Electrical Steel Market - By Product (Grain Oriented, Non-Grain-Oriented), By Application (Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers), By End User & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Chemical | Format: Report available in PDF / Excel Format

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Electrical Steel Market - By Product (Grain Oriented, Non-Grain-Oriented), By Application (Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers), By End User & Forecast, 2024 – 2032

Electrical Steel Market Size

Electrical Steel Market was valued at USD 38.18 billion in 2023 and is anticipated to register 6.5% CAGR between 2024 and 2032. The increase in the adoption of smart grids is a major growth factor in the market. As countries worldwide modernize their electricity infrastructure, smart grids are increasingly being deployed to improve grid efficiency, reliability, and sustainability.

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Smart grids use advanced digital communications and control technologies to optimize energy distribution, enable real-time monitoring, and more efficiently integrate renewable energy sources. Electrical steel is crucial in manufacturing key smart grid components, including transformers, sensors, and meters. These components require high-quality electrical steel for optimal performance and efficiency. As smart grids become more common to solve energy challenges and improve grid sustainability, the demand for electrical steel will increase significantly, stimulating market expansion and innovation in the coming years.

Electrical Steel Market Report Attributes
Report Attribute Details
Base Year 2023
Electrical Steel Market Size in 2023 USD 38.18 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 6.5%
2032 Value Projection USD 67.97 Billion
Historical Data for 2021 - 2023
No. of Pages 335
Tables, Charts & Figures 458
Segments covered By Product, By Application, End User
Growth Drivers
  • Increasing Consumer Awareness
  • Rise in smart grid deployments.
  • Growing emphasis on sustainability and carbon reduction initiatives.
Pitfalls & Challenges
  • Fluctuating raw material prices
  • Challenges in recycling and sustainability practices.

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In addition, technological advances in electrical steel production are another important growth factor.

Continuous innovations in production processes and material composition lead to the development of high-performance electrical steels with better magnetic properties and lower energy losses. These advances enable manufacturers to produce electrical steels that meet the increasingly stringent performance requirements of diverse applications, including transformers, motors, and generators. Advanced manufacturing techniques such as improved annealing processes, grain orientation control, and alloy optimization contribute to the production of electrical steels with better magnetic and mechanical properties. In addition, R&D initiatives focused on nanotechnology and materials science will advance electrical steel production, paving the way for next-generation material.

Imagine you're running a factory that makes steel for electrical appliances. One big challenge you face is that the cost of the raw materials you need, like iron ore and alloys, keeps changing. This is because sometimes there's more demand for these materials than available, or events like wars or changes in currency values affect the prices. When the cost of these raw materials goes up and down, it messes with your production plans and eats into your profits. It also makes it hard to predict how much you'll need to spend and produce in the future. And if the prices rise too much, it can make your electrical steel products more expensive and less appealing to buyers. All this uncertainty makes it tough for everyone involved in the industry, from the companies that make the steel to the people who buy it to make appliances. That's why managing and reducing these risks is a top priority for everyone in the electrical steel business.

Electrical Steel Market Trends

Hey there! You know how we're all trying to save energy and be more eco-friendly these days? Well, it turns out that there's a special kind of steel called "electrical steel" that's making a big difference! Think about your car, your house, even those windmills you see generating clean energy. They all rely on electrical equipment that uses this special steel. It's like a superpower that helps these machines run more efficiently, reducing energy waste and cutting down on harmful emissions. That's why so many industries are getting on board with electrical steel. From carmakers trying to make greener vehicles to companies building more eco-friendly appliances, they're all realizing that this steel is key to saving both money and the planet. As we all keep looking for ways to use energy smarter, electrical steel is sure to play an even bigger role in the future.

Furthermore, the implementation of stringent environmental laws has emerged as another significant market trend, exerting a profound impact on the demand for electrical steel. Governments worldwide are enacting regulations, aiming to reduce carbon emissions and enhance energy efficiency across industries.

In response to these regulations, industries are compelled to invest in energy-efficient equipment and technologies to comply with environmental standards and reduce their carbon footprint. Electrical steel, known for its role in enhancing the efficiency of electrical equipment and systems, has become increasingly sought after as industries seek to meet regulatory requirements while optimizing operational efficiency. This surge in demand for energy-efficient solutions, driven by regulatory pressures, is driving the growth of the market as industries across sectors prioritize sustainability and environmental stewardship.

