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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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.

Global Electrical Steel Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 46.43
Market Size 2032 USD Billion 86.81
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 7.2%
CAGR 2024-2032 - Market by Region Asia Pacific 8.1%
CAGR 2024-2032 - Market by Country India 8.2%
CAGR 2024-2032 - Market by Country China 8.0%
CAGR 2024-2032 - Market by Type Grain-Oriented Electrical Steel 7.9%
CAGR 2024-2032 - Market by Application Motors 8.3%
Market Share by Country 2023 Canada 2.2%

Global Electrical Steel Market

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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.

Global Electrical Steel Market by Segment

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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.

CAGR 2024-2032 - Market by Country
India 8.2%
China 8.0%
Saudi Arabia 7.7%
Mexico 7.6%
UK 7.1%
USA 6.8%
Canada XX%
Germany XX%
Italy XX%
Japan XX%
Australia XX%
Brazil XX%
France 6.6%

Global Electrical Steel Market by Region

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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:

  • Type
  • Application
  • Region
Breakup by Type
  • Grain-Oriented Electrical Steel
  • Non-Grain-Oriented Electrical Steel
Breakup by Application
  • Transformers
  • Motors 
  • Generators
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ArcelorMittal S.A.
  • China Baowu Steel Group Corp., Ltd.
  • Nippon Steel Corporation
  • United States Steel Corporation 
  • State Authority of India Limited
  • Tata Steel Limited
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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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.

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+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124