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PUBLISHER: Polaris Market Research | PRODUCT CODE: 1388076
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1388076
Electrical Steel Market Share, Size, Trends, Industry Analysis Report, By Product (GOES, NGOES), By Application (Transformer, Motor, Inductor), By Region, And Segment Forecasts, 2023- 2032
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The global electrical steel market size is expected to reach USD 37.92 billion by 2032, according to a new study by Polaris market research. The report "Electrical Steel Market Share, Size, Trends, Industry Analysis Report, By Product (GOES, NGOES), By Application (Transformer, Motor, Inductor), By Region, And Segment Forecasts, 2023- 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing demand for power generation has led to a rise in the requirement for transformers, generators, and other related products that rely on electrical steel to achieve improved performance. Electrical steel, also known as lamination steel, silicon steel, transformer steel, or relay steel, is an iron alloy containing varying silicon content. Its exceptional magnetic properties make it essential for both rotating and static machines. Increasing global expansion of electricity grids and the growing emphasis of governments on rural electrification have led to a significant rise in the demand for transformers.
For instance, in February 2021, Sylvan Technologies Limited commenced the manufacturing of power transformers, aiming to reduce Bangladesh's reliance on imports and contribute to achieving 100% electrification in the country.
Rising electricity generation and growing electric vehicle production in the region have resulted in an increased demand for transformers, generators, and motors. This surge in manufacturing is expected to drive the consumption of electrical steel during the forecast period. With the electric vehicle market showing significant growth potential, various companies from diverse industries are expressing interest in electric car manufacturing. For instance, in March 2021, Xiaomi announced a partnership with Great Wall Motor to produce electric vehicles, with plans to launch them around 2023.
In response to the increasing demand for electrical steel, market players are actively involved in developing new grades, expanding their production capabilities, and extending their market reach.
For example, in March 2021, ArcelorMittal announced a significant investment of EUR 13 Mn in its plant in France, which is dedicated to manufacturing iCARe electrical steel for vehicle industry. Moreover, recently, in May 2023, JFE Steel recently unveiled plans for expanding its electric steel sheet capacity and initiating a second phase expansion at the West Works' Kurashiki steel plant. Through this expansion, the company aims to incorporate top-notch technologies and advanced steel products, leading to reduced CO2 emissions and contributing to a more sustainable planet.
Electrical Steel Market Report Highlights
GOES segment expected to grow the fastest rate, this is primarily due to high adoption of transformers, government enabled strategic investments, & high demand in rural areas
Motor segment will grow at the robust CAGR, due to increased demand from electrical vehicles, increasing investments from corporates, and rising necessity to curb global warming
APAC dominated the market, owing to government led large public private partnerships to establish large scale projects, and rising electric consumption
North America held the largest share, due to presence of innovative companies and strategic electrification projects
The global key market players include: ArcelorMittal, Cleveland-Cliffs Corp., JFE Steel, Nippon Steel Corp., and POSCO
Polaris market research has segmented the electrical steel market report based on product, application, and region:
Electrical Steel, Product Outlook (Revenue - USD Billion, 2023 - 2032)
- Grain oriented electrical steel
- Non-grain oriented electrical steel
Electrical Steel, Application Outlook (Revenue - USD Billion, 2023 - 2032)
- Transformer
- Motor
- Inductor
- Other
Electrical Steel, Regional Outlook (Revenue - USD Billion, 2023 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Product Code: PM3772
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
- 2.1. Market Highlights
3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Electrical Steel Market Insights
- 4.1. Electrical Steel Market - Industry Snapshot
- 4.2. Electrical Steel Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increasing usage in power distribution systems and related applications
- 4.2.1.2. Increasing usage of electrical vehicles
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Volatile prices of raw materials
- 4.2.1. Drivers and Opportunities
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Electrical Steel Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Electrical Steel Market, by Product
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Electrical Steel, by Product, 2019-2032 (USD Billion)
- 5.3. Grain oriented electrical steel
- 5.3.1. Global Electrical Steel Market, by Grain oriented electrical steel, by Region, 2019-2032 (USD Billion)
- 5.4. Non-grain oriented electrical steel
- 5.4.1. Global Electrical Steel Market, by Non-grain oriented electrical steel, by Region, 2019-2032 (USD Billion)
6. Global Electrical Steel Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 6.3. Transformer
- 6.3.1. Global Electrical Steel Market, by Transformer, by Region, 2019-2032 (USD Billion)
- 6.4. Motor
- 6.4.1. Global Electrical Steel Market, by Motor, by Region, 2019-2032 (USD Billion)
- 6.5. Inductor
- 6.5.1. Global Electrical Steel Market, by Inductor, by Region, 2019-2032 (USD Billion)
- 6.6. Other
- 6.6.1. Global Electrical Steel Market, by Other, by Region, 2019-2032 (USD Billion)
7. Global Electrical Steel Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Electrical Steel Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Electrical Steel Market - North America
- 7.3.1. North America: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.3.2. North America: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.3.3. Electrical Steel Market - U.S.
- 7.3.3.1. U.S.: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.3.4. Electrical Steel Market - Canada
- 7.3.4.1. Canada: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4. Electrical Steel Market - Europe
- 7.4.1. Europe: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.2. Europe: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.3. Electrical Steel Market - UK
- 7.4.3.1. UK: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.4. Electrical Steel Market - France
- 7.4.4.1. France: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.4.2. France: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.5. Electrical Steel Market - Germany
- 7.4.5.1. Germany: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.6. Electrical Steel Market - Italy
- 7.4.6.1. Italy: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.7. Electrical Steel Market - Spain
- 7.4.7.1. Spain: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.8. Electrical Steel Market - Netherlands
- 7.4.8.1. Netherlands: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.4.9. Electrical Steel Market - Russia
- 7.4.9.1. Russia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5. Electrical Steel Market - Asia Pacific
- 7.5.1. Asia Pacific: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.3. Electrical Steel Market - China
- 7.5.3.1. China: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.3.2. China: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.4. Electrical Steel Market - India
- 7.5.4.1. India: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.4.2. India: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.5. Electrical Steel Market - Malaysia
- 7.5.5.1. Malaysia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.6. Electrical Steel Market - Japan
- 7.5.6.1. Japan: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.7. Electrical Steel Market - Indonesia
- 7.5.7.1. Indonesia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.5.8. Electrical Steel Market - South Korea
- 7.5.8.1. South Korea: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.6. Electrical Steel Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.6.3. Electrical Steel Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.6.4. Electrical Steel Market - UAE
- 7.6.4.1. UAE: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.6.5. Electrical Steel Market - Israel
- 7.6.5.1. Israel: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.6.6. Electrical Steel Market - South Africa
- 7.6.6.1. South Africa: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.7. Electrical Steel Market - Latin America
- 7.7.1. Latin America: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.7.3. Electrical Steel Market - Mexico
- 7.7.3.1. Mexico: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.7.4. Electrical Steel Market - Brazil
- 7.7.4.1. Brazil: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- 7.7.5. Electrical Steel Market - Argentina
- 7.7.5.1. Argentina: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. ArcelorMittal
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Cleveland-Cliffs Corp.
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. JFE Steel
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Nippon Steel Corp.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. POSCO
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Tata Steel
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. thyssenkrupp
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
Product Code: PM3772
List of Tables
- Table 1 Global Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 2 Global Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 3 Electrical Steel Market Assessment, By Geography, 2019-2032 (USD Billion)
- Table 4 North America: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 5 North America: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 6 U.S.: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 7 U.S.: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 8 Canada: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 9 Canada: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 10 Europe: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 11 Europe: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 12 UK: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 13 UK: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 14 France: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 15 France: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 16 Germany: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 17 Germany: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 18 Italy: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 19 Italy: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 20 Spain: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 21 Spain: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 22 Netherlands: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 23 Netherlands: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 24 Russia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 25 Russia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 26 Asia Pacific: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 27 Asia Pacific: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 28 China: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 29 China: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 30 India: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 31 India: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 32 Malaysia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 33 Malaysia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 34 Japan: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 35 Japan: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 36 Indonesia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 37 Indonesia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 38 South Korea: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 39 South Korea: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 40 Middle East & Africa: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 41 Middle East & Africa: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 42 Saudi Arabia: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 43 Saudi Arabia: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 44 UAE: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 45 UAE: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 46 Israel: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 47 Israel: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 48 South Africa: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 49 South Africa: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 50 Latin America: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 51 Latin America: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 52 Mexico: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 53 Mexico: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 54 Brazil: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 55 Brazil: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
- Table 56 Argentina: Electrical Steel Market, by Application, 2019-2032 (USD Billion)
- Table 57 Argentina: Electrical Steel Market, by Product, 2019-2032 (USD Billion)
List of Figures
- Figure 1 Global Electrical Steel Market, 2019-2032 (USD Billion)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Geography
- Figure 5 Porter's Five Forces
- Figure 6 Market by Application
- Figure 7 Global Electrical Steel Market, by Application, 2022 & 2032 (USD Billion)
- Figure 8 Market by Product
- Figure 9 Global Electrical Steel Market, by Product, 2022 & 2032 (USD Billion)
- Figure 10 Electrical Steel Market Assessment, By Geography, 2019-2032 (USD Billion)
- Figure 11 Strategic Analysis - Electrical Steel Market
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