PUBLISHER: Persistence Market Research | PRODUCT CODE: 1635779
PUBLISHER: Persistence Market Research | PRODUCT CODE: 1635779
Electrical Steel Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025 - 2032
Persistence Market Research has recently released a comprehensive report on the worldwide market for electrical steel. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global electrical steel market from 2025 to 2032.
Key Insights:
- Electrical Steel Market Size (2025E): USD 40.7 Billion
- Projected Market Value (2032F): USD 72.5 Billion
- Global Market Growth Rate (CAGR 2025 to 2032):8.6%
Electrical Steel Market - Report Scope:
Electrical steel is a critical material in the energy and automotive industries, primarily used in transformers, motors, and generators. Its unique magnetic properties enable efficient energy conversion and distribution, making it indispensable in applications ranging from power generation to electric vehicles (EVs). The market caters to diverse sectors, including power utilities, industrial machinery, and transportation, with product segments such as grain-oriented electrical steel (GOES) and non-grain-oriented electrical steel (NGOES).
Market Growth Drivers:
The global electrical steel market is driven by the rising demand for energy-efficient solutions, the rapid expansion of renewable energy infrastructure, and the increasing adoption of EVs. Technological advancements in steel manufacturing processes, such as the development of high-grade NGOES for advanced motors, are enhancing efficiency and reducing energy losses, further propelling market growth. Additionally, government initiatives promoting the adoption of sustainable technologies and stricter regulations on energy consumption are accelerating the demand for electrical steel across various industries.
Market Restraints:
Despite its promising growth, the electrical steel market faces challenges such as volatile raw material prices, high production costs, and supply chain disruptions. The reliance on iron ore and alloying elements like silicon and nickel makes the market susceptible to fluctuations in commodity prices. Furthermore, the complexity of manufacturing high-performance electrical steel and the need for substantial capital investments pose entry barriers for new players. Addressing these challenges requires innovation in production techniques and strategic partnerships across the supply chain.
Market Opportunities:
The electrical steel market presents significant growth opportunities fueled by the transition toward a low-carbon economy and the increasing electrification of industries. The burgeoning EV market offers immense potential, with demand for efficient motors driving innovation in NGOES grades. Additionally, the growth of smart grids and distributed energy systems expands the application scope of electrical steel in transformers and energy storage solutions. Investments in research and development to produce cost-effective and high-performance electrical steel are key to unlocking these opportunities.
Key Questions Answered in the Report:
- What are the primary factors driving the growth of the electrical steel market globally?
- How are emerging applications in renewable energy and EVs shaping the demand for electrical steel?
- What technological advancements are transforming the production and performance of electrical steel?
- Which companies are leading the market, and what strategies are they adopting to maintain competitiveness?
- What are the future prospects and emerging trends in the global electrical steel market?
Competitive Intelligence and Business Strategy:
Leading players in the global electrical steel market, such as ArcelorMittal, POSCO, Nippon Steel Corporation, and Baosteel Group Corporation, focus on innovation, strategic collaborations, and capacity expansion to gain a competitive edge. These companies are investing heavily in R&D to develop advanced grades of GOES and NGOES, catering to diverse applications in power transmission and electric mobility. Partnerships with renewable energy providers, automakers, and government bodies facilitate market penetration and promote technology adoption. Additionally, sustainability initiatives, such as the use of recycled materials and energy-efficient production methods, are integral to maintaining market relevance and addressing environmental concerns.
Key Companies Profiled:
- ArcelorMittal
- POSCO
- Nippon Steel Corporation
- Baosteel Group Corporation
- Tata Steel
- JFE Steel Corporation
- Voestalpine AG
- Thyssenkrupp AG
- AK Steel Holding Corporation
- Shagang Group
Electrical Steel Market Research 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
- East Asia
- South Asia & Oceania
- Latin America
- Middle East & Africa
Table of Contents
1. Executive Summary
- 1.1. Global Electrical Steel Market Snapshot, 2025 - 2032
- 1.2. Market Opportunity Assessment, 2025 - 2032, US$ Bn
- 1.3. Key Market Trends
- 1.4. Future Market Projections
- 1.5. Premium Market Insights
- 1.6. Industry Developments and Key Market Events
- 1.7. PMR Analysis and Recommendations
2. Market Overview
- 2.1. Market Scope and Definition
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
- 2.3. Product Type Lifecycle Analysis
- 2.4. Electrical Steel Market: Value Chain
- 2.4.1. List of Raw Application Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of End-use Industrys
- 2.4.5. Profitability Analysis
- 2.5. Porter Five Force's Analysis
- 2.6. Geopolitical Tensions: Market Impact
- 2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
- 2.8. Forecast Factors - Relevance and Impact
- 2.9. Regulatory and Technology Landscape
3. Global Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
- 3.2. Market Size (US$ Bn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2019 - 2023
- 3.2.2. Current Market Size Forecast, 2025 - 2032
- 3.3. Global Electrical Steel Market Outlook: Product Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Product Type, 2019 - 2023
- 3.3.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 3.3.3.1. Grain-Oriented Electrical Steel (GOES)
- 3.3.3.2. Non-Grain Oriented Electrical Steel (NGOES)
- 3.4. Market Attractiveness Analysis: Product Type
- 3.5. Global Electrical Steel Market Outlook: Application
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Application, 2019 - 2023
- 3.5.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 3.5.3.1. Transformers
- 3.5.3.2. Motors
- 3.5.3.3. Generators
- 3.5.3.4. Inductors and Chokes
- 3.5.3.5. Misc.
