Electrical Steel Market by Type (Non Grain-Oriented Steel, and Grain-Oriented Steel), Application (Transformers, Motors, Inductors, and Others), End-Use Industry (Energy, Automobiles, Manufacturing, Household Appliances, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026235 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 35.9 billion mark in 2022 and is expected to hit US$ 58.4 billion by 2030, recording a CAGR of 6.3% during the forecast period.

Electrical steel market has been significantly growing with the increasing electric motors demand

Electrical steel is an iron alloy manufactured to produce magnetic properties, resulting in minimized power loss per cycle, along with improved electrical properties. Electrical steel has wide applications in electric motors in residential, commercial and industrial sectors. As a result of increased adoption of hybrid and electric vehicles is anticipated to fuel the market growth. Electrical steel is used in manufacturing of motors with strong magnetic flux, torque and power generators, along with reduced carbon dioxide emissions. Moreover, electric steel reduces the weight of automotive parts. In accordance with the data obtained from EV Volume 6.5 million units of electric vehicles were sold worldwide in 2021, estimated to be 108% increase in sales volume compared to the year 2020. 

Within the report, the market is segmented into type, application, end-use industry and geography. By type, the market is further divided into non grain-oriented steel and grain-oriented steel. On the basis of application, the market is divided into transformers, motors, inductors and others. By end-use industry, the market is further divided into energy, automobiles, manufacturing, household appliances and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

The upcoming government regulations and support is projected to increase the electrical steel demand

The size of the automotive industry in emerging economies such as India, China and Brazil is significantly growing, as the government regulations in these countries are not stringent. Therefore, these countries are expected to have huge potential for electrical steel demand and market players. Moreover, the increasing awareness about carbon emitting vehicles and government’s emphasis of its reduction is anticipated to increase the demand of electrical steel. The manufacturers are focused on research and development of novel materials aiding the utilization of electric steel, which is used for construction and passenger vehicles.

High demand for electrical steel in transformers and motors

The increased production of automobiles is the major driving factor of electric steel market. The utilization of electrical steel in automobile and automotive components increases the vehicle’s fuel efficiency. Moreover, electrical steel market is witnessing novel trend of energy conservation. The increasing world population along with rapid industrialization and urbanization, has resulted in increased electricity demand. These factors are significant drivers fueling the transformers demand. The properties of electrical steel namely, high magnetic permeability leads to its increased utilization in power and transformer sector.

Recent strategic developments in electrical steel market

The electrical steel market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2021, JFE Steel Corporation signed a Memorandum of Understanding to conduct a Feasibility Study with JSW Steel Limited (JSW) , a Strategic Alliance Partner, to establish a Grain Oriented Electrical Steel Sheet Manufacturing & Sales Joint-Venture Company in India.
  • In January 2021, ArcelorMittal invested US $ 14.8 million in its Saint Chély d’Apcher plant (France). It specializes in iCARe electrical steels for the automotive sector. The investment aims to produce cutting-edge non grain-oriented (NO) iCARe electrical steel grades.

The electrical steel market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Sumitomo Corporation, Nippon Steel Corporation, JFE Holdings Inc., Voestalpine AG and United States Steel Corporation are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Electrical steel manufacturers
  • Electrical steel-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Electrical steel suppliers
  • Electrical steel distributors and sales firms
  • End users of electrical steel
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Non Grain-Oriented Steel
    • Grain-Oriented Steel
  • Application:
    • Transformers
    • Motors
    • Inductors
    • Others
  • End Use Industry:
    • Energy
    • Automobiles
    • Manufacturing
    • Household Appliances
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Sumitomo Corporation
    • Nippon Steel Corporation
    • JFE Holdings Inc.
    • Voestalpine AG
    • United States Steel Corporation

Companies profiled

- Sumitomo Corporation

- Nippon Steel Corporation

- JFE Holdings Inc.

- Voestalpine AG

- United States Steel Corporation

Report Code
Full Name
Country Name
Email Id
Phone Number
Job Title
Company
Requirement

Note : Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.


Purchase Options
Single User License
$2000
Site License
$3000
Enterprise License
$4000