Electrical Steel Market - Factors Driving Growth Post 2024: Forecast 2030

 

Electrical Steel Industry Overview

The global electrical steel market size was valued at USD 28.53 billion in 2023 and is expected to grow at a compounded annual growth rate (CAGR) of 4.7% from 2024 to 2030. 

Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.

Gather more insights about the market drivers, restrains and growth of the Electrical Steel Market 

Electrical steel finds application in generators, electric motors, relays, solenoids, and other electromagnetic devices, which are further used in power distribution systems and other related applications. The U.S. is the second-largest electricity generator in the world. In 2022, the country generated around 4,243 TWh of electricity, a 6.4% increase compared to 2021. The growth in the electric vehicles (EVs) industry is another driver for the market. Electrical steel contains specific magnetic properties, which makes it of vital use in rotors and stators in motor of an EV. The product helps enhance motor efficiency by minimizing core energy losses and accelerating vehicle’s range.

In 2022, electric car sector reached a notable milestone by achieving a new sales record, despite the contraction in overall car sales. In 2022, EV sales surpassed 10 million units, and this number is anticipated to reach 17 million by the end of 2023. Rising EV production propels use of electric motors, thus boosting electrical steel consumption.

Rising demand for electrical steel has compelled manufacturers to expand their production. For instance, in May 2021, JSW Steel and JFE Steel Corporation signed an MoU to begin a feasibility study for establishing a joint venture company in India for manufacturing and sales of electrical steel sheets in the country.

Electrical Steel Market Segmentation

Grand View Research has segmented the global electrical steel market report based on product, application, and region:

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

·         Grain oriented electrical steel

·         Non-grain oriented electrical steel

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

·         Transformer

·         Motor

·         Inductor

·         Other

Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

North America

·         US

·         Canada

·         Mexico

Europe

·         Germany

·         Russia

·         Turkey

·         France

·         Italy

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

Central & South America

·         Brazil

Middle East & Africa

·         Iran

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

The global power quality measurement equipment market size was estimated at USD 35.6 billion in 2023 and is projected to grow at a CAGR of 3.5% from 2024 to 2030. 

The global extreme ultraviolet lithography market size was estimated at USD 9.42 billion in 2023 and is projected to grow at a CAGR of 17.3% from 2024 to 2030. 

Key Companies & Market Share Insights

The market for electrical steel is highly competitive in nature owing to presence of several major players. The key players have a competitive edge such as advanced technology, significant research activities, and a strong foothold in regional markets. To compete in the market, key manufacturers are adopting numerous strategies, such as upgrading plants to cater high-quality products to customers. In May 2023, Nippon Steel Corporation announced further expansion for its high grades non-oriented electrical steel sheets.

Key Electrical Steel Companies:

·         ArcelorMittal

·         Cleveland-Cliffs Corporation

·         JFE Steel Corporation

·         Nippon Steel Corporation

·         POSCO

·         Tata Steel

·         thyssenkrupp AG

Order a free sample PDF of the Electrical Steel Market Intelligence Study, published by Grand View Research.

 

 

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