Electrical Steel Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030

Description

Persistence Market Research has recently conducted an in-depth analysis of the Electrical Steel Market, providing a comprehensive report on the global landscape. This report offers key insights into market dynamics, trends, opportunities, and challenges, offering a detailed overview of the market structure. The research publication presents exclusive data and statistics, projecting the anticipated growth trajectory of the Electrical Steel Market from 2023 to 2030.

The global electrical steel market is projected to grow steadily at a compound annual growth rate (CAGR) of 6.7%. This growth trajectory is expected to elevate the market from its 2023 valuation of US$33.5 billion to reach US$52.8 billion by the conclusion of 2030.

Key Insights:

Electrical Steel Market Size (2023E): US$33.5 Bn

Projected Market Value (2030F): US$52.8 Bn

Global Market Growth Rate (CAGR 2023 to 2030): 6.7%

Historical Market Growth Rate (CAGR 2018 to 2022): 5.8%

Electrical Steel Market - Report Scope

Electrical steel plays a vital role in today's energy sector, being a specialized alloy engineered to possess optimal magnetic properties. Widely used in the production of generators, electric motors, and transformers, its unique composition helps minimize energy losses by reducing core losses and eddy currents. With its exceptional magnetic permeability, electrical steel ensures efficient energy conversion, making it indispensable in power distribution and transmission systems. The global market for electrical steel is being driven by growing demand across industries seeking enhanced energy efficiency. Several factors contribute to the significant growth of the global electrical steel market. A key driver is the rising demand for electricity, fueled by industrialization and urbanization processes. Nations' increased investments in expanding and modernizing power infrastructure lead to a notable uptick in demand for electrical equipment and transformers, thereby driving the need for electrical steel. Moreover, the growing adoption of renewable energy sources like solar and wind power further fuels market expansion. The effective functioning of these sustainable energy solutions heavily relies on electrical steel, further propelling market growth. Additionally, advancements in manufacturing technology enhance product functionality, appealing to a wider consumer base. Ultimately, the global electrical steel industry thrives due to the convergence of escalating energy demands, emerging renewable energy trends, and ongoing technological progress.

Market Growth Drivers

Presently, the worldwide electrical steel industry is undergoing a period of profound change, which is predominantly driven by the increasing incorporation of renewable energy sources. The market's significant development trajectory can be attributed, in part, to the critical transition towards sustainable and environmentally friendly power generation. Renewable energy solutions, including wind and solar power, are being enthusiastically adopted by nations across the globe as a means to address environmental issues and decrease dependence on traditional fossil fuels. Renewable energy sources, which are distinguished by their sustainable nature and minimal ecological footprint, require sophisticated technologies and materials for efficient power generation and transmission. As a result of its extraordinary magnetic properties, electrical steel arises as a crucial component in this green energy revolution. Wind turbine generators, which are a crucial component of wind energy, make extensive use of electrical steel. Electrical steel's distinctive magnetic properties enable the efficient conversion of wind kinetic energy to electrical energy with negligible energy losses. Likewise, for maximum efficiency, solar inverters, which are indispensable for transforming solar energy into usable electricity, depend on electrical steel. As governments across the globe provide incentives for the adoption of renewable energy, investments in infrastructure that extensively utilize electrical steel are increasing, resulting in a surge in market demand.

Market Restraints

Despite the growing demand and promising prospects, the global electrical steel industry faces a significant constraint: the limited accessibility and volatility of raw material costs. Certain alloys, particularly silicon steel, are essential for producing electrical steel with the desired magnetic properties. However, the availability of silicon, a crucial component of these alloys, poses challenges due to its reliance on finite resources. Fluctuations in the global silicon supply chain, influenced by environmental regulations, trade tensions, and geopolitical factors, directly impact the electrical steel market. Another obstacle for the global electrical steel market is the rapid pace of technological advancements and the presence of technical barriers. The industry's historical reliance on specific manufacturing processes and materials has sometimes hindered the adoption of innovative technologies and advanced products. Efforts to enhance energy efficiency and optimize magnetic characteristics through advancements in electrical steel design often encounter resistance due to entrenched industry norms and technical complexities. The intricate production processes involved in electrical steel manufacturing create technical hurdles, requiring deep expertise in material science, metallurgy, and magnetic properties. Overcoming these challenges presents a significant undertaking for manufacturers and researchers alike.

