Electrical Steel Global Market Report 2026

Electrical steel is a ferromagnetic material composed of iron with varying silicon content ranging from 1% to 6.5%. This soft magnetic material possesses enhanced electrical properties and finds wide application in small relays, solenoids, electric motors, generators, and various electromagnetic devices.

The primary types of electrical steel include grain-oriented and non-grain-oriented. Grain-oriented electrical steel is utilized in efficient transformers and large, high-performance generators. It consists of 3% silicon steel processed under controlled conditions for use in transformers and generators. Electrical steel is integral to diverse industries such as energy, automotive, household appliances, and manufacturing, serving applications in transformers, generators, motors, and other electromechanical devices.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on steel and silicon have impacted the electrical steel market by increasing production costs and affecting supply chains, particularly in regions such as north america, europe, and asia-pacific. Segments like grain-oriented and high-performance non-grain-oriented steel are most affected due to reliance on imported raw materials. