Market Overview:
Electrical Steel Market Size Was Valued at USD 40.73 Billion in 2023, and is Projected to Reach USD 71.63 Billion by 2030, Growing at a CAGR of 8.4% From 2023-2030
Electrical steel is a specific kind of steel alloy that is intended to display peculiar magnetic qualities that are necessary for the effective operation of electrical devices. It is often referred to as silicon steel or transformer steel. Transformers, electric motors, and other electromagnetic equipment are the main applications for it. Electrical steels come in a variety of physical qualities and are Fe-tuned alloys with Si generally ranging from 0 to 6.5 weight percent.
Electrical steel's silicon concentration increases its magnetic characteristics by lowering eddy current losses, which are brought on by the material's internal electric current flow in response to alternating magnetic fields. Electrical steel is a vital component in the power generation and distribution sector because it reduces eddy current losses, which raise energy efficiency and reduce heat generation in electrical devices. Grain-oriented (GO) and non-grain-oriented (NGO) electrical steel are two varieties. The growing need for electrical steel in the production of diverse electrical equipment is propelling the steady growth of the worldwide electrical steel market.
Top Key Players Covered in The Electrical Steel Market:
- Arnold Magnetic Technologies (U.S.)
- United States Steel Corporation (U.S)
- Cleveland-Cliffs Inc. (U.S)
- Nucor Corporation (U.S.)
- ArcelorMittal (Europe)
- Ape ram S.A. (Europe)
- Thyssenkrupp AG (Germany)
- NLMK (Russia)
- Shougang Group (China)
- Baosteel Group Corporation (China) and Other Major Players
Market Dynamics and Factors:
The increased emphasis on sustainable technologies and energy efficiency across a range of industries is reflected in the rising demand for electrical steel. The rapid rise of renewable energy sources is a result of this expanding need. Electrical steel is now essential for the manufacture of effective transformers and generators, which are the building blocks of renewable energy systems, as a result of the world's shift toward cleaner and more sustainable power generation. Electrical steel is essential to the basic components of hydroelectric power plants, solar inverters, and wind turbines.
The efficiency and performance of electrical devices and systems can be improved by research and development (R&D) in the field of electrical steel. Enhancing the magnetic properties of electrical steel is an important area of study and development. Researchers can try to improve the permeability, decrease core losses, and boost the magnetic flux density of a material by adjusting its composition and microstructure. Reaching these objectives would result in electrical devices that are more compact and efficient, which would eventually save energy and have a less negative impact on the environment.
The Electrical Steel Market Report Highlight:
- By Type, the grain-oriented sector is anticipated to dominate the market. Because of its distinct crystal structure, grain-oriented electrical steel is able to align itself with magnetic fields. It performs exceptionally well in electrical transformers by minimizing energy loss during the conversion of electrical energy. Electrical transformers are becoming more and more in demand as renewable energy sources like solar and wind power become more and more important. Because these transformers are essential to the efficient transmission of power from the source to the grid, grain-oriented steel is essential to their functioning.
- By Application, transformers are becoming more and more necessary as a result of the global shift towards renewable energy sources like solar and wind power. To transmit electricity produced from renewable sources more effectively, the power grid needs these transformers to step up or down the voltage levels. Particularly in emerging economies, the rapid rise of industry and urbanization is increasing demand for power. To meet the growing power needs of cities and businesses, more transformers must be installed.
- By Region, the electrical steel market is dominated globally by the Asia-Pacific region. This dominance is the result of several interconnected factors, including the rapidly urbanizing region, burgeoning economy, and growing need for energy-efficient technologies. The countries in the region, including China, Japan, and India, are still heavily urbanizing, and the demand for up-to-date, energy-efficient infrastructure and buildings is growing.
Key Industry Development:
- In May 2023, JFE Steel Corporation announced that it had formally decided to further expand the electrical steel sheet capacity of its West Japan Works’ Kurashiki steel facility, adding a second phase of expansion on top of an initial expansion that is currently underway. Combined, the two expansion projects will triple the plant’s original production capacity for top-grade non-oriented electrical steel sheet, a critical material used in the manufacture of electric vehicle primary motors.
- In March 2022, Arnold Magnetic Technologies acquired Ramco Electric Motors, and expanded its capabilities to manufacture fully engineered motors and components while adding strong relationships with important customers in strategic markets. Already a leading global manufacturer of high-performance magnets, magnetic assemblies, precision thin metals and highly loaded composites, Arnold now is also positioned as a dedicated manufacturer of stators, rotors and full electric motors.
The Electrical Steel Market Segmentation:
By Type
- Non-grain-oriented
- Grain-oriented
By Application
- Transformer
- Motors
- Inductors
By End-user
- Automotive
- Energy
- Manufacturing
- Household Appliances
For this report, Introspective Market Research has segmented the Electrical Steel Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
