Global Electrical Steel Market to Grow at a CAGR of 7.2% During 2024-2032, Aided by the Wide Applicability of Grain-Oriented Electrical Steel

The global market for electrical steel is gaining momentum due to the wide and varied applications of electrical steel in generators, transformers, and motors, among other uses. Among the two types of electrical steel, the demand for grain-oriented electrical steel is witnessing a considerable growth. Grain-oriented electrical steel exhibits high magnetic permeability leading to low excitation currents and lower inductions, thus, making it excellent for the iron cores of power transformers.

The rising production of grain-oriented electrical steel in India is anticipated to support the market growth in the Asia Pacific region. Grain-oriented steel is an essential material in the production of high-performance generators and energy-efficient transformers. Due to the increasing demand for electricity, the growing adoption of renewable energy sources, and the emergence of electronic vehicles, the demand for grain-oriented steel segment is increasing, thereby boosting the overall market growth. Two leading companies in the market, JSW Steel (NSE: JSWSTEEL) and JFE Steel (TYO: 5411), had announced to conduct a feasibility study to establish a manufacturing and sales joint venture company of grain-oriented steel in India in May 2021. The feasibility study was aimed at strengthening the position of both the players as India’s leading manufacturers of advanced steel products to reduce CO2 emissions and aid in building a sustainable world. Moreover, in January 2022, ThyssenKrupp Electrical Steel company announced the production of high-quality grain-oriented electrical steel with significantly reduced CO2 intensity for the transmission of electrical energy in low-loss power transformers. The first bluemint® steel with 50 % lower carbon emissions is expected to be supplied to the SGB-SMIT company to produce transformers for new digital E. ON medium-voltage substations.

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Market Analysis by Type, Application, and Region:

• On the basis of type, the market is segmented into grain-oriented electrical steel and non-grain- oriented electrical steel.

• On the basis of applications, the market is divided into transformers, motors, and generators, among others.

• The major regional markets for electrical steel are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

• The rising use of electrical steel in various applications, owing to its characteristics like high permeability, low magnetostriction, and high electric resistivity, is driving the market growth.

• The deployment of electrical steel in vehicle components like motors, actuators and batteries enhances the fuel efficiency of vehicles. Therefore, the thriving automobile sector is boosting the market growth.

• The increasing investments by the market players to enhance the production of electrical steel are anticipated to invigorate the market growth in the forecast period.

• Electrical steel is used in high-quality, power generating transformers, which is bolstering the market growth, as transformers that aid in controlling CO2 emissions are increasingly preferred.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for electrical steel for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) markets for types, applications, and major regions of electrical steel.

• The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global electrical steel market are ArcelorMittal S.A., China Baowu Steel Group Corp., Ltd., Nippon Steel Corporation, United States Steel Corporation, State Authority of India Limited, and Tata Steel Limited. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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