Opportunities

A significant catalyst driving optimism in the global electrical steel market is the rapid integration of smart grid technologies worldwide. The emergence of smart grids represents a fundamental shift in how energy is managed and utilized, promising more resilient and efficient power infrastructures. This pursuit of advanced grid systems by nations is expected to fuel considerable demand for electrical steel, a critical component in the production of transformers and other grid equipment. Smart grids leverage sophisticated technologies like sensors, communication networks, and data analytics to enhance the efficiency and intelligence of electrical distribution networks. Electrical steel plays a pivotal role in constructing transformers, the backbone of smart infrastructure. These transformers, with their improved magnetic properties and energy-saving capabilities, contribute to optimizing power distribution. The need for better monitoring, control, and responsiveness, driven by increasing energy demands and the integration of renewable energy sources, is driving the adoption of smart grid technology. The shift toward intelligent and adaptive power grids not only strengthens power systems' resilience but also escalates the demand for electrical steel, positioning the market as a frontrunner in the smart grid revolution. As countries invest in upgrading their electrical infrastructure to meet the demands of the 21st century, the electrical steel industry stands to benefit significantly from widespread smart grid technology implementation.

Key Questions Answered in Report::

What is the current status of the global electrical steel market, and what are its key characteristics and trends?
What are the primary factors fueling the growth of the electrical steel market worldwide?
How the electrical steel market is segmented based on factors such as product type, application, and geographic region?
Who are the major players in the electrical steel market, and what are their strategies for market growth and sustainability?
What recent technological innovations and advancements are shaping the landscape of the electrical steel industry?

Competitive Intelligence and Business Strategy

Leading entities in the electrical steel industry, such as Nippon Steel Corporation, ArcelorMittal, and POSCO, adopt comprehensive strategies to safeguard and expand their market shares. These companies prioritize substantial investments in research and development (R&D) to drive innovation and produce high-performance electrical steel. For instance, Nippon Steel Corporation maintains a robust R&D division focused on developing cutting-edge materials and technologies. By continuously improving the efficiency and magnetic properties of their electrical steel products, these firms ensure the delivery of advanced solutions that meet the evolving needs of sectors like energy, automotive, and electronics. Moreover, ongoing technological advancements and the adoption of Industry 4.0 principles contribute to enhancing operational efficiency. These entities allocate resources to intelligent manufacturing technologies, automation, and data analytics to optimize production processes, reduce costs, and sustain a competitive edge. In summary, prominent players in the electrical steel market employ a variety of strategies, including technological innovation, strategic partnerships, and global expansion. By proactively addressing industry trends and customer demands, these organizations strategically position themselves to achieve and retain significant market share in a dynamic market landscape.

Key Companies Profiled
Nippon Steel Corporation
POSCO
JFE Steel Corporation
Baosteel Group Corporation
ArcelorMittal
ThyssenKrupp AG
Cogent Power
AK Steel Holding Corporation
Aperam
Voestalpine AG
Allegheny Technologies, Inc.

Nicore Electrical Manufactory Co., LTD.

Electrical Steel Market Research Segmentation

By Product Type:

Grain-Oriented Electrical Steel (GOES)

Non-Grain Oriented Electrical Steel (NGOES)

By Application:
Transformers
Motors
Generators
Inductors and Chokes
Misc.
By End-use Industry:
Energy and Power Generation
Automotive
Manufacturing
Electronics
Aerospace
By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33640

1. Executive Summary

1.1. Global Electrical Steel Market Snapshot, 2023 and 2030
1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Product Type Lifecycle Analysis
2.4. Electrical Steel Market: Value Chain
- 2.4.1. List of Raw Application Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of End-use Industrys
- 2.4.5. Profitability Analysis
2.5. Porter Five Force's Analysis
2.6. Geopolitical Tensions: Market Impact
2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
2.8. Forecast Factors - Relevance and Impact
2.9. Regulatory and Technology Landscape