Electrical Steel Market Analysis

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When it comes to electric steel, there are two main typesgrain-oriented and non-grain-oriented. In 2023, non-grain electric steel was the king of the market, with a huge chunk of the pie—$24.4 billion to be exact. And it's expected to keep growing by 6.4% each year until 2032. Why is non-grain electric steel so popular? It's a versatile stuff, used in all sorts of electrical gadgets. Unlike grain-oriented steel, non-grain has magnetic powers that are spread out evenly, making it perfect for things like motors and generators that spin around and around. With electric vehicles (EVs) becoming the new hotness, non-grain electric steel is getting a big boost. That's because it's a key ingredient in making EV motors work their magic.

Additionally, NGO electric steel is extensively used in household appliances, power tools, and industrial machinery, further broadening its market scope. The ongoing advancements in manufacturing processes are improving the quality and performance of NGO electric steel, making it a preferred choice for high-efficiency applications. As industries continue to prioritize energy efficiency and performance, the demand for NGO electric steel is expected to rise significantly.

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Based on application, the market is categorized into large power transformers, distribution transformers, small transformers, power generators, audio transformers, and others. Large transformers accounted for USD 6.2 billion in 2023 and is projected to grow at 7% CAGR through 2032. Large power transformers, essential for high-voltage power transmission, rely on high-quality electric steel to minimize energy losses and ensure efficient performance.

Hang on tight, because the energy world is buzzing with excitement! Green energy sources like wind and solar are on the rise, and they need special transformers to get their power into our homes and businesses. These transformers are like the bridges that connect the energy highways to our devices. But that's not all. As cities grow and industries thrive, we need to make sure our power grids can handle the extra juice. That means upgrading the old stuff and adding new wires. And guess what? That also means more transformers and a bigger demand for the steel that makes them possible. So buckle up, because the demand for electric steel is going to keep soaring as we get greener, smarter, and more connected!

By end user, the energy segment emerges as the fastest-growing category within the electric steel market, fueled by several pivotal growth drivers. As the world transitions towards a more sustainable energy landscape, there's an increasing need for efficient energy storage solutions to address the intermittency of renewable energy sources like wind and solar power. Energy storage systems serve as vital components in managing the variability of renewable energy generation, ensuring grid stability, and meeting fluctuating energy demands. Electric steel plays a crucial role in the manufacturing of key components within these energy storage systems, including transformers and inverters.

Imagine a vital part of our energy system called transformers. They're like the bouncers of the electrical world, controlling the flow of voltage, making sure it's right for different parts of the system. And there's another key playerinverters. They're the magicians who transform electricity from batteries (the DC type) into the AC type that lights up our homes and businesses. These transformers and inverters need a special ingredient to work their besthigh-quality electric steel. It's like the superhero of magnetic materials, with its amazing ability to store magnetic energy and minimize energy loss. This makes for efficient and reliable energy storage systems. With the rise of clean energy sources like solar and wind, and the increasing use of energy storage solutions like batteries, the demand for electric steel in this field is skyrocketing. Governments are encouraging it, and companies are embracing it to make our energy systems stronger and more reliable. So, get ready to see electric steel playing an even bigger role in powering our future!

In addition, electrical steel supports the development of smart grid technologies, which is another emerging segment in the electrical steel market. Smart grids use advanced digital communication and control technologies to improve the efficiency, reliability, and sustainability of electricity supply. Electrical steel is used to make components such as sensors, relays, and smart meters that are integral to the operation and monitoring of smart grid networks.

These components enable real-time monitoring of power consumption, facilitate dynamic pricing models, and improve fault and outage management, ultimately optimizing network performance and increasing energy efficiency. As the global drive to modernize and digitize the grid accelerates due to increasing energy demand, aging infrastructure, and the need for grid resilience due to climate change, the demand for electrical steel in the smart grid segment is set to grow notably.

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North America dominated the electrical steel market in 2023. It generated a revenue of USD 9.3 billion in 2023 and will grow at 6.2% CAGR during the forecast period. In North America, the market is experiencing robust growth, driven by several factors unique to the region. The United States and Canada are at the forefront of renewable energy adoption, with significant investments in wind, solar, and hydroelectric power projects.

