Steel Corporation (USA)', 'China Steel Corporation (Taiwan)', 'NSSMC India Pvt. Ltd. (India)', 'Cogent Power Limited (UK)', 'ATI Allegheny Ludlum (USA)', 'Aperam S.A. (Luxembourg)', 'TISCO (India)', 'Stalprodukt S.A. (Poland)', 'ATI Wah Chang (USA)', 'Jindal Steel & Power Ltd. (India)', 'JSW Steel Ltd. (India)', 'MMK-Metiz (Russia)'

One of the key drivers of market expansion is the rising demand for electric motors across various residential, commercial, and industrial sectors. Electrical steel is widely used to produce motors with higher magnetic flux and torque as well as power generators with enhanced electromagnetic properties and minimal carbon dioxide emissions. Additionally, the use of hybrid and electric cars (H/EVs) is expanding, which is boosting market growth. Electric steel vehicle components are lighter while also enhancing the vehicle's aesthetics and safety.

Rising Electricity Demand: This surge in demand can be attributed to factors such as rapid population growth, industrialization, and urbanization, all of which necessitate greater energy supply. As electricity remains a fundamental aspect of modern life, it drives the need for energy-efficient electrical equipment. Electrical steel, with its exceptional magnetic properties, plays a critical role in power generation and distribution equipment, particularly in transformers and generators, enabling energy efficiency improvements and the reduction of energy losses in the transmission and distribution of electrical power, thus addressing the escalating need for reliable and efficient electricity supply.

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.

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Global Electrical Steel Market

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