Electrical Steel Market Size Growing at 7.2% CAGR, Set to Reach USD 45.4 Billion By 2030

Acumen Research and Consulting recently published report titled “Electrical Steel Market Forecast, 2022 – 2030”

BEIJING, March 06, 2023 (GLOBE NEWSWIRE) — The Global Electrical Steel Market Size accounted for USD 24.8 Billion in 2021 and is estimated to achieve a market size of USD 45.4 Billion by 2030 growing at a CAGR of 7.2% from 2022 to 2030

Electrical Steel Market Research Report Highlights and Statistics:

  • The Global Electrical Steel Market Size in 2021 stood at USD 24.8 Billion and is set to reach USD 45.4 Billion by 2030, growing at a CAGR of 7.2%
  • The Electrical Steel Market is growing as a result of the increasing demand for energy-efficient and high-performance transformers and motors in various industries, such as transportation, renewable energy, and electrical equipment manufacturing.
  • Some of the key market players include AK Steel Holding Corporation, ArcelorMittal, Nippon Steel Corporation, and POSCO.
  • The Electrical Steel Market is segmented by product type, including grain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES), and by application, including transformers, motors, inductors, and others.
  • Asia-Pacific dominates the market, driven by the high demand from countries such as China, India, and Japan. Europe and North America are also huge markets for electrical steel.
  • The increasing demand for renewable energy sources, the need for energy-efficient electrical equipment, and technological advancements in the production of electrical steel are some of the factors driving market growth.

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Electrical Steel Market Report Coverage:

Market Electrical Steel Market
Electrical Steel Market Size 2021 USD 24.8 Billion
Electrical Steel Market Forecast 2030 USD 45.4 Billion
Electrical Steel Market CAGR During 2022 – 2030 7.2%  
Electrical Steel Market Analysis Period 2018 – 2030
Electrical Steel Market Base Year 2021  
Electrical Steel Market Forecast Data 2022 – 2030
Segments Covered By Type, By Application, By End-User, And By Geography
Electrical Steel Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Shandong Iron and Steel Group Co Ltd, ArcelorMittal, SAIL, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Tata Steel Limited, Baosteel Group, United States Steel Corporation, JFE Steel Corporation, Shagang Group Inc., Jindal Steel and Power Limited, Ansteel Group Corporation, Voestalpine Group, and HBIS Group.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Electrical Steel Market Overview:

The Electrical Steel Market is a rapidly growing industry, characterized by the surging demand for energy-efficient and high-performance electrical equipment, such as transformers, motors, and generators.

Electrical steel is segmented into two main categories – grain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES) – each with its own unique properties and applications. GOES, for instance, is favored for its high magnetic conductivity and is predominantly utilized in the manufacture of transformers. Conversely, NOES, with its improved electrical conductivity, finds extensive use in the production of motors and generators.

Leading market players, including AK Steel Holding Corporation, ArcelorMittal, Nippon Steel Corporation, and POSCO, are driving innovation and growth in the sector through their cutting-edge electrical steel products.

Geographically, the electrical steel market is dominated by the Asia-Pacific region, driven by the high demand from countries such as China, India, and Japan. Europe and North America also hold huge market shares, driven by the growing demand for energy-efficient transformers and motors in these regions.

Looking ahead, the electrical steel market is poised for continued growth, with a projected compound annual growth rate (CAGR) of around 7.2% from 2022 to 2030. This is largely due to the increasing demand for renewable energy sources, the need for energy-efficient electrical equipment, and the technological advancements in the production of electrical steel.

The electrical steel market represents a dynamic and thriving industry, characterized by its diverse and unique applications, and its high-performance, energy-efficient products. Whether you’re an electrical equipment manufacturer or a consumer looking to upgrade your electrical infrastructure, the electrical steel market is one to watch closely.

Trends in the Electrical Steel Market:

  • Increasing demand for renewable energy: The growth in renewable energy sources, such as wind and solar power, is driving demand for energy-efficient transformers and motors made from electrical steel.
  • Growing demand for energy-efficient electrical equipment: The push towards energy efficiency is driving demand for electrical equipment made from electrical steel, as it is known for its energy-saving capabilities.
  • Rise of electric vehicles: The increasing popularity of electric vehicles is creating a demand for electrical steel, as it is used in the production of electric motors and power electronics.
  • Increase in infrastructure development: The growth in infrastructure development projects, particularly in developing countries, is creating a demand for electrical steel products, such as transformers and motors.
  • Growing demand for smart grid technology: The increasing adoption of smart grid technology is creating a demand for electrical steel, as it is used in the production of transformers and other electrical equipment that make up the smart grid.
  • Expansion of data centers: The growth of data centers is leading to an increased demand for electrical steel, as it is used in the production of transformers, motors, and other electrical equipment used in these facilities.
  • Growing demand for energy storage systems: The increasing demand for energy storage systems, such as batteries and capacitors, is creating a demand for electrical steel, as it is used in the production of these systems.

