Electrical steel, also known as silicon steel or transformer steel, is a type of specialty steel optimized for electrical applications. It has specific magnetic properties, including low core loss and high permeability, which make it ideal for use in transformers, inductors, electric motors, and generators. The steel is typically alloyed with silicon to enhance its electrical resistivity and reduce energy losses. Electrical steel is produced in various grades, tailored to meet specific requirements of the electrical industry, contributing significantly to energy efficiency in power distribution and electric devices.
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Data Bridge Market Research analyzes that the North America Electrical Steel Market is expected to reach USD 6.46 billion by 2031 from USD 3.97 billion in 2023, growing with a CAGR of 6.4% in the forecast period of 2024 to 2031. Increasing demand for steel in motors of hybrid electrical vehicles will drive the market growth.
Key Findings of the Study
- Growth in Application of Electric Vehicles
Since the environmental impact of fossil fuels is gaining popularity, the demand for electric vehicles is growing throughout the world. Since non-grain oriented electrical steel finds application in the manufacture of various parts that are vital for the working of electric vehicles, the growth in the application of electric vehicles is considered as a major market opportunity for the North America electrical steel market capable of boosting the sales and market demand.
Due to the growing environmental concerns, electric vehicles have started to widely replace, the normal vehicles that run on fossil fuels. However, since many of the parts present in such electrical vehicles are comprised of various parts made from non-grain oriented electrical steel, the growing demand for electrical vehicles acts as an excellent opportunity that could boost the demand and production of non-grain oriented electrical steel in the North America electrical steel market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Type (Non-Grain Oriented Electrical Steel and Grain Oriented Electrical Steel), Thickness (0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM, and Others), Core Losses (Less than 0.9 W/KG, 0.90 W/KG to 0.99 W/KG, 1.00 W/KG to 1.29 W/KG, 1.30 W/KG to 1.39 W/KG, and Above 1.39 W/KG), Flux Density (Above 1.76 Tesla, 1.73 Tesla to 1.76 Tesla, 1.69 Tesla to 1.73 Tesla, 1.65 Tesla to 1.69 Tesla, Less than 1.65 Tesla), Application (Motors, Transformers, Power Generators, Inductors, Electrical Ballasts, Battery, Convertors, Shunt Reactors, Wound Cores, and Others), End-User (Energy and Power, Engineering, Automotive, Building and Construction, Household Appliances, and Others)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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Cleveland-Cliffs Inc. (U.S), JFE Steel Corporation. (U.S), ArcelorMittal (Luxemburg), voestalpine AG (Austria), thyssenkrupp AG (Germany), Baosteel Co.,Ltd. (China), C.D. Wälzholz GmbH & Co. KG (Germany), NIPPON STEEL CORPORATION (Japan), POSCO (South Korea), TC Metal (U.S), Tempel (A subsidiary of Worthington Steel) (U.S)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The North America electrical steel market is segmented into six notable segments which are based on type, thickness, core losses, flux density, application, and end-user.
- On the basis of type, the market is segmented into non-grain oriented electrical steel and grain oriented electrical steel
In 2024, the non-grain oriented electrical steel segment is expected to dominate the North America Electrical Steel Market
In 2024, the non-grain oriented electrical steel segment is expected to dominate the North America electrical steel market with the market share of 61.39% due to its versatile applications in electric vehicle motors and efficient electrical machinery.
- On the basis of thickness, the market is segmented into 0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM and others
In 2024, the 0.23 MM electrical steel segment is expected to dominate the North America Electrical Steel Market
In 2024, the 0.23 MM segment is expected to dominate the North American electrical steel market with the market share of 42.52% due to its superior efficiency in reducing core losses, which is critical for high-performance applications such as transformers and electric motors.
