Electrical Steel Market [2018-2028] Analysis by Share, Trends, Demands, Forecast

Report Description

Global Electrical Steel Market is predicted to proliferate during the forecast period 2024-2028F owing to the growing demand for electrical steel from numerous industries, high consumption of electrical steel in motors and transformers, and increasing energy demand from the growing economies across the globe.

Electrical steel is also known as silicon electrical steel, silicon steel, relay steel, and transformer steel. Electrical steel is a speciality steel that is used in the cores of electromagnetic equipment including motors, generators, and transformers that helps in minimising power loss. It is an iron alloy with silicon as the primary adding component in place of carbon. Specific magnetic qualities are produced by the precise formulation, including a tiny hysteresis area that results in low power loss per cycle, a low core loss, and high permeability. Cold-rolled strips that are less than 2mm thick are typically used to produce electrical steel. The laminated cores of transformers, as well as the stator and rotor of electric motors are made by cutting these strips into certain shapes and then stacking them together. Laminations can be finished-shaped by being cut using a punch and die, or, in lesser numbers, by laser cutting or wire electrical discharge machining.

The rising demand for electric motors in various end user sectors such as residential, commercial, and industrial are the major driver propelling the market of electrical steel globally. Electrical steel is widely used to create power generators with enhanced electromagnetic properties and minimal carbon dioxide emissions, as well as motors with increased magnetic flux and torque. Additionally, the increased use of hybrid and electric vehicles (H/EVs) is boosting market expansion. The usage of electric steel declined the weight of vehicle parts while improving their appearance and safety. Accordingly, the market is expanding because of the rising demand for electrical steel for low-energy loss power transmission over long distances and infrastructure development projects. The development of several products, such as non-grain-oriented electrical steel with uniform magnetic properties, is another factor that drives the market growth.

Increasing Electrical Steel Demand from the Automotive Industry Helps to Expand the Market in the Upcoming Years
The rising demand for electrical steel in automotive industry that results in the improvement of vehicle performance along with the reduction in vehicle weight is attributed to the rapidly expanding automotive industry and the growing popularity of hybrid cars. The market of electrical steel is boosted due to the various developed countries such as United States, Australia, United Kingdom who launch new products in the field of electrical steel for its end user. For instance, on 24^th March 2023, United States Steel Corporation X announced the production of its new electrical steel product that is “InduX”. InduX is a wide, ultra-thin, and light-weight electrical steel, possessing all the magnetic properties necessary for electric vehicles (EV), generators, and transformers. The company is introducing InduX for the rapidly growing American electric vehicle market. Therefore, the market for electrical steel is expected to boost in the upcoming years.

Furthermore, one of the most important automotive applications of electric steel in automotive is electric motors as the use of electrical steel in automobiles improves fuel economy. These systems convert electrical energy into mechanical energy by energizing copper windings in a stator, which creates a magnetic field then causing the rotor to spin. Therefore, with the growing applications of electrical steel in the automotive industry, the market is likely to proliferate in the coming year. Additionally, as the global electric vehicle market grows, demand for EV materials such as electrical steel is growing in lockstep. Motors are essential for the effectiveness and overall performance of EVs because they determine a vehicle's horsepower. As a result, automakers aiming for the largest portion of the growing EV market are searching for superior electrical steels. As a result, many manufacturers of electric vehicles are focusing on improving their capacity to produce electrical steel for EVs.

For instance, on 21^st February 2023, Thyssenkrupp, the German engineering company with interests in high-grade electrical steel manufacturing in India explored possibilities for expanding its production capacity. Currently, the company has an annual capacity to produce electrical steel of 50,000 tonnes and plans to increase capacity to 65,000 tonnes through technology interventions, enough to produce 1.2 million motors for EVs. The strategic move is in line with Thyssenkrupp commitment towards expanding environment friendly businesses as well as its solution marketing efforts to provide customized material solutions to its partners. Hence, due to all these factors the demand for electrical steel rises along with the expansion of the automotive industry during the forecast period.

Recent Development:

On 7^th February 2023, a major producer of steel in Japan, JFE Steel, announced that it is going to increase its output of the essential element for electric vehicle (EV) motors due to increased demand globally. To strengthen current manufacturing facilities at its steelworks in western Japan's Okayama Prefecture, the business invested approximately USD 381 million. Expanded production is expected to start in fiscal 2026.
On 7^th December 2022, JFH Holdings and Nippon Steel Corporation invested USD 1.25 billion to increase the production of electrical steel used in electric vehicle motors, and they plan to increase their investment as customer demand grows as the switch to electric vehicles gathers momentum. Following a capacity boost in 2024, the companies are aiming to grow outside of Japan. While Nippon Steel claimed that its future investment is more likely to be in Japan, JFE Holding specifically evaluated possibilities including establishing a factory in North America, where electrical steel demand is anticipated to be robust.
In October 2021, Under the bluemint brand, certified CO2-reduced steel was introduced by ThyssenKrupp Steel. SGB-SMIT, a Regensburg-based transformer specialist, is the first customer to get bluemint powercore, which has CO2 intensity that is 50% lower.
Additionally, in September 2022, Nippon Steel announced the introduction of low-emission steel products to reduce emissions and battle climate change. By 2030, the corporation wants to cut its CO2 emissions by 30%.
In January 2022, PowerCore was introduced by ThyssenKrupp Steel. The high-tech core material was used in laminated or twisted grain oriented electrical steel applications, distribution transformers, and compact transformers is the unique grain-oriented product.
In December 2022, A US-based mining company and flat-rolled steel manufacturer, Cleveland-Cliffs Inc., announced the introduction of its Motor-Max range of non-oriented electrical steels for high-frequency motors, aviation generators, and electric cars.
On 29^th September 2022, JSW Steel is investing USD 1 billion alongside its Japanese partner JFE Steel to establish a speciality steel production facility in India. The initiative is anticipated to assist India in lessening its dependency on imports for premium alloy.
On 21^st February 2023, Thyssenkrupp, which has investments in the production of high-grade electrical steel in India, concentrated on increasing its production capacity. A minor portion of the nation's need, about 50,000 tonnes per year, can currently be met by the company's yearly capacity to make electrical steel.
By 2030–2031, India's annual steel output is expected to surpass 300 million tonnes. A 10% yield loss or a 90% conversion ratio of raw steel to finished steel is assumed for the projection that crude steel output would reach 255 million tonnes by 2030–2021, producing 230 million tonnes of completed steel production.

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Market Segmentation
The global electrical steel market is segmented based on type, application, vertical, and region. Based on type, the market is segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. Based on application, the market is segmented into transformers, motors & generators, and inductors. Based on vertical, the market is divided into automotive, construction, manufacturing, energy & power, and others. The market analysis studies the regional segmentation divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles
Aperam S.A, ArcelorMittal S.A, Baoshan Iron & Steel Co. Ltd, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel Limited, Voestalpine AG, United States Steel Corporation are among the major players that are driving the growth of the global electrical steel market.

Attribute	Details
Base Year	2022
Historical Years	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	Type Application Vertical Region
Regional Scope	Asia-Pacific, North America, Europe, Middle East & Africa, and South America
Country Scope	China, Japan, India, Australia, Singapore, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Qatar, Saudi Arabia, UAE, Brazil, Argentina, Colombia
Key Companies Profiled	Aperam S.A, ArcelorMittal S.A, Baoshan Iron & Steel Co. Ltd, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel Limited, Voestalpine AG, United States Steel Corporation
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail of customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the global electrical steel market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Electrical Steel Market, By Type:

Grain Oriented Electrical Steel
Non-Grain Oriented Electrical Steel

Global Electrical Steel Market, By Application:

Transformers
Motors & Generators
Inductors

Global Electrical Steel Market, By Vertical:

Automotive
Construction
Manufacturing
Energy & Power
Others

Global Electrical Steel Market, By Region:

Asia-Pacific

China
Japan
India
Australia
Singapore

North America

United States
Canada
Mexico

Europe

United Kingdom
Germany
France
Spain
Italy

Middle East & Africa

Israel
Qatar
Saudi Arabia
UAE

South America

Brazil
Argentina
Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global electrical steel market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Electrical Steel Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Global Electrical Steel Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Component (Hardware, Software, Service)

5.2.2. By Type (Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel)

5.2.3. By Application (Transformers, Motors & Generators, Inductors),

5.2.4. By Vertical (Automotive, Construction, Manufacturing, Energy & Power and Others)

5.2.5. By Region

5.3. By Company (2022)

5.4. Market Map

6. North America Electrical Steel Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Vertical

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Electrical Steel Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By Vertical

6.3.2. Canada Electrical Steel Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By Vertical

6.3.3. Mexico Electrical Steel Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.3.2.3. By Vertical

7. Asia-Pacific Electrical Steel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Vertical

7.2.4. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Electrical Steel Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By Vertical

7.3.2. Japan Electrical Steel Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By Vertical

7.3.3. India Electrical Steel Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By Vertical

7.3.4. Australia Electrical Steel Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By Vertical

7.3.5. Singapore Electrical Steel Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By Vertical

8. Europe Electrical Steel Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Vertical

8.2.4. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Electrical Steel Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By Vertical

8.3.2. United Kingdom Electrical Steel Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By Vertical

8.3.3. France Electrical Steel Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By Vertical

8.3.4. Italy Electrical Steel Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By Vertical

8.3.5. Spain Electrical Steel Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By Vertical

9. South America Electrical Steel Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Vertical

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Electrical Steel Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By Vertical

9.3.2. Argentina Electrical Steel Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By Vertical

9.3.3. Colombia Electrical Steel Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By Vertical

10. Middle East & Africa Electrical Steel Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Vertical

10.2.4. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Israel Electrical Steel Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By Vertical

10.3.2. Qatar Electrical Steel Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By Vertical

10.3.3. UAE Electrical Steel Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By Vertical

10.3.4. Saudi Arabia Electrical Steel Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Application

10.3.4.2.3. By Vertical

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Aperam S.A

13.1.1. Business Overview

13.1.2. Key Revenue & Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Service Offered

13.2. ArcelorMittal S.A

13.2.1. Business Overview

13.2.2. Key Revenue & Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Service Offered

13.3. Baoshan Iron & Steel Co. Ltd

13.3.1. Business Overview

13.3.2. Key Revenue & Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Service Offered

13.4. Cleveland-Cliffs Inc

13.4.1. Business Overview

13.4.2. Key Revenue & Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Service Offered

13.5. JFE Holdings Inc

13.5.1. Business Overview

13.5.2. Key Revenue & Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Service Offered

13.6. Nippon Steel Corporation

13.6.1. Business Overview

13.6.2. Key Revenue & Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Service Offered

13.7. Slovenian Steel Group

13.7.1. Business Overview

13.7.2. Key Revenue & Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Service Offered

13.8. Tata Steel Limited

13.8.1. Business Overview

13.8.2. Key Revenue & Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Service Offered

13.9. Voestalpine AG

13.9.1. Business Overview

13.9.2. Key Revenue & Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Service Offered

13.10. United States Steel Corporation

13.10.1. Business Overview

13.10.2. Key Revenue & Financials

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Service Offered

14. Strategic Recommendations

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

Who are the key players in the global electrical steel market?

Key players in the global electrical steel market are Aperam S.A, ArcelorMittal S.A, Baoshan Iron & Steel Co. Ltd, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel Limited, Voestalpine AG, United States Steel Corporation.

Which is the dominating segment by type for the global electrical steel market in 2022?

The motor segment is anticipated to have the largest growth rate during the upcoming years 2024-2028. In terms of volume, the motor segment has shown strong expansion in recent years. As the use of electric cars spreads throughout more developed and emerging countries worldwide, the need for electric motors is expected to rise.