The electrical steel market is advancing rapidly with the latest methods and technologies, driving significant growth. Innovations such as improved grain orientation, thinner gauges, and enhanced magnetic properties are revolutionizing transformer and electric motor efficiency. These advancements cater to rising demands in renewable energy infrastructure, electric vehicles, and industrial automation. With a focus on reducing energy losses and enhancing performance, the market is poised for substantial expansion. Key players are increasingly investing in R&D to meet evolving regulatory standards and consumer expectations, positioning electrical steel as a pivotal material in the future of energy-efficient technologies.
Data Bridge Market Research analyses that the Global Electrical Steel Market size was valued at USD 15.41 billion in 2021 and is expected to reach USD 25.09 billion by 2029, registering a CAGR of 6.28% during the forecast period of 2022 to 2029.
To know more about the study, visit: https://www.databridgemarketresearch.com/fr/reports/global-electrical-steel-market
Below are the Top Five Electrical Steel Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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ArcelorMittal
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ArcelorMittal is a global leader in steel production, including electrical steel used in power generation and distribution. They offer a range of high-quality electrical steels optimized for efficiency and performance in transformers and motors. Their extensive research and development focus on enhancing magnetic properties and reducing core losses, catering to diverse industrial applications.
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Middle East and Africa, North America, South America, Europe, Asia-Pacific
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In 2017, ArcelorMittal and Nippon Steel have acquired Essar Steel for USD 5.7 billion. This development has helped the company to increase the customer base and revenue
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2.
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Tata Steel
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Tata Steel is prominent in supplying electrical steel for various applications, focusing on energy-efficient solutions. They specialize in manufacturing grain-oriented and non-grain-oriented electrical steels that meet stringent global standards. Tata Steel's products are known for their reliability, ensuring minimal energy loss in transformers and electric motors, thereby supporting sustainable energy practices.
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Middle East and Africa, North America, South America, Europe, Asia-Pacific
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In June 2020, Tata Steel and Tata Steel Europe have been recognized as steel sustainability champions for the year from the past three years. This development helps the company to increase goodwill in the global market.
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3.
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SAIL
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SAIL plays a crucial role in India's electrical steel sector, offering both grain-oriented and non-grain-oriented electrical steels. Their products are integral to the power and energy sectors, providing robust solutions for transformers and other electrical equipment. SAIL's commitment to quality and technological advancements ensures competitiveness in domestic and international markets.
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Asia-Pacific
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In July 2020 SAIL company has launched a new alloy named R 260 grade which is used in the Indian railway. This development helps the company to increases product portfolio and revenue in the near future.
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4.
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Voestalpine AG
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voestalpine AG is a key player in the European electrical steel market, known for its innovative solutions in core laminations and transformer cores. They specialize in high-performance electrical steels tailored for efficiency and sustainability. voestalpine AG's products are essential in modern energy infrastructure, supporting the transition towards renewable energy sources.
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Oceania, Africa, Europe, Asia-Pacific, North America, South America
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In May 2019, voestalpine AG has decided to launch the two electrical sheet products for the automotive industry which are sovac and backlack-v. This development will help the company to increase revenue in the future.
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5.
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NIPPON STEEL CORPORATION
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NIPPON STEEL CORPORATION is a leading producer of electrical steel in Asia, supplying advanced materials for transformers and motors. They focus on developing next-generation electrical steels with superior magnetic properties and reduced iron loss. NIPPON STEEL's expertise in metallurgy and continuous innovation ensures their products meet evolving market demands for energy-efficient solutions.
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Middle East and Africa, Europe, Asia-Pacific, North America, South America
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In July 2018, NIPPON STEEL CORPORATION has entered into the partnership with the BP Oman the ceremony was held in Oman. This development helped the company to increase its customer base and revenue.
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Conclusion
The electrical steel market is poised for growth driven by increasing demand for energy-efficient electrical transformers and motors. Key drivers include advancements in industrial automation, renewable energy projects, and urbanization. These factors create opportunities for market expansion, particularly in Asia-Pacific and North America. To capitalize on these trends, stakeholders should focus on innovation in material composition, manufacturing processes, and sustainable practices. This strategic approach not only enhances product performance but also aligns with global initiatives towards energy conservation and emissions reduction, ensuring sustained market growth in the foreseeable future.
