Electrical Steel Market worth $ 60.7 billion by 2028

CHICAGO, May 5, 2023 /PRNewswire/ -- The report "Electrical Steel Market by Type (Non-grain-oriented, and Grain-oriented), Application (Transformer, Motors, Inductors), End-user Industry (Automotive, Energy, Manufacturing, Household Appliances), and Region - Global Forecast to 2028", is approximated to be USD 40.6 billion in 2023, and it is projected to reach USD 60.7 billion by 2028, at a CAGR of 8.4%.

Browse In-Depth TOC On "Electrical Steel Market" 508 - Market Data Tables 55 - Figures 324 - Pages

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The electrical steel market is expected to experience significant growth in the coming years, fueled by several factors. The availability of raw materials and minerals such as silicon required for electrical steel production, combined with urbanization and a growing urban population, will drive demand in various applications. Additionally, the increasing adoption of renewable energy sources like wind and solar power is expected to increase the need for electrical steel as a critical component in generators. The consumption of electrical steel in essential components like transformers and motors for various industries including energy, automotive, and manufacturing will also contribute to market growth. The market for electric vehicles presents new opportunities for electrical steel production as it is a necessary material for electric motor production. Despite the positive outlook, challenges such as raw material price volatility and limited high-quality electrical steel supply may impede market growth. Environmental concerns, technology constraints, and safety considerations also pose significant challenges. To stay competitive, manufacturers and suppliers must prioritize strategies like investing in research and development, improving production processes, and developing sustainable practices.

By type, Grain-oriented accounted for the 2nd largest share in 2022

In the electrical steel market, there are two main types of products: grain-oriented electrical and non-grain-oriented electrical. While both types of steel are used in electrical applications, grain-oriented electrical steel is considered the higher-performance product due to its unique magnetic properties. Grain-oriented electrical steel (GOES) is a type of specialty steel used in the production of electrical power transformers, generators, and other magnetic applications. It is characterized by its highly ordered crystal structure, which enables it to efficiently channel magnetic flux in a single direction. One key advantage of GOES is its ability to reduce energy losses during electrical transformation, which results in higher efficiency and cost savings. This is particularly important in applications where large amounts of power are being generated or transmitted over long distances, such as in electrical power grids.

By Applications, Inductors accounted for the 3rd largest share in 2022

An inductor is an electrical component that stores energy in the form of a magnetic field when an electric current flows through it. This energy is released when the current is disrupted or when the magnetic field collapses. Inductors are commonly used in electronic circuits, particularly in power supplies, filters, and oscillators. Electrical steel inductors are commonly used in high-power applications, such as power transformers and generators, because they have high magnetic permeability and low core loss. However, these inductors are relatively large and expensive compared to inductors that use alternative cores, such as nanocrystalline or powder materials. The demand for inductors is growing due to the increasing use of electronic devices in various industries, including automotive, healthcare, and telecommunications. The electrical steel market for inductors is the third largest, after transformers and motors, due to the high demand for energy-efficient devices and renewable energy sources.

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By End-use industries, energy accounted for the 2nd largest share in 2022

The use of electrical steel is widespread in the power sector, playing a vital role in the generation, transmission, and distribution of electricity. Additionally, it is also a crucial component in renewable energy technologies. The production of transformers, which are essential in the transmission and distribution of electricity to end-users, heavily relies on electrical steel as a key input. Grain-oriented electrical steel is especially important for the manufacturing of high-performance generators and energy-efficient transformers. Meanwhile, non-grain-oriented steel is critical in the production of smaller transformers. Given the ongoing growth in the public infrastructure industry, it is expected that the power sector will expand, driving demand for electrical steel. As a result, the electrical steel market is poised for growth.

North America accounted for the largest share of the electrical steel market in 2022

The US and Canada are the most developed countries in North America, followed by Mexico. The automotive, energy & power, and consumer appliances industries are seeing upward trends in North America, leading to the construction of additional industrial facilities in the region, thus creating demand for electrical steel. Rising demand from the energy generation & transmission industries is driving the market in the region. Some of the main electrical steel companies operating in this region include United States Steel Corporation (US), Cleveland-Cliffs Inc. (US), and Silicon Steel (US). The automotive and locomotive industry in North America has seen a major shift in recent years with the development and implementation of electric vehicles and battery-powered trains. As electric cars become increasingly popular, demand for electrical steel is set to increase further, creating opportunities for the North American market.

The Electrical steel Market comprises major players such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), China Baowu Steel Group Corporation (China), Nippon Steel Corporation (Japan), United States Steel Corporation (United States), Steel Authority of India (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others are covered in the Electrical steel market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Electrical steel Market.

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