Top Electrical Steel Companies

Global Electrical Steel Market size was valued at USD 37.27 billion in 2023 and is poised to grow from USD 39.54 billion in 2024 to USD 63.5 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032). 

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) ', 'POSCO (South Korea) ', 'Voestalpine AG (Austria) ', 'China Baowu Steel Group Corporation (China) ', 'Nippon Steel Corporation (Japan) ', 'United States Steel Corporation (USA) ', 'Steel Authority of India Limited (India) ', 'TATA Steel Limited (India) ', 'Thyssenkrupp AG (Germany) ', 'JFE Steel Corporation (Japan) ', 'Shagang Group Inc. (China) ', 'Ansteel Group Corporation (China) ', 'Shandong Iron and Steel Group Co Ltd (China) ', 'NLMK Group (Russia) ', 'AK Steel Holding Corporation (USA) ', 'Baosteel Group (China) ', 'SSAB AB (Sweden) ', 'Hyundai Steel Company (South Korea) ', 'Voestalpine Stahl GmbH (Austria) ', 'Outokumpu Oyj (Finland)'

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 Electrical Steel 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.