PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1272049
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1272049
The global electrical steel market is expected to experience substantial growth in the coming years, with an estimated value of USD 40.6 billion in 2023 and a projected value of USD 60.7 billion by 2028, growing at a CAGR of 8.4%. Electrical steel is a specialized type of steel that has exceptional magnetic properties, resulting in low core loss and high permeability. The properties of electrical steel are determined by the amount of silicon added to the steel, which increases resistivity, improves permeability, and reduces hysteresis loss. However, the growth of the market may be hindered by the high production costs and capital investments required for electrical steel.
"In terms of both value and volume, non-grain-oriented segment to be the fastest-growing segment by 2028."
The non-grain-oriented segment is projected to grow at the highest CAGR from 2023 to 2028. This type of steel contains higher levels of silicon and aluminium, which decreases magnetic loss in electrical steel sheets. The rise in automobile production, which utilizes electrical steel as a core material for motor parts, resulting in improved vehicle performance, fuel efficiency, and comfort, is anticipated to boost demand for non-grain-oriented electrical steel products.
"In terms of both value and volume, manufacturing is projected to be the fastest-growing segment from 2023 to 2028, for electrical steel."
the manufacturing segment is expected to experience the most significant growth in the electrical steel industry. This is primarily due to the increasing demand for electrical steel, which is directly correlated to the growth of economies worldwide, particularly in developing countries. Additionally, the surge in industrialization in both developed and developing nations is also anticipated to drive the market for electrical steel even further. The manufacturing sector's rapid expansion is a result of economic growth, which creates a greater need for infrastructure and consumer goods production. Electrical steel is a vital material used in the manufacturing of various electrical components, such as transformers, generators, motors, and inductors. As a result, the demand for electrical steel has risen in tandem with the manufacturing industry's growth.
"In terms of both value and volume, transformers is projected to be the fastest-growing segment from 2023 to 2028, for electrical steel."
The electrical steel market is currently experiencing a significant growth trend, particularly in the transformer segment. This growth can be attributed to the rising demand for electrical steel, which is extensively used in the power generation, transmission, and distribution industries. Electrical steel is an essential component used in transformer cores and other electrical devices due to its low hysteresis loss, high permeability, and resistance properties. Transformer cores are made of electrical steel and are vital in concentrating the magnetic field, making the electromagnet stronger. In addition, electrical steel is used in manufacturing inductor cores that are crucial in creating filters for analog circuits and signal processing. Inductors are widely used in conjunction with capacitors and resistors to regulate electrical signals and prevent interference.
Furthermore, electrical steel is used to make iron cores of motors, which are essential components of many industries. The iron core of a motor is responsible for focusing the magnetic field and making the motor more efficient. In summary, the growth in the transformer segment of the electrical steel market is primarily driven by the increasing demand for electrical steel's unique properties, which make it an indispensable material in the production of critical components in many industries.
"In terms of both value and volume, the APAC electrical steel market is projected to grow at the highest CAGR during the forecast period."
the Asia Pacific region is expected to demonstrate the highest CAGR in terms of both value and volume for the period 2023 to 2028. This growth is primarily attributed to the significant demand for electrical steel in the emerging economies of the APAC region. These economies are currently experiencing rapid economic development and urbanization, leading to a surge in the demand for various electrical appliances.
The automotive and energy industries are key contributors to the growth of the electrical steel market in the APAC region. With the growth of the automotive industry, there is a corresponding increase in the demand for electrical steel, which is used in the production of electric motors, alternators, and transformers. Similarly, the energy industry is also driving the demand for electrical steel, as it is extensively used in the production of power transformers, distribution transformers, and other electrical equipment.
By Company Type: Tier 1: 16%, Tier 2: 36%, and Tier 3: 48%
By Designation: C-level: 16%, D-level: 24%, and Others: 60%
By Region: North America: 24%, Europe: 36%, APAC: 20%, Middle East & Africa: 12%, and South America: 8%
Companies Covered: The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), China Baowu Steel Group (China), Nippon Steel Corporation (Japan), United States Steel Corporation (US), Steel Authority Of India (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others.
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