Global Electrical Steel Market Report and Forecast 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