The world is going green! As we shift towards renewable energy to protect our planet, we're seeing a huge spike in the demand for electric steel. This special type of steel is crucial for making super-efficient transformers and generators, which are the powerhouses behind renewable energy systems. In North America, we're not just embracing renewable energy, but we're also building like crazy! We're modernizing our electrical grids, expanding cities, and getting our automotive industry ready for the electric vehicle revolution. All these things need electric steel. But that's not all! Governments are stepping up to protect the environment by demanding better and more efficient electrical materials. And electric steel is one of the best materials out there for this purpose. With its top-notch technology, thriving industries, and commitment to going green, North America is set to be a leader in the global electric steel market.

Hey there! Let's talk about the electrical steel market in North America. Guess who's shining like a star? It's the USA! Why is the USA such a big deal in this industry? Well, they're all over renewable energy. They've put a ton of money into wind, solar, and hydroelectric power projects. As we shift towards these clean energy sources, we need more electric steel to make those energy-efficient transformers and generators that keep the grid running smoothly. Plus, North America is building a lot of new stuff these days, like updating electrical grids and expanding cities. That means we need more electric steel to make sure the power flows where it's supposed to. And let's not forget the car industry. With all these electric vehicles hitting the roads, there's a huge demand for high-efficiency motors. Guess what? Electric steel is like the secret ingredient in those motors. Oh, and the government is getting tough on energy efficiency and pollution. That's driving people to use better electrical materials, like top-notch electric steel. So, with all this going on, North America, and especially the USA, is going to keep being a major player in the electrical steel market for a long time to come. They've got the tech, the industry, and the drive to stay on top.

Electrical Steel Market Share

The steel industry is a bustling hub of innovation, driven by the likes of POSCO, Tata Steel, and Arcelor Mittal. These heavyweights are constantly pushing the envelope to stay ahead of the curve. ArcelorMittal and Nippon Steel Corporation are tech-savvy giants, always on the lookout for ways to improve their products. They've got their eyes set on efficiency and quality, and they're not afraid to team up with others to make it happen. POSCO and Baosteel are all about??, pouring money into creating better and better steel grades. Voestalpine, on the other hand, is focused on making steel the green way. Tata Steel and JFE Steel aren't content to just sit at home. They're expanding their reach around the world through smart acquisitions and partnerships. ThyssenKrupp and AK Steel (now part of Cleveland-Cliffs Inc.) are masters of distribution. They've got their networks set up to reach even the most far-flung corners of the market. Last but not least, Aperam is all about optimizing its processes and expanding its product line. They've got their sights set on meeting the growing demand for high-quality electrical steels.

Electrical Steel Market Companies

Major players operating in the electrical steel industry include

  • AK Steel (a subsidiary of Cleveland-Cliffs Inc.)
  • Aperam
  • ArcelorMittal
  • Baosteel Group Corporation
  • JFE Steel Corporation
  • Nippon Steel Corporation
  • POSCO
  • Tata Steel
  • ThyssenKrupp
  • Voestalpine AG

Electrical Steel Industry News

  • In April 2024, Tata Steel teamed up with National Grid Plc's Electricity System Operator to spearhead the development of power infrastructure crucial for its green steel initiative at the Port Talbot site. Under this partnership, the British grid operator is slated to construct a new electrical system to assist Tata Steel's 3.2-million-ton electric arc furnace, set to be functional by the conclusion of 2027.
  • In December 2023, Nippon Steel Corporation, Japan’s largest steelmaker, and United States Steel Corporation, a leading U.S. steel producer, announced a definitive agreement for NSC to acquire U.S. Steel in an all-cash transaction. This acquisition will enhance NSC’s manufacturing and technology capabilities and expand its geographic reach, allowing it to better serve its customers and society at large.

