Electrical steel is a soft magnetic material with enhanced electrical qualities utilized in a wide range of devices, from electric motor and solenoids to small relays and generators. Silicon steel, lamination steel, and transformer steel are some of their alternate names.
The value of the Electrical Steel market is projected to grow to USD 34.3 billion with an estimated CAGR of 4.9 % by 2028
.jpg "The Global Electrical Steel Market 2018-2028 (USD Billion)")
Covid-19 Impact
The global market for electrical steel has been significantly damaged as a result of lockdown limitations. Production and distribution have been slowed down as a result of the unique coronavirus spreading over successive waves and tightening its grip on the economy of the entire world. Despite this, a number of end-use industries, including the automotive, energy, and construction sectors, have been negatively impacted. In addition, there has been a growth in the demand for energy, which has led to an increase in the adoption rates of transformers, generators, and systems for uninterrupted power supply in healthcare institutions.
Asia-Pacific will dominate the Algorithm Trading Market
It is anticipated that Asia-Pacific will have the highest rate of growth, not only in terms of revenue but also in terms of volume. This can be explained by a number of variables, one of which is the existence of the world's largest market for power transformers, which can be ascribed to the presence of nations such as China, India, and Indonesia. Furthermore, the Asia-Pacific region is one of the most lucrative markets for wind generators. In addition, it is anticipated that India will expand at a significant rate. This may be ascribed to a number of causes, including the expansion of the renewable energy industry, the rise in energy demand caused by an increase in population and urbanization, and other factors.
North America will see a steady rate of growth in the period of interest
According to the findings, an extensive adoption in the automotive sector is anticipated to significantly stimulate demand. The presence of significant competitors, technological breakthroughs in production capacity, research and development initiatives, and expanding production capacities are all additional factors that accelerate growth.
Grain-Oriented Electrical Steel will dominate the Electrical Steel Market
It is believed that increasing grain-oriented electrical steel acceptance across a variety of end-use sectors will be aided by enhancing performance efficiency by reducing power fluctuations and failures. Opportunities for expansion that are looking very good have been established as a result of the deployment of energy-efficient transformers and high-performance generators.
There is less heat loss with electrical steel. Silicon improves electrical steel's permeability and decreases its resistance.
An increase in demand from sectors involved in energy generation and transmission, as well as an expansion in the use of renewable energy sources, are two of the factors that are driving the growth of the electrical steel market. However, the price of raw materials being extremely unpredictable is one of the primary problems that is preventing the industry from expanding. On the other hand, one of the variables that is anticipated to result in the creation of lucrative prospects over the course of the projection period is the rise in the use of electrical vehicles. The size of the global market for electrical steel was estimated to be $15.0 Billion in 2022, and it is expected to reach $21.9 Billion by 2029, expanding at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2029.
The expansion of power generation and transmission projects all over the world can be credited with the growth that has taken place. The demand for electrical steel has been steadily and shockingly growing across a wide variety of end-use sectors for a variety of different applications.
Initiatives conducted for the improvement of power distribution centers in emerging nations are one of the key causes that are fueling the demand for electrical steel. The world's leading manufacturers of steel are currently concentrating their efforts on increasing their production and distribution capacities in a variety of countries. Some businesses are working in direct collaboration with regional manufacturers in order to increase the quality of their industrial research efforts.
The expansion of power generation and transmission projects all over the world can be credited with the growth that has taken place. The demand for electrical steel has been steadily and shockingly growing across a wide variety of end-use sectors for a variety of different applications.
In addition, the development of new technologies during the 21st century has contributed to an increase in production capacity, as well as an increase in demand on a global scale. Opportunities for growth in the electrical steel market in the country are becoming increasingly enticing as a result of ongoing research and development efforts, the existence of numerous large players, and rising production capacity.
Silicone will continue to find its most widespread application in the electrical industry, which makes extensive use of the material in the form of semiconductors. There have been a lot of advancements made in this sector recently. For example, Arnold Magnetic Technologies has expanded its electric motor and steel solution offerings by acquiring Ramco Electric Motors Inc. This move will help the company increase its manufacturing of semiconductors as well as electric motors and steel solutions.
The market research report on electrical steel includes extensive information regarding the primary players in the industry. Arcelor-Mittal, the Slovenian Steel Group, Tata Steel, and Voestalpine AG are only some of the key businesses now operating in this sector. Companies such as Cleveland-Cliffs Inc., Nippon Steel Corporation, JFE Holdings, Aperam, POSCO, Baosteel, and Group Hu are included in this list.
Recent Developments in the Global Electrical Steel Market: a Snapshot
- As an illustration, in May of 2021, JFE Steel Corporation and JSW Steel Limited (JSW) agreed to explore the possibility of forming a joint venture company in India to produce and sell grain-oriented electrical steel sheets.
- Nippon Steel stated in November 2020 that it would spend about $1 Million to enhance its electrical steel sheet operations at two sites in Japan. In the first half of 2023, after a number of steps to boost capacity and quality go into full effect, production capacity is projected to rise by almost 40%.
- As of March 2021, ArcelorMittal's Saint Chély d'Apcher, France factory, which produces iCARe electrical steels for the automobile industry, had received an investment of €13 million. By modernizing production to satisfy the needs of the growing electro-mobility market, the factory will be able to produce state-of-the-art non-grain-oriented (NO) iCARe electrical steel grades thanks to the investment.
Electrical Steels Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | USD 34.3 billion |
| Growth Rate | CAGR of 4.9 % during 2018-2028 |
| Segment Covered | Product, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | ArcelorMittal, Cleveland-Cliffs Corporation, JFE Steel Corporation, Nippon Steel Corporation, POSCO, Tata Steel, thyssenkrupp AG |
Key Segment Of The Electrical Steels Market
Product (USD Billion)
• Grain oriented electrical steel
• Non-grain oriented electrical steel
Application (USD Billion)
• Transformer
• Motor
• Inductor
• Other
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The size of the global market for electrical steel anticipated to reach USD 34.3 billion by 2028.
Grain-Oriented Electrical Steel segment will dominate the Electrical Steel idustry
The key compnaies listed in the report are ArcelorMittal, Cleveland-Cliffs Corporation, JFE Steel Corporation, Nippon Steel Corporation, POSCO, Tata Steel, thyssenkrupp AG
The radiopharmaceuticals market is growing at a CAGR of 4.9 % during the forecast period.
The major contenders in the global market ArcelorMittal, Cleveland-Cliffs Corporation, JFE Steel Corporation, Nippon Steel Corporation, POSCO, Tata Steel, thyssenkrupp AG
North America dominated the market for radiopharmaceuticals market and accounted for the largest revenue share.