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Global Electrical Steel Market Size, Trends, Analysis: By Type: Grain-Oriented Electrical Steel, Non-Grain-Oriented Electrical Steel; By Application: Transformers, Motors, Generators, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
Global Electrical Steel Market Outlook
The global electrical steel market attained a value of about USD 46.43 billion in 2023. The market is further expected to grow at a CAGR of 7.2% during the forecast period of 2024-2032 to reach nearly USD 86.81 billion by 2032.
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Expansion of Power Generation Owing to Rapid Industrialisation is Augmenting Market Growth
The electrical steel industry is being driven by the usage of electrical power in power generation as electrical steel produces magnetic cores for generators, transformers, and motors. The demand for electrical steel can be attributed to the rising emphasis on reducing CO2 emissions. In addition, the growing adoption of high-performance transformers owing to government initiatives boosting urbanisation and industrialisation is impelling the market growth. With the outbreak of COVID-19, the industry faced a slight decline owing to discontinued construction activities. However, expansion of construction activities in developing countries like India and China, as the pandemic starts to retreat, are increasing the requirement of an efficient mode of power generation, hence, bolstering market growth. Furthermore, the market is expected to boost with the introduction of regular measures and government schemes ensuring the electricity supply in rural areas in India. Furthermore, the industry growth can be attributed to the growing use of hydra power, and other renewable energy sources requiring electrical steel that can store energy for long durations.
Electrical Steel: Market Segmentation
Electrical steel, also known as silicon steel, is a steel alloy of iron and silicon. It has advanced electrical properties that are widely used in transformers, motors, and generators, among other electromagnetic devices. The addition of silicon in iron makes electrical steel rich with properties like high permeability, low magnetostriction, and high electric resistivity.
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On the basis of type, the market can be segmented into:
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
Based on application, the market is segmented into:
- Transformers
- Motors
- Generators
- Others
The EMR report looks into the regional markets of electrical steel like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.
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Rising Demand for Electrical Steel to Aid the Market Growth of Electrical Steel
Electrical steel is deployed in the manufacturing of various components like motors, batteries, and actuators, among others; thus, the growing demand for electrical steel from the automotive industry is driving the industry growth. Electrical steel increases the fuel efficiency of the vehicle, aiding in sustainable energy consumption, hence, supporting the industry growth. Furthermore, in the wake of climate change and global warming, the emergence of electronic vehicles is anticipated to drive the electrical steel industry in the forecast period. Electrical steel is a core element in the production of electric motors, creating stronger magnetic flux, without which the efficiency of the vehicle cannot be retained. Hence, this is bolstering the market growth of the electrical steel industry in the automotive sector. Moreover, with rising prices of fuels like gasoline and diesel, electrical vehicles are emerging as a promising, environment friendly and cost-effective means of transportation, hence, providing lucrative growth opportunities to the electrical steel industry.
Key Industry Players in the Global Electrical Steel Market
The report presents a detailed analysis of the following key players in the global electrical steel market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- ArcelorMittal S.A.
- China Baowu Steel Group Corp., Ltd
- Nippon Steel Corporation
- United States Steel Corporation
- State Authority of India Limited
- Tata Steel Limited
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electrical Steel Market Analysis
8.1 Key Industry Highlights
8.2 Global Electrical Steel Historical Market (2018-2023)
8.3 Global Electrical Steel Market Forecast (2024-2032)
8.4 Global Electrical Steel Market by Type
8.4.1 Grain-Oriented Electrical Steel
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Non-Grain-Oriented Electrical Steel
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Electrical Steel Market by Application
8.5.1 Transformers
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Motors
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Generators
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Electrical Steel Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Electrical Steel Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electrical Steel Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electrical Steel Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electrical Steel Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electrical Steel Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ArcelorMittal S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 China Baowu Steel Group Corp., Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Nippon Steel Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 United States Steel Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 State Authority of India Limited
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Tata Steel Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electrical Steel Market: Key Industry Highlights, 2018 and 2032
2. Global Electrical Steel Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Electrical Steel Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Electrical Steel Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Electrical Steel Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Electrical Steel Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Electrical Steel Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Global Electrical Steel Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Global Electrical Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Electrical Steel Market Structure
Key Questions Answered in the Report
The market attained a value of approximately USD 46.43 billion in 2023.
The market is projected to grow at a CAGR of 7.2% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 86.81 billion by 2032.
The market is being driven by the increasing deployment of electrical steel in power generation, growing demand from the automotive sector, and rising disposable incomes.
The key trends of the market include the growing deployment of renewable energy and favourable initiatives by various governments to promote urbanisation and industrialisation.
The major regional markets for electrical steel are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The leading types of electrical steel are grain-oriented electrical steel and non-grain-oriented electrical steel.
The major applications of electrical steel are transformers, motors, and generators, among others.
The key 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.
Analyst Review
The global electrical steel market attained a value of about USD 46.43 billion in 2023, driven by the increasing construction activities. Aided by the emergence of electric vehicles, the market is expected to grow at a CAGR of 7.2% in the forecast period of 2024-2032 to reach nearly USD 86.81 billion by 2032.
EMR’s meticulous research methodology delves deep into the market covering the macro and micro aspects of the industry. On the basis of type, the market can be segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. On the basis of applications, the market can be divided into transformers, motors, and generators, among others. The major regional markets for electrical steel are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. They key players in the industry 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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