Global Electrical Steel Market is valued at approximately USD 25.89 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.30% over the forecast period 2023-2030. Electrical steel, also known as silicon steel or transformer steel, is a specialized type of steel used in the production of electrical equipment. It is designed to have specific magnetic properties that make it ideal for use in devices and machinery that require efficient and controlled magnetic flux. Electrical steel is a specialized type of steel that is tailored for electrical applications, featuring high magnetic permeability and low energy losses. It plays a crucial role in the efficient and reliable operation of various electrical devices. The Electrical Steel market is expanding because of factors such as rising adoption of electric vehicles and increasing demand for electricity.
As the global population and industrialization continue to grow, there is an increasing demand for electricity in various sectors such as residential, commercial, and industrial. This drives the need for efficient electrical power generation, transmission, and distribution systems, where Electrical Steel plays a vital role. According to International European Agency, there has been a rise in electricity demand in the residential sector in the year 2018 the total electricity demand for the residential sector was 6 thousand TWh which increases to 7 thousand TWh in the year 2020 and it is expected to reach at 10 thousand Twh by year 2040. Furthermore, the growing interest in electric vehicles (EVs) has created a surge in demand for Electrical Steel used in the production of EV motors and transformers. Electrical Steel’s unique magnetic properties are essential in enhancing motor efficiency and performance, which directly impacts the range and overall efficiency of EVs. According to Statista, in the year 2019, the sales of electric vehicles stood at 2.22 million vehicles which increased to 10.25 million vehicle sales in the year 2022 and it is projected to reach 17.07 million electric vehicles sales by the year 2028. These, rising sales indicated the rising adoption and production of electric vehicles are driving the market growth. In addition, the rising electrification of industrial processes and integration of renewable energy plants and rising technological advancement are some factors creating new opportunities for market growth. However, the fluctuations in raw material prices stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Electrical Steel Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as rising investment in EV production activities, rising emphasis on power generation, rising demand for electric motors and industrial development activities in the region. Whereas, Asia Pacific is projected to have significant growth owing to factors such as the rising adoption of electrification technologies in industries, rising adoption of industrial automation, and rising development of various renewable energy plants in the region.
Major market player included in this report are:
JFE Steel Corporation
NIPPON STEEL CORPORATION
China Steel Corporation
Tata Steel Limited
Baoshan Iron & Steel Co.,Ltd.
United States Steel Corporation
Recent Developments in the Market:
Ø In May 2023, JFE Steel announced the extension of its initial electric steel sheet capacity as well as the addition of a second phase expansion. This expansion would upgrade to world-class technologies and cutting-edge steel products, lowering CO2 emissions and contributing to the sustainability of the globe.
Ø In April 2023, Posco and Honda joined up to accelerate their journey by combining their respective strengths to become carbon neutral. Additionally, this alliance wants to work together in the fields of electric and environmental technologies in the future.
Global Electrical Steel Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Grain oriented electrical steel
Non-grain oriented electrical steel
Middle East & Africa
Rest of Middle East & Africa