PUBLISHER: Global Insight Services | PRODUCT CODE: 1598624
PUBLISHER: Global Insight Services | PRODUCT CODE: 1598624
The electrical steel market is anticipated to expand from $22.8 billion in 2023 to $42.5 billion by 2033, with a CAGR of approximately 6.5%.
The electrical steel market encompasses the production and distribution of specialized steel tailored for electrical applications. This includes grain-oriented and non-grain-oriented variants, designed to enhance magnetic properties, reduce energy loss, and improve efficiency in transformers, motors, and generators. The market is driven by the rising demand for energy-efficient solutions, advancements in electric vehicle technology, and the global shift towards sustainable energy systems, underscoring its critical role in modern infrastructure and green technology initiatives.
The electrical steel market is witnessing robust growth, driven by increasing demand in the automotive and energy sectors. Grain-oriented electrical steel is the top-performing segment, primarily due to its critical application in transformers and large electric machines. Non-grain-oriented electrical steel follows closely, favored for its versatility in electric motors and generators. The automotive industry's shift towards electric vehicles fuels this demand, emphasizing efficiency and energy conservation.
Regionally, Asia-Pacific leads the market, propelled by rapid industrialization and urbanization, particularly in China and India. North America is the second-highest performing region, benefiting from advancements in renewable energy projects and electric vehicle adoption. Europe also shows significant potential, with stringent energy efficiency regulations driving the uptake of high-grade electrical steel. These regional dynamics are complemented by technological innovations and strategic partnerships, enhancing the market's competitive landscape and opening new avenues for growth.
Key Companies
Arnold Magnetic Technologies, Cogent Power, Thyssenkrupp Electrical Steel, AK Steel Holding, JFE Steel Corporation, Nippon Steel Corporation, POSCO, Baosteel Group, Shougang Group, Tata Steel, Voestalpine Stahl GmbH, NLMK Group, Arcelor Mittal, Hebei Iron and Steel Group, Benxi Steel Group, United States Steel Corporation, Gerdau, JSW Steel, Maanshan Iron and Steel Company, Steel Authority of India, Electra Core, Steel Wave Innovations, Volt Metals, Magneto Steel, Dynami Core, Electro Alloy Solutions, Power Flex Metals, Steel Fusion Technologies, Ener Steel Dynamics, Magna Metals Group, Volt Edge Materials, Steel Pulse Industries, Electra Met Solutions, Next Gen Steelworks, Eco Steel Innovations, Power Steel Technologies, Quantum Alloy Systems, Volt Craft Materials, Steel Vibe Enterprises, Ener Met Innovations
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