3. Global Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
3.3. Global Electrical Steel Market Outlook: Product Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Product Type, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
  - 3.3.3.1. Grain-Oriented Electrical Steel (GOES)
  - 3.3.3.2. Non-Grain Oriented Electrical Steel (NGOES)
3.4. Market Attractiveness Analysis: Product Type
3.5. Global Electrical Steel Market Outlook: Application
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Application, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
  - 3.5.3.1. Transformers
  - 3.5.3.2. Motors
  - 3.5.3.3. Generators
  - 3.5.3.4. Inductors and Chokes
  - 3.5.3.5. Misc.
3.6. Market Attractiveness Analysis: Application
3.7. Global Electrical Steel Market Outlook: End-use Industry
- 3.7.1. Introduction / Key Findings
- 3.7.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By End-use Industry, 2018 - 2022
- 3.7.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
  - 3.7.3.1. Energy and Power Generation
  - 3.7.3.2. Automotive
  - 3.7.3.3. Manufacturing
  - 3.7.3.4. Electronics
  - 3.7.3.5. Aerospace
3.8. Market Attractiveness Analysis: End-use Industry

4. Global Electrical Steel Market Outlook: Region

4.1. Key Highlights
4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
4.4. Market Attractiveness Analysis: Region

5. North America Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Product Type
- 5.3.3. By Application
- 5.3.4. By End-use Industry
5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 5.5.1. Grain-Oriented Electrical Steel (GOES)
- 5.5.2. Non-Grain Oriented Electrical Steel (NGOES)
5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 5.6.1. Transformers
- 5.6.2. Motors
- 5.6.3. Generators
- 5.6.4. Inductors and Chokes
- 5.6.5. Misc.
5.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 5.7.1. Energy and Power Generation
- 5.7.2. Automotive
- 5.7.3. Manufacturing
- 5.7.4. Electronics
- 5.7.5. Aerospace
5.8. Market Attractiveness Analysis

6. Europe Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Product Type
- 6.3.3. By Application
- 6.3.4. By End-use Industry
6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. T rkiye
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 6.5.1. Grain-Oriented Electrical Steel (GOES)
- 6.5.2. Non-Grain Oriented Electrical Steel (NGOES)
6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 6.6.1. Transformers
- 6.6.2. Motors
- 6.6.3. Generators
- 6.6.4. Inductors and Chokes
- 6.6.5. Misc.
6.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 6.7.1. Energy and Power Generation
- 6.7.2. Automotive
- 6.7.3. Manufacturing
- 6.7.4. Electronics
- 6.7.5. Aerospace
6.8. Market Attractiveness Analysis

7. East Asia Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By Application
- 7.3.4. By End-use Industry
7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 7.5.1. Grain-Oriented Electrical Steel (GOES)
- 7.5.2. Non-Grain Oriented Electrical Steel (NGOES)
7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 7.6.1. Transformers
- 7.6.2. Motors
- 7.6.3. Generators
- 7.6.4. Inductors and Chokes
- 7.6.5. Misc.
7.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 7.7.1. Energy and Power Generation
- 7.7.2. Automotive
- 7.7.3. Manufacturing
- 7.7.4. Electronics
- 7.7.5. Aerospace
7.8. Market Attractiveness Analysis

8. South Asia & Oceania Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By Application
- 8.3.4. By End-use Industry
8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 8.5.1. Grain-Oriented Electrical Steel (GOES)
- 8.5.2. Non-Grain Oriented Electrical Steel (NGOES)
8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 8.6.1. Transformers
- 8.6.2. Motors
- 8.6.3. Generators
- 8.6.4. Inductors and Chokes
- 8.6.5. Misc.
8.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 8.7.1. Energy and Power Generation
- 8.7.2. Automotive
- 8.7.3. Manufacturing
- 8.7.4. Electronics
- 8.7.5. Aerospace
8.8. Market Attractiveness Analysis

