Electrical Steel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031

Description

The global electrical steel market is poised for remarkable growth, projected to rise from $42 billion in 2024 to $70.5 billion by 2031, at a CAGR of 7.7%. This specialized alloy, known for its superior magnetic properties, plays a vital role in energy-efficient systems such as transformers, electric motors, and generators. As industries shift toward energy efficiency and renewable energy integration, the demand for electrical steel surges globally.

Electrical steel is engineered to minimize core losses and eddy currents, ensuring efficient energy conversion in power transmission and distribution systems. Its high magnetic permeability has established it as an essential material for modern energy infrastructure. The market's expansion is fueled by the ongoing industrialization, urbanization, and investments in renewable energy technologies.

Key Drivers

Increasing Renewable Energy Integration

The transition to renewable energy sources, such as wind and solar power, has significantly driven the demand for electrical steel. Wind turbine generators and solar inverters rely heavily on this alloy for efficient energy conversion, making it indispensable in sustainable energy applications.

Infrastructure Modernization and Rising Electricity Demand

The increasing global electricity demand, coupled with substantial investments in upgrading power infrastructure, further accelerates the adoption of electrical steel. Developing nations are at the forefront of these initiatives, emphasizing the need for efficient power distribution systems.

Technological Advancements in Electrical Steel Manufacturing

Ongoing advancements in electrical steel design and manufacturing have enhanced the product's functionality, boosting its adoption across various sectors. These improvements cater to diverse applications, ranging from energy-efficient transformers to electric vehicles.

Business Opportunities

Smart Grid Technologies

The rapid adoption of smart grid technologies globally presents lucrative opportunities for the electrical steel market. As countries invest in intelligent and resilient power distribution networks, the demand for transformers and related equipment, made using electrical steel, continues to rise. This trend highlights the alloy's pivotal role in the future of power infrastructure.

Electric Vehicle Adoption

The automotive sector's transition to electric vehicles (EVs) has opened new avenues for electrical steel. Its application in electric motors and charging infrastructure makes it a critical component in the EV revolution. As governments worldwide push for sustainable transportation, the market for electrical steel in the automotive sector is expected to flourish.

Regional Analysis

East Asia: A Dominant Market Leader

East Asia leads the global electrical steel market, with China, Japan, and South Korea driving substantial demand. Rapid industrialization, urbanization, and investments in renewable energy solutions position this region as a key player. China, in particular, stands out as both a major producer and consumer of electrical steel.

South Asia & Oceania: Emerging Growth Hub

South Asia and Oceania are poised for rapid market expansion, driven by infrastructure development and renewable energy adoption in countries like India and Australia. The region's focus on sustainable energy solutions underscores its growing reliance on electrical steel.

Challenges and Restraints

Raw Material Accessibility and Volatility

The reliance on silicon, a critical component in electrical steel, presents challenges due to limited availability and price volatility. Geopolitical tensions and environmental regulations further complicate the supply chain.

Technological Barriers

While technological advancements have enhanced electrical steel performance, the industry's historical reliance on established norms sometimes hinders innovation. Overcoming these barriers requires significant investments in research and material science expertise.

Competitive Analysis

Prominent companies in the electrical steel market include:

Voestalpine
ArcelorMittal
Thyssenkrupp
Novolipetsk Steel
Aperam
POSCO
Nippon Steel Corporation
JFE Holdings
Cleveland-Cliffs Inc.
Slovenian Steel Group
China Steel Corporation
Steel Authority of India Limited
JSW MI Steel Service Center Pvt. Ltd.:
JMT Steel

These companies prioritize research and development to introduce innovative products, optimize production, and address evolving consumer needs.

Electrical Steel Market Segmentation

By Product Type:

Grain-Oriented Electrical Steel (GOES)
Non-Grain Oriented Electrical Steel (NGOES)

By Application:

Transformers
Motors
Generators
Inductors and Chokes
Misc.

