Global Electrical Steel Market Size By Product (Grain-Oriented Electrical Steel (GOES), Non-Grain Oriented Electrical Steel (NGOES)), By Application (Transformer, Motor, Inductor), By Geographic Scope And Forecast

Electrical Steel Market Size And Forecast

Electrical Steel Market size was valued at USD 37.71 Billion in 2024 and is projected to reach USD 57.8 Billion by 2031, growing at a CAGR of 6.05% during the forecast period 2024-2031.

Increasing electricity generation worldwide is one of the key driving factors for marketplace growth. In addition, the growing use of electrical steel by producers into automotive and household appliances is anticipated to spur the marketplace growth. The Global Electrical Steel Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Electrical Steel Market Definition

Electrical steel is a soft magnetic material with superior electrical properties that is extensively used across applications consisting of small relays, solenoids, electric motors, generators, and lots of other electromagnetic gadgets. In addition, electrical steel is also known as silicon steel, transformer steel, or lamination steel. It is used especially in electric power distribution systems and in-car industries.

Furthermore, electrical steel is a ferromagnetic material made of iron that consists of varying quantities of silicon (Si) that range from 1% to 6.5%. The improvement of electrical steel was brought on by electric gadgets requiring steel that may lower the dissipation of heat, a problem that results in electricity wastage. Iron was found to be the most economically sound option but its impurities aren’t optimal. It was discovered that the addition of silicon will increase resistivity, improves permeability, and reduces hysteresis loss.

The most widely used commercially available electric steel consists of approximately 3.25% Silicon as higher Si content tends to create the ensuing material too brittle for cold rolling. However, electrical steel with 6.5% Si has the most advanced magnetic and electric properties, but additional thermomechanical procedures are required to overcome its brittleness and constrained ductility.

Global Electrical Steel Market Overview

Electrical Steel Market is mainly motivated by the growing consumption of Electric vehicles. The electric steel is used for high-frequency transformers as well as high-speed electric motors together within the traction motor of a Hybrid Electric Vehicle. Furthermore, these steel sheets are extensively used as iron core materials for these motors and are efficient materials that transmit magnetic energy, and hence are a key material that determines motor effectiveness.

In addition, the development of this market is mainly ascribed to the high demand for such non-oriented electrical steel as it is used in power generation, transmission, as well as distribution industries. Non-Oriented Electrical steel is used in electrical transformer cores and other electrical devices on account of the low hysteresis loss, high permeability, and high resistance it provides.

Moreover, this steel is also used in the production of cores of inductors which are used extensively with resistors as well as capacitors to create filters for analogy circuits and in signal processing. Therefore, in consequence of its properties electrical steel is get used in the power generation and transmission sector. Therefore, rising power generation and transmission projects lead to market growth. Moreover, the growing Electric vehicle production rate in the world owing to growing government norms to reduce fossil fuel emissions is likely to create opportunities for the Electrical Steel Market.

However, volatility in raw material prices can hinder market growth. The steel industry mostly depends on the supply of raw materials for the manufacturing and processing of steel products. Thus, an increased cost of raw material can influence the production costs of steel, thereby leading to inflated prices of finished steel products, like non-oriented electrical steel (NGOES) which can hamper the market growth.

Global Electrical Steel Market Segmentation Analysis

The Global Electrical Steel Market is segmented based on Product, Application, And Geography.

By Product

• Grain-Oriented Electrical Steel (GOES)
• Non-Grain Oriented Electrical Steel (NGOES)

So, when we look at the Electrical Steel Market, we can break it down by Producteither Grain-oriented Electrical Steel (GOES) or Non-grain Oriented Electrical Steel (NGOES). And get this - Non-grain Oriented Electrical Steel (NGOES) is expected to grab the biggest chunk of the market! Basically, Non-Oriented Electrical Steel is fully processed stuff, an iron-silicon alloy with varying amounts of silicon, that has the same magnetic properties no matter which way you look at the sheet. It's super popular as a core magnetic material where you need low core loss and really high magnetic permeability. Plus, with hybrid electric vehicles needing traction motors, and the rise of high-frequency transformers and high-speed electric motors (which often prefer NGOES), we're likely to see the market really take off.

By Application

• Transformer
• Motor
• Inductor
• Others

When we look at Application, the market breaks down into a few key areasTransformers, Motors, Inductors, and a general "Others" category. Right now, the transformer segment is expected to be the biggest piece of the pie in the Electrical Steel Marketplace. Why? Well, think about all the electric steel needed for power generation, getting that power where it needs to go through transmission, and then distributing it. All those industries are hungry for it! Electrical steel is awesome for transformer cores and other gadgets because it's got low hysteresis loss, high permeability, and really high resistance. Plus, it's a go-to for making the iron cores in electric motors – those cores focus the magnetic field and make the electromagnet super strong. And let's not forget inductors! This steel is used to make their cores too, and those inductors are essential when you combine them with resistors and capacitors to build filters for analog circuits and for all kinds of cool signal processing.

By Geography

• North America
• Europe
• Asia Pacific
• Rest of The World

When we look at the world, the Global Electrical Steel Market is split up by regionNorth America, Europe, Asia Pacific, and the rest of the world. Seems like Asia Pacific is going to be a real powerhouse in this market. Why? Well, there's a huge need for electrical steel in things like cars, plus countries like China and India are making tons of the stuff at a lower cost. And don't forget, those countries also have a massive need for it in their power plants! On top of all that, the electric vehicle market in India is just getting started, but it's expected to explode, which means even more chances for growth in this area.

Key Players

The “Global Electrical Steel Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ArcelorMittal, POSCO, Voestalpine AG, Baosteel, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, SAIL, TATA Steel Limited, Thyssenkrupp AG, and JFE Steel Corporation.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Report Scope

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Reasons to Purchase this Report

We'll dig deep with both qualitative and quantitative analysis, looking at the market through different lenses, not just economics. You'll get the market value in USD Billion for every little piece of the pie. We'll point out which region and segment is set to explode with growth and take the lead. Expect a breakdown by geography, showing where the product or service is being used most and what's driving the market in each area. We'll map out the competitive scene, ranking the big players and highlighting new service/product launches, partnerships, expansions, and acquisitions from the last five years. We'll also provide in-depth company profiles, giving you the inside scoop with overviews, insights, product comparisons, and a SWOT analysis. You'll get a clear picture of where the market is heading, factoring in recent happenings, growth opportunities, and the hurdles in both emerging and developed regions. We'll even analyze the market from all angles using Porter's five forces and give you a look at the Value Chain. Plus, we'll paint a picture of the market's future dynamics, highlighting growth opportunities in the years ahead. And to top it off, you'll get 6 months of analyst support after the sale.

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