Electrical Steel Market Size, Share, Industry Growth, Analysis, Key Players Report and Forecast 2024-2032

ByIan Bell

According to the report by Expert Market Research (EMR), the global electrical steel market is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the rising demand for energy-efficient electrical systems and the increasing application of electrical steel in various industries, the market is expected to grow significantly by 2032.

Electrical steel, also known as silicon steel or transformer steel, is a type of specialty steel tailored to produce specific magnetic properties, such as low core loss and high permeability. These properties are essential in the manufacturing of energy-efficient transformers, motors, and generators. Electrical steel plays a crucial role in the energy sector by improving the efficiency of electrical appliances and reducing energy consumption.

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The growing emphasis on energy efficiency and the increasing adoption of electric vehicles (EVs) are significant drivers of the electrical steel market. As governments worldwide implement stringent energy regulations and promote the use of EVs, the demand for electrical steel is set to rise. Furthermore, the ongoing expansion of the renewable energy sector, particularly wind and solar power, necessitates the use of high-efficiency transformers and generators, thereby boosting the market for electrical steel.

Technological advancements and continuous innovation in the production processes of electrical steel have led to the development of high-grade materials with superior magnetic properties. These advancements are expected to further drive the market, as manufacturers seek to produce more efficient and cost-effective electrical steel products.

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Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

  • Grain-Oriented Electrical Steel (GOES)
  • Non-Grain-Oriented Electrical Steel (NGOES)

Market Breakup by Application

  • Transformers
  • Motors
  • Inductors
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electrical steel market. Some of the major players explored in the report by Expert Market Research are as follows:

  • ArcelorMittal S.A.
  • Nippon Steel Corporation
  • POSCO
  • Baosteel Group Corporation
  • AK Steel Corporation
  • JFE Steel Corporation
  • Voestalpine AG
  • Thyssenkrupp AG
  • Tata Steel Limited
  • United States Steel Corporation
  • Others.

Key Market Drivers

  • Rising Demand for Energy-Efficient Systems: The global push for energy efficiency is one of the primary drivers of the electrical steel market. Electrical steel’s unique properties make it essential for manufacturing high-efficiency transformers, motors, and generators, which are critical components in reducing energy consumption and losses.
  • Growth in Electric Vehicle Adoption: The rapid adoption of electric vehicles (EVs) is significantly boosting the demand for electrical steel. EV motors and charging infrastructure require high-grade electrical steel to ensure optimal performance and efficiency. As the EV market expands, so does the need for advanced electrical steel.
  • Expansion of Renewable Energy Sector: The global shift towards renewable energy sources, such as wind and solar power, is driving the demand for electrical steel. High-efficiency transformers and generators used in renewable energy systems rely on electrical steel for better performance and lower energy losses.
  • Technological Advancements: Continuous innovations in the production processes of electrical steel have led to the development of high-grade materials with superior magnetic properties. These advancements enable manufacturers to produce more efficient and cost-effective electrical steel products, driving market growth.
  • Government Regulations and Initiatives: Government regulations aimed at reducing carbon emissions and promoting energy efficiency are propelling the demand for electrical steel. Incentives and subsidies for adopting energy-efficient technologies further support market growth.

Market Challenges

  • Volatility in Raw Material Prices: The fluctuating prices of raw materials, such as iron ore and coking coal, can impact the production costs of electrical steel. Price volatility can affect profit margins for manufacturers and may pose a challenge to market growth.
  • Intense Competition: The electrical steel market is highly competitive, with numerous players vying for market share. Intense competition can lead to price wars and reduced profit margins, challenging the sustainability of smaller players.
  • Environmental Concerns: The production of electrical steel involves energy-intensive processes that contribute to environmental pollution. Increasing environmental concerns and stringent regulations on industrial emissions may pose challenges to the market.
  • Supply Chain Disruptions: Global supply chain disruptions, such as those caused by geopolitical tensions or natural disasters, can affect the availability of raw materials and disrupt production processes. Ensuring a stable supply chain is crucial for maintaining market stability.

Market Opportunities

  • Growing Adoption of Smart Grids: The development and deployment of smart grid technology offer significant opportunities for the electrical steel market. Smart grids require advanced transformers and inductors made from high-efficiency electrical steel to enhance grid performance and reliability.
  • Expansion in Emerging Markets: Emerging markets, particularly in Asia Pacific and Latin America, present lucrative opportunities for the electrical steel market. Rapid industrialization, urbanization, and increasing energy demand in these regions drive the need for efficient electrical systems, boosting the demand for electrical steel.
  • Advancements in EV Technology: Continued advancements in EV technology, including the development of more efficient motors and batteries, create opportunities for the electrical steel market. As EV technology evolves, the demand for high-grade electrical steel is expected to increase.
  • Focus on Sustainability: The growing focus on sustainability and environmentally friendly manufacturing processes presents opportunities for the electrical steel market. Developing eco-friendly production methods and recycling initiatives can attract environmentally conscious consumers and regulatory support.

The global electrical steel market is poised for significant growth between 2024 and 2032, driven by the rising demand for energy-efficient systems, the adoption of electric vehicles, and the expansion of the renewable energy sector. Technological advancements and government regulations further support market growth. However, challenges such as raw material price volatility and intense competition must be addressed. Opportunities in smart grid technology, emerging markets, and sustainable practices offer promising prospects for the market’s future. Key players in the market are expected to focus on innovation, strategic partnerships, and sustainable practices to maintain their competitive edge and meet the evolving demands of the market.

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