By End-use Industry:

Energy and Power Generation
Automotive
Manufacturing
Electronics
Aerospace

By Region:

North America
Europe
South Asia
Latin America
Middle East & Africa

1. Executive Summary

1.1. Global Electrical Steel Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Electrical Steel Market Outlook, 2019 - 2031

3.1. Global Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Grain-oriented Electrical Steel
  - 3.1.1.2. Non-grain Oriented Electrical Steel
    - 3.1.1.2.1. Fully-processed
    - 3.1.1.2.2. Semi-processed
3.2. Global Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
3.3. Global Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. Automobile
  - 3.3.1.2. Manufacturing
  - 3.3.1.3. Energy
  - 3.3.1.4. Household Appliance
  - 3.3.1.5. Others (Construction, Fabrication)
3.4. Global Electrical Steel Market Outlook, by Region, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 3.4.1. Key Highlights
  - 3.4.1.1. North America
  - 3.4.1.2. Europe
  - 3.4.1.3. Asia Pacific
  - 3.4.1.4. Latin America
  - 3.4.1.5. Middle East & Africa

4. North America Electrical Steel Market Outlook, 2019 - 2031

4.1. North America Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Grain-oriented Electrical Steel
  - 4.1.1.2. Non-grain Oriented Electrical Steel
    - 4.1.1.2.1. Fully-processed
    - 4.1.1.2.2. Semi-processed
4.2. North America Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Inductors
  - 4.2.1.2. Motors
    - 4.2.1.2.1. 1 HP to 100 HP
    - 4.2.1.2.2. 101 HP to 200 HP
    - 4.2.1.2.3. 201 HP to 500 HP
    - 4.2.1.2.4. 501 HP to 1000 HP
    - 4.2.1.2.5. Above 1000 HP
  - 4.2.1.3. Transformers
    - 4.2.1.3.1. Transmission
    - 4.2.1.3.2. Portable
    - 4.2.1.3.3. Distribution
4.3. North America Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. Automobile
  - 4.3.1.2. Manufacturing
  - 4.3.1.3. Energy
  - 4.3.1.4. Household Appliance
  - 4.3.1.5. Others (Construction, Fabrication)
- 4.3.2. BPS Analysis/Market Attractiveness Analysis
4.4. North America Electrical Steel Market Outlook, by Country, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 4.4.1. Key Highlights
  - 4.4.1.1. U.S. Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 4.4.1.2. U.S. Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 4.4.1.3. U.S. Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 4.4.1.4. Canada Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 4.4.1.5. Canada Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 4.4.1.6. Canada Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Electrical Steel Market Outlook, 2019 - 2031

5.1. Europe Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Flush Electrical Steel
  - 5.1.1.2. Electrical Steel with Windows
  - 5.1.1.3. Paneled Electrical Steel
  - 5.1.1.4. Others
5.2. Europe Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 5.2.1. Key Highlights
5.3. Europe Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 5.3.1. Key Highlights
- 5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Europe Electrical Steel Market Outlook, by Country, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 5.4.1. Key Highlights
  - 5.4.1.1. Germany Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.2. Germany Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.3. Germany Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.4. U.K. Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.5. U.K. Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.6. U.K. Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.7. France Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.8. France Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.9. France Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.10. Italy Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.11. Italy Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.12. Italy Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.13. Spain Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.14. Spain Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.15. Spain Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.16. Russia Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.17. Russia Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.18. Russia Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.19. Rest of Europe Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.20. Rest of Europe Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 5.4.1.21. Rest of Europe Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Electrical Steel Market Outlook, 2019 - 2031

6.1. Asia Pacific Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Grain-oriented Electrical Steel
  - 6.1.1.2. Non-grain Oriented Electrical Steel
    - 6.1.1.2.1. Fully-processed
    - 6.1.1.2.2. Semi-processed
6.2. Asia Pacific Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Inductors
  - 6.2.1.2. Motors
    - 6.2.1.2.1. 1 HP to 100 HP
    - 6.2.1.2.2. 101 HP to 200 HP
    - 6.2.1.2.3. 201 HP to 500 HP
    - 6.2.1.2.4. 501 HP to 1000 HP
    - 6.2.1.2.5. Above 1000 HP
  - 6.2.1.3. Transformers
    - 6.2.1.3.1. Transmission
    - 6.2.1.3.2. Portable
    - 6.2.1.3.3. Distribution
6.3. Asia Pacific Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Automobile
  - 6.3.1.2. Manufacturing
  - 6.3.1.3. Energy
  - 6.3.1.4. Household Appliance
  - 6.3.1.5. Others (Construction, Fabrication)
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Asia Pacific Electrical Steel Market Outlook, by Country, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 6.4.1. Key Highlights
  - 6.4.1.1. China Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.2. China Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.3. China Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.4. Japan Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.5. Japan Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.6. Japan Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.7. South Korea Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.8. South Korea Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.9. South Korea Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.10. India Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.11. India Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.12. India Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.13. Southeast Asia Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.14. Southeast Asia Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.15. Southeast Asia Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.16. Rest of Asia Pacific Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.17. Rest of Asia Pacific Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 6.4.1.18. Rest of Asia Pacific Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Electrical Steel Market Outlook, 2019 - 2031