The electrical steel market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2021 to 2032, for the following segments

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Market, By Application

  • Grain oriented electrical steel
    • By application
      • Large power transformers
      • Distribution transformers
      • Small transformers
      • Power generators
      • Audio transformers
      • Others
    • By end use
      • Energy
      • Automotive
      • Manufacturing
      • Household appliances
  • Non-grain oriented electrical steel
    • By product
      • Fully processed
      • Semi-processed
    • By application
      • Power generators
      • Motors
      • Ballasts
      • Rotating machines
      • Small transformers
      • Audio transformers
      • Others
    • By end use
      • Energy
      • Automotive
      • Manufacturing
      • Household appliances

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

 

Table of Content

Report Content

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Base estimates & calculations

1.3    Forecast calculation

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1    Paid sources

1.4.2.2    Public sources

Chapter 2   Executive Summary

2.1    Industry 3600 synopsis

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.1.1    Key manufacturers

3.1.2    Distributors

3.1.3    Profit margins across the industry

3.2    Industry impact forces

3.2.1    Growth drivers

3.2.2    Market challenges

3.2.3    Market opportunity

3.2.3.1    New opportunities

3.2.3.2    Growth potential analysis

3.3    Raw material landscape

3.3.1    Manufacturing trends

3.3.2    Technology evolution

3.3.2.1    Sustainable manufacturing

3.3.2.1.1    Green practices

3.3.2.1.2    Decarbonization

3.3.3    Sustainability in raw materials

3.3.4    Pricing trends (USD/Ton)

3.3.4.1    North America

3.3.4.2    Europe

3.3.4.3    Asia Pacific

3.3.4.4    Latin America

3.3.4.5    Middle East & Africa

3.4    Regulations & market impact

3.5    Porter’s analysis

3.6    PESTEL analysis

Chapter 4   Competitive Landscape, 2023

4.1    Company market share analysis

4.2    Competitive positioning matrix

4.3    Strategic outlook matrix

Chapter 5   Market Size and Forecast, By Product By End Use By Application, 2021-2032 (USD Billion, Kilo Tons)

5.1    Key trends

5.2    Grain oriented electrical steel

5.2.1    By application

5.2.1.1    Large power transformers

5.2.1.2    Distribution transformers

5.2.1.3    Small transformers

5.2.1.4    Power generators

5.2.1.5    Audio transformers

5.2.1.6    Others

5.2.2    By End Use

5.2.2.1    Energy

5.2.2.2    Automotive

5.2.2.3    Manufacturing

5.2.2.4    Household appliances

5.3    Non grain oriented electrical steel

5.3.1    By Product

5.3.1.1    Fully processed

5.3.1.2    Semi-processed

5.3.2    By application

5.3.2.1    Power generators

5.3.2.2    Motors

5.3.2.3    Ballasts

5.3.2.4    Rotating machines

5.3.2.5    Small transformers

5.3.2.6    Audio transformers

5.3.2.7    Others

5.3.3    By end use

5.3.3.1    Energy

5.3.3.2    Automotive

5.3.3.3    Manufacturing

5.3.3.4    Household appliances

Chapter 6   Market Size and Forecast, By Region, 2021-2032 (USD Billion, Kilo Tons)

6.1    Key trends

6.2    North America

6.2.1    U.S.

6.2.2    Canada

6.3    Europe

6.3.1    Germany

6.3.2    UK

6.3.3    France

6.3.4    Italy

6.3.5    Spain

6.3.6    Rest of Europe

6.4    Asia Pacific

6.4.1    China

6.4.2    India

6.4.3    Japan

6.4.4    South Korea

6.4.5    Australia

6.4.6    Rest of Asia Pacific

6.5    Latin America

6.5.1    Brazil

6.5.2    Mexico

6.5.3    Argentina

6.5.4    Rest of Latin America

6.6    MEA

6.6.1    Saudi Arabia

6.6.2    UAE

6.6.3    South Africa

6.6.4    Rest of MEA

Chapter 7   Company Profiles

7.1    Voestalpine

7.2    Cogent Power Ltd

7.3    ArcelorMittal Europe

7.4    MITSUI & Co

7.5    SIJ Acroni d.o.o

7.6    Arnold Magnetic Technologies

7.7    Aperam

7.8    Nomax Electrical Steel Private Ltd

7.9    Big River Steel LLC

7.10    Tempel

7.11    Thyssenkrupp

7.12    JFE Steel Corporation

7.13    U.S. Steel Kosice

7.14    POSCO Poggenamp

  • AK Steel (a subsidiary of Cleveland-Cliffs Inc.)
  • Aperam
  • ArcelorMittal
  • Baosteel Group Corporation
  • JFE Steel Corporation
  • Nippon Steel Corporation
  • POSCO
  • Tata Steel
  • ThyssenKrupp
  • Voestalpine AG

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