Electrical Steel Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Electrical steel refers to a ferromagnetic material made up of iron that contains varying amounts of silicon (Si) that range from 1% to 6.5%. It is a soft magnetic material with enhanced electrical properties that are widely used across applications such as small relays, solenoids, electric motors, generators, and many other electromagnetic devices.

Sizing and Forecast
The electrical steel market size has grown strongly in recent years. It will grow from $34.12 billion in 2023 to $36.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government incentives to end-user industries, rise in power consumption and increasing use of household appliances.

The electrical steel market size is expected to see strong growth in the next few years. It will grow to $46.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.  The growth in the forecast period can be attributed to global population growth and urbanization, rising investment for renewable power generation, increasing demand for electricity and electric vehicles sales. Major trends in the forecast period include focusing on co2-reduced electrical steel as a sustainable base material, developing new and innovative products, investing in manufacturing innovative electrical and environmentally friendly electrical steel, focusing on strategic partnerships and alliances and adopting new technologies, such as an argon oxygen decarburization converter.

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Segmentation & Regional Insights
The electrical steel market covered in this report is segmented –
1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries
3) By Application: Transformers, Generators, Motors, Other Applications

Asia-Pacific was the largest region in the electrical steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel has high flux density and low iron loss properties and is thus used in electric motors to realize high motor efficiency. For instance, according to the annual Global Electric Vehicle Outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids were doubled in 2021 to reach new records of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total. Thus, increasing demand for electric and hybrid vehicles will contribute to the growth of the electric vehicle market.

Key Industry Players
Major companies operating in the electrical steel market report are ArcelorMittal S.A., POSCO, Baoshan Iron & Steel Co. Ltd, JFE Holdings, Inc., ThyssenKrupp AG, Cleveland-Cliffs Corporation, Steel Authority of India Limited, Bekaert SA, The Heico Companies, Ningbo BST Metal Products Co., Ltd, Nanjing Hengjie Industrial Co., Ltd, Suzuki Garphyttan Ab, SWR Group, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, Arnold Magnetic Technologies, Johnson Bros. Roll Forming Co, A-1 Alloys, AAA Metals Co, Aperam, Companhia Siderúrgica Nacional, Siderca, Advanced Energy Industries, Inc, Sauereisen Inc, Mahindra Intertrade, Alsard Trading Agencies Co, Jebel Saka Company Ltd, Fadhil Trade Agencies Company, Azady Enterprises, Harsh Electrical Stampings, Iron Products Industries Ltd, Sevan Construction Nigeria Limited

The electrical steel market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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