Electrical Steel Market Dynamics:

  • Increased use of electrical steel in aerospace and defense: The growing demand for electrical steel in the aerospace and defense industries, particularly for electrical systems in aircraft and military vehicles, is creating a new market for the material.
  • Growing demand for energy-efficient buildings: The push towards energy-efficient buildings is creating a demand for electrical steel, as it is used in the production of transformers and other electrical equipment used in these buildings.
  • Increased use of electrical steel in the automotive industry: The growing demand for electrical steel in the automotive industry, particularly for electric and hybrid vehicles, is creating a new market for the material.
  • Growing demand for energy-efficient appliances: The push towards energy-efficient appliances is creating a demand for electrical steel, as it is used in the production of motors and other electrical components used in these appliances.
  • Increased use of electrical steel in the healthcare sector: The growing demand for electrical steel in the healthcare sector, particularly for medical equipment, is creating a new market for the material.
  • Growing demand for energy-efficient lighting: The push towards energy-efficient lighting is creating a demand for electrical steel, as it is used in the production of transformers and other electrical components used in lighting systems.
  • Expansion of smart city initiatives: The growth of smart city initiatives, particularly in developing countries, is creating a demand for electrical steel, as it is used in the production of transformers and other electrical equipment that make up the smart city infrastructure.

Growth Hampering Factors in the Market for Electrical Steel:

  • High procurement and production costs: The production of electrical steel is energy-intensive and requires expensive raw materials, which can increase the cost of production and make the material less competitive compared to other alternatives.
  • Limited availability of high-quality electrical steel: The limited availability of high-quality electrical steel, particularly in developing countries, can limit its market growth.
  • Slow adoption of renewable energy and electric vehicles, can hamper the growth of the electrical steel market.
  • Volatility in raw material prices used in the production of electrical steel, such as iron ore and coal, can be volatile, making it difficult for manufacturers to maintain profitability.
  • Trade restrictions and tariffs, particularly in developing countries, can limit the supply of electrical steel and hinder its market growth.
  • Uncertainty in the global economy including fluctuations in exchange rates and the threat of global recession, can negatively impact the demand for electrical steel and lead to a slowdown in the market.
  • Economic instability in key markets can negatively impact the demand for electrical steel and lead to a slowdown in the market.
  • Environmental regulations, especially in developed countries, can increase the cost of production for electrical steel, making it less competitive compared to other alternatives.
  • Market saturation in developed countries: The market for electrical steel is becoming saturated in developed countries, leading to lower growth in these regions.
  • Technical challenges like cracking and corrosion can reduce the performance and lifespan of electrical steel products, hindering its market growth.

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Market Segmentation:

By Type of Electrical Steel:

  • Grain oriented type
  • Non-grain-oriented type 
    1. Semi-Processed
    2. Fully-Processed

By Application

  • Transformer
  • Inductor
  • Motor
  • Other

By End Use

  • Household Appliances
  • Energy
  • Manufacturing
  • Automotive
  • Others

Electrical Steel Market Overview by Region:

North America’s Electrical Steel market share is one of the highest globally, with a high demand for energy-efficient electrical equipment and a thriving aerospace and defense industry. The region is home to some of the world’s largest electrical steel producers, such as AK Steel and ArcelorMittal. The market in North America is driven by the adoption of smart grid technology and the expansion of renewable energy sources, such as wind and solar power.

The Asia-Pacific region’s electrical steel market share is the largest worldwide, with a strong demand for energy-efficient electrical equipment and a booming construction industry. The region is home to some of the world’s largest electrical steel producers, such as China Steel Corporation and JFE Steel. The market in Asia-Pacific is driven by the growth of infrastructure development projects and the increasing popularity of electric vehicles.

Europe is the fastest growing market for Electrical Steel, with a strong demand for energy-efficient electrical equipment and a thriving automotive industry. The region is home to some of the world’s largest electrical steel producers, such as Voestalpine and thyssenkrupp. The market in Europe is driven by the push towards energy-efficiency and the growth of renewable energy sources.

The South American and MEA regions have a good Electrical Steel market share. These regions are rich with raw materials and are expected to further grow moderately.

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Electrical Steel Market Key Players:

The Electrical Steel Market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include AK Steel, ArcelorMittal, China Steel Corporation, Companhia Siderurgica Nacional, Gerdau, JFE Steel, thyssenkrupp, Voestalpine, Nippon Steel Corporation, Tata Steel, Baoshan Iron & Steel Co., Ltd., POSCO, Wuhan Iron & Steel Co., Ltd., Shougang Group, Anshan Iron & Steel Group Corporation, Jiangsu Shagang Group Co., Ltd., Shandong Iron & Steel Group Co., Ltd., Hebei Iron & Steel Group Co., Ltd., and Jindal Steel & Power Ltd.

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