- 3.6. Market Attractiveness Analysis: Application
- 3.7. Global Electrical Steel Market Outlook: End-use Industry
- 3.7.1. Introduction / Key Findings
- 3.7.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis By End-use Industry, 2019 - 2023
- 3.7.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 3.7.3.1. Energy and Power Generation
- 3.7.3.2. Automotive
- 3.7.3.3. Manufacturing
- 3.7.3.4. Electronics
- 3.7.3.5. Aerospace
- 3.8. Market Attractiveness Analysis: End-use Industry
4. Global Electrical Steel Market Outlook: Region
- 4.1. Key Highlights
- 4.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Region, 2019 - 2023
- 4.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Region, 2025 - 2032
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
- 4.4. Market Attractiveness Analysis: Region
5. North America Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 5.1. Key Highlights
- 5.2. Pricing Analysis
- 5.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 5.3.1. By Country
- 5.3.2. By Product Type
- 5.3.3. By Application
- 5.3.4. By End-use Industry
- 5.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 5.4.1. U.S.
- 5.4.2. Canada
- 5.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 5.5.1. Grain-Oriented Electrical Steel (GOES)
- 5.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 5.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 5.6.1. Transformers
- 5.6.2. Motors
- 5.6.3. Generators
- 5.6.4. Inductors and Chokes
- 5.6.5. Misc.
- 5.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 5.7.1. Energy and Power Generation
- 5.7.2. Automotive
- 5.7.3. Manufacturing
- 5.7.4. Electronics
- 5.7.5. Aerospace
- 5.8. Market Attractiveness Analysis
6. Europe Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 6.1. Key Highlights
- 6.2. Pricing Analysis
- 6.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 6.3.1. By Country
- 6.3.2. By Product Type
- 6.3.3. By Application
- 6.3.4. By End-use Industry
- 6.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. Turkiye
- 6.4.8. Rest of Europe
- 6.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 6.5.1. Grain-Oriented Electrical Steel (GOES)
- 6.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 6.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 6.6.1. Transformers
- 6.6.2. Motors
- 6.6.3. Generators
- 6.6.4. Inductors and Chokes
- 6.6.5. Misc.
- 6.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 6.7.1. Energy and Power Generation
- 6.7.2. Automotive
- 6.7.3. Manufacturing
- 6.7.4. Electronics
- 6.7.5. Aerospace
- 6.8. Market Attractiveness Analysis
7. East Asia Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 7.1. Key Highlights
- 7.2. Pricing Analysis
- 7.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By Application
- 7.3.4. By End-use Industry
- 7.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
- 7.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 7.5.1. Grain-Oriented Electrical Steel (GOES)
- 7.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 7.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 7.6.1. Transformers
- 7.6.2. Motors
- 7.6.3. Generators
- 7.6.4. Inductors and Chokes
- 7.6.5. Misc.
- 7.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 7.7.1. Energy and Power Generation
- 7.7.2. Automotive
- 7.7.3. Manufacturing
- 7.7.4. Electronics
- 7.7.5. Aerospace
- 7.8. Market Attractiveness Analysis
8. South Asia & Oceania Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 8.1. Key Highlights
- 8.2. Pricing Analysis
- 8.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By Application
- 8.3.4. By End-use Industry
- 8.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
- 8.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 8.5.1. Grain-Oriented Electrical Steel (GOES)
- 8.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 8.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 8.6.1. Transformers
- 8.6.2. Motors
- 8.6.3. Generators
- 8.6.4. Inductors and Chokes
- 8.6.5. Misc.
- 8.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 8.7.1. Energy and Power Generation
- 8.7.2. Automotive
- 8.7.3. Manufacturing
- 8.7.4. Electronics
- 8.7.5. Aerospace
- 8.8. Market Attractiveness Analysis
9. Latin America Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 9.1. Key Highlights
- 9.2. Pricing Analysis
- 9.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By Application
- 9.3.4. By End-use Industry
- 9.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 9.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 9.5.1. Grain-Oriented Electrical Steel (GOES)
- 9.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 9.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 9.6.1. Transformers
- 9.6.2. Motors
- 9.6.3. Generators
- 9.6.4. Inductors and Chokes
- 9.6.5. Misc.