9. Latin America Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By Application
- 9.3.4. By End-use Industry
9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 9.5.1. Grain-Oriented Electrical Steel (GOES)
- 9.5.2. Non-Grain Oriented Electrical Steel (NGOES)
9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 9.6.1. Transformers
- 9.6.2. Motors
- 9.6.3. Generators
- 9.6.4. Inductors and Chokes
- 9.6.5. Misc.
9.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 9.7.1. Energy and Power Generation
- 9.7.2. Automotive
- 9.7.3. Manufacturing
- 9.7.4. Electronics
- 9.7.5. Aerospace
9.8. Market Attractiveness Analysis

10. Middle East & Africa Electrical Steel Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By Application
- 10.3.4. By End-use Industry
10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 10.5.1. Grain-Oriented Electrical Steel (GOES)
- 10.5.2. Non-Grain Oriented Electrical Steel (NGOES)
10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Application, 2023 - 2030
- 10.6.1. Transformers
- 10.6.2. Motors
- 10.6.3. Generators
- 10.6.4. Inductors and Chokes
- 10.6.5. Misc.
10.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 10.7.1. Energy and Power Generation
- 10.7.2. Automotive
- 10.7.3. Manufacturing
- 10.7.4. Electronics
- 10.7.5. Aerospace
10.8. Market Attractiveness Analysis

11. Competition Landscape

11.1. Market Share Analysis, 2022
11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Analog IC
- 11.2.3. Apparent Product Capacity
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Nippon Steel Corporation
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Product
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. POSCO
  - 11.3.2.1. Overview
  - 11.3.2.2. Segments and Product
  - 11.3.2.3. Key Financials
  - 11.3.2.4. Market Developments
  - 11.3.2.5. Market Strategy
- 11.3.3. JFE Steel Corporation
  - 11.3.3.1. Overview
  - 11.3.3.2. Segments and Product
  - 11.3.3.3. Key Financials
  - 11.3.3.4. Market Developments
  - 11.3.3.5. Market Strategy
- 11.3.4. Baosteel Group Corporation
  - 11.3.4.1. Overview
  - 11.3.4.2. Segments and Product
  - 11.3.4.3. Key Financials
  - 11.3.4.4. Market Developments
  - 11.3.4.5. Market Strategy
- 11.3.5. ArcelorMittal
  - 11.3.5.1. Overview
  - 11.3.5.2. Segments and Product
  - 11.3.5.3. Key Financials
  - 11.3.5.4. Market Developments
  - 11.3.5.5. Market Strategy
- 11.3.6. ThyssenKrupp AG
  - 11.3.6.1. Overview
  - 11.3.6.2. Segments and Product
  - 11.3.6.3. Key Financials
  - 11.3.6.4. Market Developments
  - 11.3.6.5. Market Strategy
- 11.3.7. Cogent Power
  - 11.3.7.1. Overview
  - 11.3.7.2. Segments and Product
  - 11.3.7.3. Key Financials
  - 11.3.7.4. Market Developments
  - 11.3.7.5. Market Strategy
- 11.3.8. AK Steel Holding Corporation
  - 11.3.8.1. Overview
  - 11.3.8.2. Segments and Product
  - 11.3.8.3. Key Financials
  - 11.3.8.4. Market Developments
  - 11.3.8.5. Market Strategy
- 11.3.9. Aperam
  - 11.3.9.1. Overview
  - 11.3.9.2. Segments and Product
  - 11.3.9.3. Key Financials
  - 11.3.9.4. Market Developments
  - 11.3.9.5. Market Strategy
- 11.3.10. Voestalpine AG
  - 11.3.10.1. Overview
  - 11.3.10.2. Segments and Product
  - 11.3.10.3. Key Financials
  - 11.3.10.4. Market Developments
  - 11.3.10.5. Market Strategy
- 11.3.11. Allegheny Technologies, Inc.
  - 11.3.11.1. Overview
  - 11.3.11.2. Segments and Product
  - 11.3.11.3. Key Financials
  - 11.3.11.4. Market Developments
  - 11.3.11.5. Market Strategy
- 11.3.12. Nicore Electrical Manufactory Co., LTD.
  - 11.3.12.1. Overview
  - 11.3.12.2. Segments and Product
  - 11.3.12.3. Key Financials
  - 11.3.12.4. Market Developments
  - 11.3.12.5. Market Strategy

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations