Electrical Steel Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025-2032

Description

Persistence Market Research has recently released a comprehensive report on the global Electrical Steel Market, providing an in-depth analysis of key market dynamics, including driving forces, emerging trends, opportunities, and challenges. This report offers a detailed understanding of the market landscape, helping stakeholders make well-informed decisions.

Key Insights:

Electrical Steel Market Size (2025E): US$ 43.6 Bn
Projected Market Value (2032F): US$ 73.3 Bn
Global Market Growth Rate (CAGR 2025 to 2032): 7.7%

Electrical Steel Market - Report Scope:

The electrical steel market encompasses specialized steel materials with magnetic properties that are widely used in transformers, motors, generators, inductors, and other electrical equipment. Electrical steel, including cold rolled grain-oriented (CRGO) and cold rolled non-oriented (CRNO) variants, plays a critical role in improving energy efficiency and reducing power losses in electrical systems. Growing global electrification trends, rapid expansion of renewable energy infrastructure, increasing electric vehicle production, and modernization of power transmission and distribution networks are significantly driving the demand for electrical steel worldwide. The market continues to expand as industries focus on energy-efficient technologies and advanced electrical equipment.

Market Growth Drivers:

The growth of the global electrical steel market is primarily driven by the accelerating transition toward electrification across transportation, industrial, and energy sectors. Rising adoption of electric vehicles is creating strong demand for high-performance electrical steel used in traction motors and powertrain systems. Increasing investments in smart grid infrastructure and renewable energy projects are further boosting the need for advanced transformers and generators that rely on premium electrical steel grades. Additionally, rapid industrial automation, growing electricity consumption, and government initiatives promoting energy-efficient technologies are supporting sustained market growth. Advancements in manufacturing technologies are also improving material performance, enabling higher efficiency and lower energy losses across electrical applications.

Market Restraints:

Despite strong growth prospects, the electrical steel market faces several challenges. Fluctuations in raw material prices, particularly iron ore and alloying elements, can significantly impact production costs and profitability. The manufacturing process of high-grade electrical steel requires advanced technologies and substantial capital investments, creating barriers for new market entrants. Additionally, stringent environmental regulations governing steel production may increase compliance costs for manufacturers. Supply chain disruptions and limited availability of premium-grade electrical steel in certain regions can also affect market expansion and project timelines.

Market Opportunities:

The electrical steel market offers significant opportunities through the rapid expansion of electric mobility, renewable energy integration, and smart grid modernization projects. Growing investments in high-efficiency transformers and advanced motor technologies are expected to create substantial demand for grain-oriented and non-oriented electrical steel products. Emerging economies are increasingly investing in power infrastructure development, presenting new growth avenues for market participants. Furthermore, technological innovations aimed at reducing core losses, improving magnetic properties, and enhancing material sustainability are likely to drive future market expansion. The development of ultra-thin electrical steel grades for next-generation EV motors and high-frequency applications is also expected to unlock additional opportunities during the forecast period.

Key Questions Answered in the Report:

What are the primary factors driving the global electrical steel market's growth?
Which regions and market segments are experiencing the highest demand for electrical steel?
How are advancements in electrical steel manufacturing technologies influencing market dynamics?
Who are the key players in the electrical steel market, and what strategies are they adopting to stay competitive?
What are the emerging trends and future projections for the global electrical steel market?

Competitive Intelligence and Business Strategy:

Leading companies in the global electrical steel market are focusing on capacity expansion, technological innovation, and strategic partnerships to strengthen their competitive positions. Manufacturers are investing heavily in advanced production facilities and research initiatives to develop high-efficiency electrical steel grades for electric vehicles, renewable energy systems, and smart grid applications. Strategic collaborations with automotive manufacturers, transformer producers, and power equipment suppliers are helping companies expand their market reach and accelerate product adoption. Furthermore, investments in sustainable steel manufacturing processes and regional supply chain development are enabling market participants to address evolving customer requirements while maintaining long-term competitiveness.

Companies Covered in This Report:

ArcelorMittal
China Baowu
Steel Group Corporation
POSCO
Nippon Steel Corporation,
Voestalpine AG
Jindal Steel and Power,
JFE Steel Corporation
Tata Steel Limited
NLMK Group
SAIL (Steel Authority of India)
Essar Steel
MMK (Magnitogorsk Iron and Steel Works)
Hyundai Steel
Maithan Steel
Sunflag Iron and Steel

Market Segmentation

By Product Type

CRNO (Cold Rolled Non-Oriented)
CRGO (Cold Rolled Grain-Oriented)

By End Product

Transformers
Alternators/Generators
Industrial Motors
EV Motors
Others

By End-use

Energy and Power Generation
Automotive
Industrial Automation
Electronics
Others

By Region

North America
Europe
East Asia
South Asia and Oceania
Latin America
Middle East and Africa

Product Code: PMRREP33640

1. Executive Summary

1.1. Global Electrical Steel Market Snapshot 2025 and 2032
1.2. Market Opportunity Assessment, 2025-2032, US$ Bn
1.3. Key Market Trends
1.4. Industry Developments and Key Market Events
1.5. Demand Side and Supply Side Analysis
1.6. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definitions
2.2. Value Chain Analysis
2.3. Macro-Economic Factors
- 2.3.1. Global GDP Outlook
- 2.3.2. Global Automotive Industry Overview
- 2.3.3. Global Electric Vehicle Market Overview
- 2.3.4. Global Transformer Market Overview
- 2.3.5. Global Industrial Motor Market Overview
- 2.3.6. Other Macro-economic Factors
2.4. Forecast Factors - Relevance and Impact
2.5. COVID-19 Impact Assessment
2.6. PESTLE Analysis
2.7. Porter's Five Forces Analysis
2.8. Geopolitical Tensions: Market Impact
2.9. Regulatory and Technology Landscape

3. Market Dynamics

3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Trends

4. Price Trend Analysis, 2019 - 2032

4.1. Region-wise Price Analysis
4.2. Price by Segments
4.3. Price Impact Factors

5. Global Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

5.1. Key Highlights
5.2. Global Electrical Steel Market Outlook: Product Type
- 5.2.1. Introduction/Key Findings
- 5.2.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis by Product Type, 2019-2024
- 5.2.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
  - 5.2.3.1. CRNO
  - 5.2.3.2. CRGO
- 5.2.4. Market Attractiveness Analysis: Product Type
5.3. Global Electrical Steel Market Outlook: End Product
- 5.3.1. Introduction/Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis by End Product, 2019-2024
- 5.3.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
  - 5.3.3.1. Transformers
  - 5.3.3.2. Alternators/Generators
  - 5.3.3.3. Industrial Motors
  - 5.3.3.4. EV Motors
  - 5.3.3.5. Others
- 5.3.4. Market Attractiveness Analysis: End Product
5.4. Global Electrical Steel Market Outlook: End Use
- 5.4.1. Introduction/Key Findings
- 5.4.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis by End Use, 2019-2024
- 5.4.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
  - 5.4.3.1. Energy and Power Generation
  - 5.4.3.2. Automotive
  - 5.4.3.3. Industrial Automation
  - 5.4.3.4. Electronics
  - 5.4.3.5. Others
- 5.4.4. Market Attractiveness Analysis: End Use

6. Global Electrical Steel Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis by Region, 2019-2024
6.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast, by Region, 2025-2032
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia & Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. North America Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 7.3.1. U.S.
- 7.3.2. Canada
7.4. North America Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 7.4.1. CRNO
- 7.4.2. CRGO
7.5. North America Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 7.5.1. Transformers
- 7.5.2. Alternators/Generators
- 7.5.3. Industrial Motors
- 7.5.4. EV Motors
- 7.5.5. Others
7.6. North America Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 7.6.1. Energy and Power Generation
- 7.6.2. Automotive
- 7.6.3. Industrial Automation
- 7.6.4. Electronics
- 7.6.5. Others

8. Europe Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Europe Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 8.3.1. Germany
- 8.3.2. Italy
- 8.3.3. France
- 8.3.4. U.K.
- 8.3.5. Spain
- 8.3.6. Russia
- 8.3.7. Rest of Europe
8.4. Europe Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 8.4.1. CRNO
- 8.4.2. CRGO
8.5. Europe Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 8.5.1. Transformers
- 8.5.2. Alternators/Generators
- 8.5.3. Industrial Motors
- 8.5.4. EV Motors
- 8.5.5. Others
8.6. Europe Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 8.6.1. Energy and Power Generation
- 8.6.2. Automotive
- 8.6.3. Industrial Automation
- 8.6.4. Electronics
- 8.6.5. Others

