Electrical Steel Market Size, Share, Growth Analysis, By Type(Grain-Oriented, Non- Grain-Oriented), By End User(Household Appliances, Manufacturing) - Industry Forecast 2024-2031

Report ID: SQMIG15O2013 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 65 | Figures: 77

Electrical Steel Market News

In February 2024, Germany’s biggest steelmaker Thyssenkrupp received an order for the supply of lower carbon emission grain-oriented electrical steel to Siemens Energy.
In February 2024, JSW Steel and Japan's JFE Steel jointly invested Rs 5,500 crore in a steel plant in India to produce electrical grade grain-oriented steel.
In January 2024, POSCO, the South Korean steel giant, successfully concluded the initial phase of constructing its cutting-edge, eco-friendly non-oriented electrical steel sheet plant, known as Hyper No, at Gwangyang Steel Works. This strategic development aims to cater to the increasing demand emerging from the electric vehicle (EV) and high-end appliance sectors.

Electrical Steel Market Report Snapshots

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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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Electrical Steel Market Size, Share, Growth Analysis, By Type(Grain-Oriented, Non- Grain-Oriented), By End User(Household Appliances, Manufacturing) - Industry Forecast 2024-2031

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