Global Electrical Steel Market Size, Share, Growth Analysis, By Type(Grain-Oriented, Non- Grain-Oriented), By End User(Household Appliances, Manufacturing) - Industry Forecast 2024-2031

Global Electrical Steel Market size was valued at USD 38.34 billion in 2022 and is poised to grow from USD 40.91 billion in 2023 to USD 68.73 billion by 2031, growing at a CAGR of 6.7% during the forecast period (2024-2031).

Numerous electromagnetic equipment, such as electric motors, generators, solenoids, tiny relays, and many more, use electrical steel. Electrical steel has wide-ranging uses in power distribution systems and other industries, such as generators, electric motors, relays, solenoids, and other electromagnetic devices. The second-largest producer of power in the world is the United States. With utility-scale generators, the country generated almost 4,000 terawatt-hours (TWh) of electricity, a significant 16.7% increase in renewable power generation from 2019. Another major driver of the electrical steel market is the growing electric vehicle (EV) industry. The magnetic properties of this specific steel are crucial for the effective functioning of electric vehicle motors, especially in rotors and stators.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electrical Steel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electrical Steel Market Segmental Analysis

Global Electrical Steel Market is segmented on the basis of type, application, end user and region. By type, the market is segmented into grain-oriented, non- grain-oriented, others. By end user, the market is segmented into household appliances, manufacturing, energy & power, automotive, and others. By application, the market is segmented into inductors, transformers, motors, rotors, stators, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Electrical Steel Market

The growing need for electric motors in a variety of residential, commercial, and industrial sectors is one of the main factors propelling the market's rise. Electrical steel is frequently used to power generators with improved electromagnetic properties and low carbon dioxide emissions, as well as motors with stronger magnetic flux and torque. Furthermore, more people are using hybrid and electric vehicles (H/EVs), which is driving market expansion. Electric steel car parts are safer and more aesthetically pleasing while also being lighter.

Restraints in the Global Electrical Steel Market

Coal, iron ore, and other metals are among the many raw resources needed to produce electrical steel. The cost of producing electrical steel can be greatly impacted by changes in the pricing of various raw materials, which could have an effect on the price of electrical steel on the market.

Market Trends of the Global Electrical Steel Market

Rapid population expansion, industrialization, and urbanization are some of the causes contributing to this surge in demand, all of which call for an increased supply of energy. Modern living still depends heavily on electricity, which is why energy-efficient electrical equipment is necessary. Because of its exceptional magnetic properties, electrical steel is used in power generation and distribution equipment, especially in transformers and generators. These devices help to reduce energy losses and improve energy efficiency in the transmission and distribution of electrical power, which helps to meet the growing demand for a consistent and efficient supply of electricity.