Electrical Steel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), By Application (Transformers, Motors & Generators, Inductors), By Vertical (Automotive, Construction, Manufacturing, Energy & Power Others), By Region and Competition 2018-2028F
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Infrastructure | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationElectrical Steel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), By Application (Transformers, Motors & Generators, Inductors), By Vertical (Automotive, Construction, Manufacturing, Energy & Power Others), By Region and Competition 2018-2028F
Global Electrical Steel Market is predicted to proliferate during the forecast period 2024-2028F owing to the growing demand for electrical steel from numerous industries, high consumption of electrical steel in motors and transformers, and increasing energy demand from the growing economies across the globe.
Electrical steel is also known as silicon electrical steel, silicon steel, relay steel, and transformer steel. Electrical steel is a speciality steel that is used in the cores of electromagnetic equipment including motors, generators, and transformers that helps in minimising power loss. It is an iron alloy with silicon as the primary adding component in place of carbon. Specific magnetic qualities are produced by the precise formulation, including a tiny hysteresis area that results in low power loss per cycle, a low core loss, and high permeability. Cold-rolled strips that are less than 2mm thick are typically used to produce electrical steel. The laminated cores of transformers, as well as the stator and rotor of electric motors are made by cutting these strips into certain shapes and then stacking them together. Laminations can be finished-shaped by being cut using a punch and die, or, in lesser numbers, by laser cutting or wire electrical discharge machining.
The rising demand for electric motors in various end user sectors such as residential, commercial, and industrial are the major driver propelling the market of electrical steel globally. Electrical steel is widely used to create power generators with enhanced electromagnetic properties and minimal carbon dioxide emissions, as well as motors with increased magnetic flux and torque. Additionally, the increased use of hybrid and electric vehicles (H/EVs) is boosting market expansion. The usage of electric steel declined the weight of vehicle parts while improving their appearance and safety. Accordingly, the market is expanding because of the rising demand for electrical steel for low-energy loss power transmission over long distances and infrastructure development projects. The development of several products, such as non-grain-oriented electrical steel with uniform magnetic properties, is another factor that drives the market growth.
Increasing Electrical Steel Demand from the Automotive Industry Helps to Expand the Market in the Upcoming Years
Furthermore, one of the most important automotive applications of electric steel in automotive is electric motors as the use of electrical steel in automobiles improves fuel economy. These systems convert electrical energy into mechanical energy by energizing copper windings in a stator, which creates a magnetic field then causing the rotor to spin. Therefore, with the growing applications of electrical steel in the automotive industry, the market is likely to proliferate in the coming year. Additionally, as the global electric vehicle market grows, demand for EV materials such as electrical steel is growing in lockstep. Motors are essential for the effectiveness and overall performance of EVs because they determine a vehicle's horsepower. As a result, automakers aiming for the largest portion of the growing EV market are searching for superior electrical steels. As a result, many manufacturers of electric vehicles are focusing on improving their capacity to produce electrical steel for EVs.
For instance, on 21st February 2023, Thyssenkrupp, the German engineering company with interests in high-grade electrical steel manufacturing in India explored possibilities for expanding its production capacity.
Recent Development
- On 7th February 2023, a major producer of steel in Japan, JFE Steel, announced that it is going to increase its output of the essential element for electric vehicle (EV) motors due to increased demand globally. To strengthen current manufacturing facilities at its steelworks in western Japan's Okayama Prefecture, the business invested approximately USD 381 million. Expanded production is expected to start in fiscal 2026.
- On 7th December 2022, JFH Holdings and Nippon Steel Corporation invested USD 1.25 billion to increase the production of electrical steel used in electric vehicle motors, and they plan to increase their investment as customer demand grows as the switch to electric vehicles gathers momentum. Following a capacity boost in 2024, the companies are aiming to grow outside of Japan. While Nippon Steel claimed that its future investment is more likely to be in Japan, JFE Holding specifically evaluated possibilities including establishing a factory in North America, where electrical steel demand is anticipated to be robust.
- In October 2024-2032, Under the bluemint brand, certified CO2-reduced steel was introduced by ThyssenKrupp Steel. SGB-SMIT, a Regensburg-based transformer specialist, is the first customer to get bluemint powercore, which has CO2 intensity that is 50% lower.
- Additionally, in September 2022, Nippon Steel announced the introduction of low-emission steel products to reduce emissions and battle climate change. By 2030, the corporation wants to cut its CO2 emissions by 30%.
- In January 2022, PowerCore was introduced by ThyssenKrupp Steel. The high-tech core material was used in laminated or twisted grain oriented electrical steel applications, distribution transformers, and compact transformers is the unique grain-oriented product.
- In December 2022, A US-based mining company and flat-rolled steel manufacturer, Cleveland-Cliffs Inc., announced the introduction of its Motor-Max range of non-oriented electrical steels for high-frequency motors, aviation generators, and electric cars.
- On 29th September 2022, JSW Steel is investing USD 1 billion alongside its Japanese partner JFE Steel to establish a speciality steel production facility in India. The initiative is anticipated to assist India in lessening its dependency on imports for premium alloy.
- On 21st February 2023, Thyssenkrupp, which has investments in the production of high-grade electrical steel in India, concentrated on increasing its production capacity. A minor portion of the nation's need, about 50,000 tonnes per year, can currently be met by the company's yearly capacity to make electrical steel.
- By 2030–2031, India's annual steel output is expected to surpass 300 million tonnes. A 10% yield loss or a 90% conversion ratio of raw steel to finished steel is assumed for the projection that crude steel output would reach 255 million tonnes by 2030–2024-2032, producing 230 million tonnes of completed steel production.
Market Segmentation
Company Profiles
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2024-2032 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Type Application Vertical Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, Singapore, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Qatar, Saudi Arabia, UAE, Brazil, Argentina, Colombia |
| Key Companies Profiled | Aperam S.A, ArcelorMittal S.A, Baoshan Iron & Steel Co. Ltd, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel Limited, Voestalpine AG, United States Steel Corporation |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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