9. East Asia Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. East Asia Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 9.3.1. China
- 9.3.2. Japan
- 9.3.3. South Korea
9.4. East Asia Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 9.4.1. CRNO
- 9.4.2. CRGO
9.5. East Asia Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 9.5.1. Transformers
- 9.5.2. Alternators/Generators
- 9.5.3. Industrial Motors
- 9.5.4. EV Motors
- 9.5.5. Others
9.6. East Asia Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 9.6.1. Energy and Power Generation
- 9.6.2. Automotive
- 9.6.3. Industrial Automation
- 9.6.4. Electronics
- 9.6.5. Others

10. South Asia & Oceania Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. South Asia & Oceania Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 10.3.1. India
- 10.3.2. Southeast Asia
- 10.3.3. ANZ
- 10.3.4. Rest of SAO
10.4. South Asia & Oceania Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 10.4.1. CRNO
- 10.4.2. CRGO
10.5. South Asia & Oceania Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 10.5.1. Transformers
- 10.5.2. Alternators/Generators
- 10.5.3. Industrial Motors
- 10.5.4. EV Motors
- 10.5.5. Others
10.6. South Asia & Oceania Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 10.6.1. Energy and Power Generation
- 10.6.2. Automotive
- 10.6.3. Industrial Automation
- 10.6.4. Electronics
- 10.6.5. Others

11. Latin America Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Latin America Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 11.3.1. Brazil
- 11.3.2. Mexico
- 11.3.3. Rest of LATAM
11.4. Latin America Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 11.4.1. CRNO
- 11.4.2. CRGO
11.5. Latin America Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 11.5.1. Transformers
- 11.5.2. Alternators/Generators
- 11.5.3. Industrial Motors
- 11.5.4. EV Motors
- 11.5.5. Others
11.6. Latin America Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 11.6.1. Energy and Power Generation
- 11.6.2. Automotive
- 11.6.3. Industrial Automation
- 11.6.4. Electronics
- 11.6.5. Others

12. Middle East & Africa Electrical Steel Market Outlook: Historical (2019 - 2024) and Forecast (2025 - 2032)

12.1. Key Highlights
12.2. Pricing Analysis
12.3. Middle East & Africa Market Size (US$ Bn) and Volume (Tons) Forecast, by Country, 2025-2032
- 12.3.1. GCC Countries
- 12.3.2. South Africa
- 12.3.3. Northern Africa
- 12.3.4. Rest of MEA
12.4. Middle East & Africa Market Size (US$ Bn) and Volume (Tons) Forecast, by Product Type, 2025-2032
- 12.4.1. CRNO
- 12.4.2. CRGO
12.5. Middle East & Africa Market Size (US$ Bn) and Volume (Tons) Forecast, by End Product, 2025-2032
- 12.5.1. Transformers
- 12.5.2. Alternators/Generators
- 12.5.3. Industrial Motors
- 12.5.4. EV Motors
- 12.5.5. Others
12.6. Middle East & Africa Market Size (US$ Bn) and Volume (Tons) Forecast, by End Use, 2025-2032
- 12.6.1. Energy and Power Generation
- 12.6.2. Automotive
- 12.6.3. Industrial Automation
- 12.6.4. Electronics
- 12.6.5. Others

13. Competition Landscape

13.1. Market Share Analysis, 2024
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping
- 13.2.2. Competition Dashboard
13.3. Company Profiles
- 13.3.1. ArcelorMittal
  - 13.3.1.1. Company Overview
  - 13.3.1.2. Product Portfolio/Offerings
  - 13.3.1.3. Key Financials
  - 13.3.1.4. SWOT Analysis
  - 13.3.1.5. Company Strategy and Key Developments
- 13.3.2. China Baowu Steel Group Corporation
- 13.3.3. POSCO
- 13.3.4. Nippon Steel Corporation
- 13.3.5. Voestalpine AG
- 13.3.6. Jindal Steel and Power
- 13.3.7. JFE Steel Corporation
- 13.3.8. Tata Steel Limited
- 13.3.9. NLMK Group
- 13.3.10. SAIL (Steel Authority of India)
- 13.3.11. Essar Steel
- 13.3.12. MMK (Magnitogorsk Iron and Steel Works)
- 13.3.13. Hyundai Steel
- 13.3.14. Maithan Steel
- 13.3.15. Sunflag Iron and Steel

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations