According to the report by Expert Market Research (EMR), the global electrical steel market is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the growing demand for energy-efficient solutions and the increasing adoption of electrical steel in various applications, the market is expected to grow significantly by 2032.

Electrical steel, also known as transformer steel or silicon steel, is an iron alloy that contains silicon and is known for its excellent electromagnetic properties. It plays a crucial role in the manufacturing of transformers, inductors, motors, and generators, which are essential components in the power and automotive industries. The rising focus on reducing energy losses and enhancing efficiency in power transmission and distribution systems has been instrumental in driving the growth of the electrical steel market.

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Key Drivers

The increasing demand for electric vehicles (EVs) is a significant factor propelling the electrical steel market growth. With governments worldwide promoting sustainable and green transportation solutions, the production of EVs has surged, subsequently driving the demand for electrical steel. The material's ability to reduce core losses and improve motor efficiency makes it indispensable in EV manufacturing.

Another substantial driver is the modernization and expansion of power infrastructure globally. As countries aim to upgrade their aging power grids and enhance energy efficiency, the use of electrical steel in transformers and other power equipment has seen a marked increase. The growing investments in renewable energy projects, such as wind and solar power, also contribute to the market's expansion, as these projects require efficient transformers and generators made from electrical steel.

Moreover, technological advancements and innovations in the production of electrical steel are expected to further boost the market. Manufacturers are investing heavily in research and development to produce high-grade electrical steel with improved magnetic properties, which can significantly enhance the performance of electrical machines and devices.

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Market Segmentation

The market can be divided based on type, application, and region.

Market Breakup by Type

  • Grain-Oriented Electrical Steel (GOES): Primarily used in transformers due to its high magnetic permeability, low core loss, and efficiency in magnetizing direction.
  • Non-Grain-Oriented Electrical Steel (NGOES): Used in motors, generators, and other rotating equipment, owing to its uniform magnetic properties in all directions.

Market Breakup by Application

  • Transformers: Utilizes both GOES and NGOES for high efficiency and performance in power transmission and distribution.
  • Motors: Primarily uses NGOES to ensure efficient operation and energy savings in various motor applications.
  • Generators: Employs both types of electrical steel to enhance performance and efficiency.
  • Inductors: Uses electrical steel for its excellent magnetic properties, essential for efficient energy storage and transfer.

Market Breakup by Region

  • North America: Significant growth due to the modernization of power infrastructure and increasing adoption of EVs.
  • Europe: High demand driven by stringent energy efficiency regulations and advancements in renewable energy projects.
  • Asia Pacific: Rapid industrialization, urbanization, and growing investments in power generation and EV production.
  • Latin America: Expansion of power infrastructure and growing automotive industry.
  • Middle East and Africa: Rising investments in renewable energy and infrastructure development.

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electrical steel market. Some of the major players explored in the report by Expert Market Research are as follows:

  • Nippon Steel Corporation: A leading producer of high-grade electrical steel, focusing on innovation and sustainability.
  • AK Steel (a subsidiary of Cleveland-Cliffs Inc.): Known for its high-quality electrical steel products used in various applications.
  • Posco: A major player offering a wide range of electrical steel products with a strong emphasis on R&D.
  • Baosteel: One of the largest producers of electrical steel globally, with a significant presence in the Asia Pacific region.
  • ArcelorMittal: Provides innovative electrical steel solutions catering to diverse industrial needs.
  • Thyssenkrupp AG: Known for its advanced electrical steel products used in automotive and power industries.
  • JFE Steel Corporation: Focuses on producing high-efficiency electrical steel for various applications.
  • Shougang Group: A prominent Chinese producer with a strong market presence and extensive product portfolio.
  • Tata Steel: Offers a range of electrical steel products with a commitment to quality and sustainability.
  • Others.

Future Prospects

The electrical steel market is poised for robust growth, driven by the ongoing trends of electrification, energy efficiency, and renewable energy adoption. The increasing focus on reducing carbon emissions and enhancing sustainability will further augment the demand for high-performance electrical steel products. Companies are expected to continue investing in advanced manufacturing technologies and sustainable practices to meet the evolving needs of the market.