- 9.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 9.7.1. Energy and Power Generation
- 9.7.2. Automotive
- 9.7.3. Manufacturing
- 9.7.4. Electronics
- 9.7.5. Aerospace
- 9.8. Market Attractiveness Analysis
10. Middle East & Africa Electrical Steel Market Outlook: Historical (2019 - 2023) and Forecast (2025 - 2032)
- 10.1. Key Highlights
- 10.2. Pricing Analysis
- 10.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019 - 2023
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By Application
- 10.3.4. By End-use Industry
- 10.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2025 - 2032
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
- 10.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Product Type, 2025 - 2032
- 10.5.1. Grain-Oriented Electrical Steel (GOES)
- 10.5.2. Non-Grain Oriented Electrical Steel (NGOES)
- 10.6. Current Market Size (US$ Bn) and Volume (Units) Forecast By Application, 2025 - 2032
- 10.6.1. Transformers
- 10.6.2. Motors
- 10.6.3. Generators
- 10.6.4. Inductors and Chokes
- 10.6.5. Misc.
- 10.7. Current Market Size (US$ Bn) and Volume (Units) Forecast By End-use Industry, 2025 - 2032
- 10.7.1. Energy and Power Generation
- 10.7.2. Automotive
- 10.7.3. Manufacturing
- 10.7.4. Electronics
- 10.7.5. Aerospace
- 10.8. Market Attractiveness Analysis
11. Competition Landscape
- 11.1. Market Share Analysis, 2023
- 11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Analog IC
- 11.2.3. Apparent Product Capacity
- 11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Nippon Steel Corporation
- 11.3.1.1. Overview
- 11.3.1.2. Segments and Product
- 11.3.1.3. Key Financials
- 11.3.1.4. Market Developments
- 11.3.1.5. Market Strategy
- 11.3.2. POSCO
- 11.3.2.1. Overview
- 11.3.2.2. Segments and Product
- 11.3.2.3. Key Financials
- 11.3.2.4. Market Developments
- 11.3.2.5. Market Strategy
- 11.3.3. JFE Steel Corporation
- 11.3.3.1. Overview
- 11.3.3.2. Segments and Product
- 11.3.3.3. Key Financials
- 11.3.3.4. Market Developments
- 11.3.3.5. Market Strategy
- 11.3.4. Baosteel Group Corporation
- 11.3.4.1. Overview
- 11.3.4.2. Segments and Product
- 11.3.4.3. Key Financials
- 11.3.4.4. Market Developments
- 11.3.4.5. Market Strategy
- 11.3.5. ArcelorMittal
- 11.3.5.1. Overview
- 11.3.5.2. Segments and Product
- 11.3.5.3. Key Financials
- 11.3.5.4. Market Developments
- 11.3.5.5. Market Strategy
- 11.3.6. ThyssenKrupp AG
- 11.3.6.1. Overview
- 11.3.6.2. Segments and Product
- 11.3.6.3. Key Financials
- 11.3.6.4. Market Developments
- 11.3.6.5. Market Strategy
- 11.3.7. Cogent Power
- 11.3.7.1. Overview
- 11.3.7.2. Segments and Product
- 11.3.7.3. Key Financials
- 11.3.7.4. Market Developments
- 11.3.7.5. Market Strategy
- 11.3.8. AK Steel Holding Corporation
- 11.3.8.1. Overview
- 11.3.8.2. Segments and Product
- 11.3.8.3. Key Financials
- 11.3.8.4. Market Developments
- 11.3.8.5. Market Strategy
- 11.3.9. Aperam
- 11.3.9.1. Overview
- 11.3.9.2. Segments and Product
- 11.3.9.3. Key Financials
- 11.3.9.4. Market Developments
- 11.3.9.5. Market Strategy
- 11.3.10. Voestalpine AG
- 11.3.10.1. Overview
- 11.3.10.2. Segments and Product
- 11.3.10.3. Key Financials
- 11.3.10.4. Market Developments
- 11.3.10.5. Market Strategy
- 11.3.11. Allegheny Technologies, Inc.
- 11.3.11.1. Overview
- 11.3.11.2. Segments and Product
- 11.3.11.3. Key Financials
- 11.3.11.4. Market Developments
- 11.3.11.5. Market Strategy
- 11.3.12. Nicore Electrical Manufactory Co., LTD.
- 11.3.12.1. Overview
- 11.3.12.2. Segments and Product
- 11.3.12.3. Key Financials
- 11.3.12.4. Market Developments
- 11.3.12.5. Market Strategy
- 11.3.1. Nippon Steel Corporation
12. Appendix
- 12.1. Research Methodology
- 12.2. Research Assumptions
- 12.3. Acronyms and Abbreviations