7.1. Latin America Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Grain-oriented Electrical Steel
  - 7.1.1.2. Non-grain Oriented Electrical Steel
    - 7.1.1.2.1. Fully-processed
    - 7.1.1.2.2. Semi-processed
7.2. Latin America Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
7.3. Latin America Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Automobile
  - 7.3.1.2. Manufacturing
  - 7.3.1.3. Energy
  - 7.3.1.4. Household Appliance
  - 7.3.1.5. Others (Construction, Fabrication)
- 7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Latin America Electrical Steel Market Outlook, by Country, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 7.4.1. Key Highlights
  - 7.4.1.1. Brazil Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.2. Brazil Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.3. Brazil Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.4. Mexico Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.5. Mexico Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.6. Mexico Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.7. Rest of Latin America Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.8. Rest of Latin America Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 7.4.1.9. Rest of Latin America Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Electrical Steel Market Outlook, 2019 - 2031

8.1. Middle East & Africa Electrical Steel Market Outlook, by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Grain-oriented Electrical Steel
  - 8.1.1.2. Non-grain Oriented Electrical Steel
    - 8.1.1.2.1. Fully-processed
    - 8.1.1.2.2. Semi-processed
8.2. Middle East & Africa Electrical Steel Market Outlook, by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Inductors
  - 8.2.1.2. Motors
    - 8.2.1.2.1. 1 HP to 100 HP
    - 8.2.1.2.2. 101 HP to 200 HP
    - 8.2.1.2.3. 201 HP to 500 HP
    - 8.2.1.2.4. 501 HP to 1000 HP
    - 8.2.1.2.5. Above 1000 HP
  - 8.2.1.3. Transformers
    - 8.2.1.3.1. Transmission
    - 8.2.1.3.2. Portable
    - 8.2.1.3.3. Distribution
8.3. Middle East & Africa Electrical Steel Market Outlook, by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Automobile
  - 8.3.1.2. Manufacturing
  - 8.3.1.3. Energy
  - 8.3.1.4. Household Appliance
  - 8.3.1.5. Others (Construction, Fabrication)
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Middle East & Africa Electrical Steel Market Outlook, by Country, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 8.4.1. Key Highlights
  - 8.4.1.1. GCC Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.2. GCC Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.3. GCC Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.4. South Africa Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.5. South Africa Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.6. South Africa Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.7. Rest of Middle East & Africa Electrical Steel Market by Product Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.8. Rest of Middle East & Africa Electrical Steel Market by Material Type, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
  - 8.4.1.9. Rest of Middle East & Africa Electrical Steel Market by End Use, Volume (Tons) and Value (US$ Bn) , 2019 - 2031
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. By End Use vs by Material Type Heat map
9.2. Manufacturer vs by Material Type Heat map
9.3. Company Market Share Analysis, 2024
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. Novolipetsk Steel
  - 9.5.1.1. Company Overview
  - 9.5.1.2. Product Portfolio
  - 9.5.1.3. Financial Overview
  - 9.5.1.4. Business Strategies and Development
- 9.5.2. Voestalpine Stahl GmbH
- 9.5.3. POSCO
- 9.5.4. Nippon Steel & Sumitomo Metal Corporation
- 9.5.5. ThyssenKrupp AG
- 9.5.6. JFE Steel Corporation
- 9.5.7. Cogent Power
- 9.5.8. ArcelorMittal SA
- 9.5.9. Aperam SA
- 9.5.10. Baosteel Group
- 9.5.11. AK Steel Holding Corp
- 9.5.12. Allegheny Technologies, Inc.
- 9.5.13. Phoenix Mecano AG
- 9.5.14. Leicong Industrial Co., Ltd.
- 9.5.15. Nicore Electrical Manufactory Co., LTD.
- 9.5.16. Steel Authority of India Limited

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations