The global electrical steel market is a dynamic sector integral to various industries, primarily the power and energy sectors. Electrical steel, also known as silicon steel or transformer steel, possesses unique magnetic properties crucial for the efficient functioning of electrical equipment. It is widely used in transformers, electric motors, and generators. As the world continues to prioritize clean energy solutions, the electrical steel market plays a pivotal role in shaping the future of efficient and sustainable electrical systems.
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Data Bridge Market Research analyses that the Global Electrical Steel Market 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. The surge in global power generation and transmission projects is propelling a remarkable and sustained increase in demand for electrical steel, vital for diverse applications across various end-use industries.
Key Findings of the Study
Rise of the demand in the automobile industry is expected to drive the market's growth rate
In the automobile industry, the demand for electrical steel has surged due to its unique properties. With high electrical resistivity, permeability, low magnetostriction, and minimal hysteresis loss, electrical steel has become a preferred material in the production of automotive components. It plays a crucial role in manufacturing various parts, aligning with the industry's need for materials that enhance efficiency and performance in the increasingly electrified automotive landscape.
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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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Grain Oriented Steel (CGRO), Non-Oriented Electrical Steel (CRNGO)), 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 above1.39 w/kg), Flux Density (Less Than 1.65 Tesla, 1.65 Tesla to 1.69 Tesla, 1.69 Tesla to 1.73 Tesla, 1.73 Tesla to 1.76 Tesla, and Above 1.76 Tesla), Application (Transformers, Inductors, Battery, Shunt Reactors, Convertors, Motors, Electrical Ballasts, Power Generators, Wound Cores, and Others), End-User (Energy and Power, Household Appliances, Automobiles, Building and Construction, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
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Market Players Covered
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ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel Corporation (Japan), United States Steel Corporation (U.S.), SAIL (India), TATA Steel (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), Esteel (South Korea), Hesteel Group Tangsteel Company (China) ChinaSteel (Taiwan), ESL Steel Ltd. (India), Jiangsu Shagang Group Su ICP (China)., Union Electric Steel Corporation (U.S.), hebei puyang iron and steel group (china), Aperam (Luxemborg), Cleveland-Cliffs Inc. (U.S.), Slovenian Steel Group (Slovenia) and Sko-Die Inc (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 global electrical steel market is segmented on the basis of type, thickness, core losses, flux density, application, and end-user.
- On the basis of type, the market is segmented into grain oriented steel (CGRO), non-oriented electrical steel (CRNGO). Non-oriented electrical steel (CRNGO) segment is expected to dominate the global electrical steel market with a 56.49% market share as more silicon increased resistivity which increases its demand globally
- 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. 0.30 MM segment is expected to dominate the global electrical steel market with 134.79% market share as it is more used in rotating electrical machines, increasing its demand in the global market
- 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, and above1.39 w/kg. The less than 0.9 w/kg segment is expected to dominate the global electrical steel market with 237.53% market share as the electrical steel which has low core losses is more efficient in the application which increases its demand globally
- On the basis of flux density, the market is segmented into less than 1.65 tesla, 1.65 tesla to 1.69 tesla, 1.69 tesla to 1.73 tesla, 1.73 tesla to 1.76 tesla, and above 1.76 tesla. Above 1.76 tesla segment is expected to dominate the global electrical steel market with a 605.04% market share as high flux density electrical steel products are more used in the power generation industries globally
- On the basis of application, the market is segmented into transformers, inductors, battery, shunt reactors, convertors, motors, electrical ballasts, power generators, wound cores, and others. The motors segment is expected to dominate the global electrical steel market with 245.23% market share due to which more usage of motors in different industries
The motors segment will dominate the application segment of the electrical steel market
The motors segment will emerge as the dominating segment under paints with 245.23% market share. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, the growth and expansion of the semiconductors industry all around the globe will further bolster the growth of this segment.
- On the basis of end-user, the market is segmented into energy and power, household appliances, automobiles, building and construction, and others. The energy and power segment is expected to dominate the global electrical steel market with a 384.85% market share as electrical steel is more used in the manufacturing of the large grid used for the storage of electrical energy
The energy and power segment will dominate the end-user segment of the electrical steel market
The energy and power segment will emerge as the dominating segment end-user segment with 384.85% market share. This is because of the growing demand for energy and power in the market especially in the developing economies. Further, the growth and expansion of research development services on a global scale will bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the following companies as the major global electrical steel market players in global electrical steel market are Union Electric Steel Corporation (U.S.), hebei puyang iron and steel group (china), Aperam (Luxemborg), Cleveland-Cliffs Inc. (U.S.), Slovenian Steel Group (Slovenia) and Sko-Die Inc (U.S.)
Market Developments
- In January 2022, NLMK Group introduced an innovative steel product featuring an antibacterial coating. Specifically designed to shield the metal surface from harmful microorganisms, this advancement holds significant value for applications in medical and other facilities with stringent cleanliness and safety standards. The antibacterial-coated steel aligns with evolving industrial needs, providing a proactive solution to enhance hygiene measures in environments where maintaining a sterile and secure setting is paramount
- In May 2020, Tata Steel introduced intelligent steel structures for the building and construction sector, expanding the application of electrical steel in construction. This strategic move positions the company to bolster revenue by meeting evolving industry needs. The incorporation of smart steel solutions enhances efficiency and performance in construction projects, offering a competitive edge. Tata Steel's foray into innovative applications underscores its commitment to staying at the forefront of technological advancements, ensuring sustained growth and market relevance
- In May 2020, voestalpine AG unveiled two innovative electrical sheet products, Backlack-V and Sovac, specifically designed for the automotive industry. This strategic expansion aims to bolster revenue growth in the future by addressing the unique needs of the automotive sector. The introduction of these advanced electrical sheet products underscores voestalpine AG's commitment to providing cutting-edge solutions, anticipating a positive impact on business performance and market positioning within the automotive industry
Regional Analysis
Geographically, the countries covered in the global electrical steel market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global electrical steel market during the forecast period 2022-2029
Asia-Pacific dominates the global electrical steel market, holding significant market share and revenue, a trend anticipated to persist from 2022 to 2029. This dominance is fueled by heightened demand for electrical steel, particularly in China, where non-oriented electrical steel production and consumption lead the region. China's leadership is attributed to the ease of producing and consuming non-oriented electrical steel, solidifying its position at the forefront of the Asia-Pacific market.
Europe is estimated to be the fastest-growing region in the global electrical steel market during the forecast period 2022-2029
Europe is expected to dominate the global electrical steel market, showcasing rapid development driven by the increasing demand for non-oriented electrical steel in commercial construction activities. The region's robust growth in this sector underscores its pivotal role in shaping the global market landscape, with a focus on non-oriented electrical steel catering to the demands of dynamic and expanding commercial construction projects.
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