Electrical Steel Market, by Type, by Application, and by Region

Description

Electrical Steel Market is estimated to be valued at USD 43.6 Bn in 2025 and is expected to reach USD 69.56 Bn by 2032, growing at a compound annual growth rate (CAGR) of 6.9% from 2025 to 2032.

Report Coverage		Report Details
Base Year:	2024	Market Size in 2025:	USD 43.6 Bn
Historical Data for:	2020 To 2024	Forecast Period:	2025 To 2032
Forecast Period 2025 to 2032 CAGR:	6.90%	2032 Value Projection:	USD 69.56 Bn

Electrical steel sheets are used in electromagnetic devices such as generators, transformers, and motors. It is also referred to as silicon steel, lamination steel, or transformer steel, and is mainly used in automotive industries and electrical power distribution systems.

Market Dynamics

Electrical steel market is growing at a substantial rate, owing to the rise in the consumption rate of electrical steel in motors and transformers. Furthermore, increasing sales of automotive vehicles is the key underlying factor supporting market growth. This scenario is expected to provide lucrative growth to the Electrical steel market over the forecast period.

Major players in the electrical steel market are increasing their investment in innovative product launches, research & development, and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as energy, household appliances, and automobile. For instance, in 2020, AK Steel (steelmaking company), launched electrical steel for use in high-voltage and ultra-voltage power transformers, TRAN-COR X, which belongs to the high permeability grain-oriented electrical steel (GOES) type. This scenario is expected to fuel the market growth during the forecast period.

Based on application, the transformers segment is projected to be the largest segment in the electrical steel market. The growth of this segment is mainly attributed to the high demand for electrical steel as it is used in power generation, transmission, and distribution industries. Electrical steel is used in electrical transformer cores and other electrical devices, owing to the low hysteresis loss, high permeability, and high resistance it offers. It is used to make iron cores of motors. These cores concentrate the magnetic field and make the electromagnet stronger. Electrical steel is also used in the manufacturing of cores of inductors that are used extensively with capacitors and resistors to create filters for analog circuits and signal processing.

Key features of the study:

This report provides an in-depth analysis of the electrical steel market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period 2025-2032, considering 2024 as the base year.
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
It profiles key players in the Electrical steel market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered as a part of this study include NLMK, Voestalpine AG, POSCO, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group Corporation, AK Steel Corporation, ATI, Schneider Electric, and Nicore Electrical Manufactory Co., Ltd.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics.
The Electrical steel market report caters to various stakeholders in this industry including investors, suppliers, electrical steel manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Electrical steel market

Detailed Segmentation:

Global Electrical Steel Market, By Type:
- Grain-oriented
- Hi-Permeability (HiB)
- Conventional GOES
- Laser magnetic domain refinement (LMDR)
- Non-grain oriented
- Fully Processed
- Semi Processed
Global Electrical Steel Market, By Application :
- Transformer
- Distribution
- Transmission
- Portable
- Motors
- 1hp - 100hp
- 101hp - 200hp
- 201hp - 500hp
- 501hp-1000hp
- Above 1001hp
- Inductors
Global Electrical Steel Market, By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Company Profiles
- NLMK
- Voestalpine AG
- POSCO
- Nippon Steel & Sumitomo Metal Corporation
- ThyssenKrupp AG
- JFE Steel Corporation
- ArcelorMittal
- Cogent Power Limited
- Aperam
- Baosteel Group Corporation
- AK Steel Corporation
- ATI
- Schneider Electric
- Nicore Electrical Manufactory Co., Ltd

Product Code: CMI3961

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend

4. Electrical Steel Market- Impact of Coronavirus (COVID-19) Pandemic

Overview
Factors Affecting Electrical Steel Market - COVID-19
Impact Analysis

5. Electrical Steel Market, By Type, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, 2025, 2028, and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
Grain-oriented
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Billion)
- Sub-segments Trends
Hi-Permeability (HiB)
Conventional GOES
Laser magnetic domain refinement (LMDR)
Non-grain oriented
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Billion)
- Sub-segments Trends
Fully Processed
Semi Processed

6. Electrical Steel Market, By Application, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, 2025, 2028, and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
Transformer
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Billion)
- Sub-segments Trends
Distribution
Transmission
Portable
Motors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Billion)
- Sub-segments Trends
1hp - 100hp
101hp - 200hp
201hp - 500hp
501hp-1000hp
Above 1001hp
Inductors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Billion)

7. Electrical Steel Market, By Region, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, By Region, 2025, 2028, and 2032 (%)
- Y-o-Y Growth Analysis, For Region, 2020-2032
North America
- Market Share Analysis, By Country, 2025, 2028 and 2032 (%)
- Y-o-Y Growth Analysis, By Country, 2020-2032
- Market Size and Forecast, By Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Countries
  - U.S.
  - Canada
Latin America
- Market Share Analysis, By Country, 2025, 2028 and 2032 (%)
- Y-o-Y Growth Analysis, By Country, 2020-2032
- Market Size and Forecast, By Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Countries
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Europe
- Market Share Analysis, By Country, 2025, 2028 and 2032 (%)
- Y-o-Y Growth Analysis, By Country, 2020-2032
- Market Size and Forecast, By Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Countries
  - France
  - Germany
  - Italy
  - Spain
  - U.K.
  - Nordic
  - Benelux
  - Russia
  - Poland
  - Rest of Europe
Asia Pacific
- Market Share Analysis, By Country, 2025, 2028 and 2032 (%)
- Y-o-Y Growth Analysis, By Country, 2020-2032
- Market Size and Forecast, By Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Countries
  - China
  - India
  - Japan
  - Oceania
  - ASEAN
  - Rest of Asia Pacific
Middle East & Africa
- Market Share Analysis, By Country, 2025, 2028 and 2032 (%)
- Y-o-Y Growth Analysis, By Country, 2020-2032
- Market Size and Forecast, By Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Countries
  - GCC
  - South Africa
  - Rest of Middle East & Africa

8. Competitive Landscape

Heat Map Analysis
Market Share Analysis (3x3 Matrix)
Company Profiles
- NLMK*
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Voestalpine AG
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- POSCO
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Nippon Steel & Sumitomo Metal Corporation
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- ThyssenKrupp AG
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- JFE Steel Corporation
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- ArcelorMittal
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Cogent Power Limited
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Aperam
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Baosteel Group Corporation
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- AK Steel Corporation
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- ATI
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Schneider Electric
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates
- Nicore Electrical Manufactory Co., Ltd.
  - Company Overview
  - Product Portfolio
  - Recent Developments/Updates

9. Section

References
Research Methodology
About Us and Sales Contact