- On the basis of core losses, the market is segmented into less than 0.9 W/KG, 0.90 W/KG to 0.99 W/KG, 1.00 W/KG to 1.29 W/KG, 1.30 W/KG to 1.39 W/KG, above 1.39 W/KG. In 2024, less than 0.9 W/KG segment is expected to dominate the market with a market share of 43.14%
- On the basis of flux density, the market is segmented into above 1.76 tesla, 1.73 tesla to 1.76 tesla, 1.69 tesla to 1.73 tesla, 1.65 tesla to 1.69 tesla, less than 1.65 tesla. In 2024, above 1.76 tesla segment is expected to dominate the market with a market share of 39.38%
- On the basis of application, the market is segmented into motors, transformers, power generators, inductors, electrical ballasts, battery, convertors, shunt reactors, wound cores, others. In 2024, motors segment is expected to dominate the market with a market share of 26.67%
- On the basis of end-user, the market is segmented into energy and power, engineering, automotive, building and construction, household appliances, others. In 2024, energy and power segment is expected to dominate the market with a market share of 44.36%
Major Players
Data Bridge Market Research analyzes Cleveland-Cliffs Inc. (U.S), JFE Steel Corporation. (U.S), ArcelorMittal (Luxemburg), voestalpine AG (Austria), thyssenkrupp AG (Germany) as the major players operating in the market.
Market Development
- In May 2024, Cleveland-Cliffs was recognized as a finalist at the American Iron and Steel Institute (AISI) General Meeting. Lourenco Goncalves, Chairman and CEO of Cleveland-Cliffs Inc., presented the esteemed 2024 Institute Finalist Medal to the Cleveland-Cliffs team. This accolade, one of the highest technical honors in the industry, commends their significant research into the use of HBI in the company's EAF and AOD operations, underscoring its importance to the American Iron and Steel sector
- In January 2024, JFE Steel announced its achievement of ISO 27001 certification, the international standard for information security management. This certification covers the company's development, maintenance, and security operations for externally marketed services, underscoring JFE Steel's commitment to robust information security practices
- In February 2024, JFE Steel Corporation has announced that its JGreeX TM green steel, known for its reduced environmental impact, has been chosen by a leading U.S. manufacturer of IT data center transformers. This marks the first application of JGreeX™ in the United States, with the order being fulfilled through Toyota Tsusho Corporation to Eaton Corporation, a prominent transformer manufacturer. JFE Steel employs mass-balance calculations to attribute emission reductions to individual JGreeX TM products, aligning with Japan Iron and Steel Federation guidelines to quantify their low CO2 emission intensity throughout the manufacturing process
- In June 2024, Materialise, a global leader in 3D printing software and services, and ArcelorMittal Powders, a unit of ArcelorMittal producing high-quality steel powders, have signed a Memorandum of Understanding (MOU) to enhance metal 3D printing. The collaboration aims to optimize Laser Powder Bed Fusion (LPBF) equipment and strategies by combining Materialise’s next-generation build processor with ArcelorMittal's AdamIQ TM solutions, improving speed, quality, and cost-efficiency
- In May 2024, thyssenkrupp Materials Services has inaugurated its latest steel service center in Sinton, Texas, marking a significant expansion in North America. With an investment exceeding EUR 30 million, the new facility enhances supply chain efficiency and supports diverse market segments, including automotive manufacturing across the region and neighboring Mexico. Positioned strategically to reduce transportation distances, the center underscores thyssenkrupp's commitment to delivering high-quality materials and bolstering its 'Materials as a Service' strategy. This expansion builds on the company's substantial investments totalling over EUR 100 million in North America over the past two years, reinforcing its role as a key partner in the automotive industry's supply chain
Regional Analysis
On the basis of geography, the market is segmented into U.S., Canada, and Mexico.
As per Data Bridge Market Research analysis:
The U.S. is the dominant and fastest growing country in the North America Electrical Steel Market
The U.S. electrical steel market is expected to be the dominant and fastest growing country due to rising demand of the high permeability grades alloy core and weight reduction materials in the power industry.
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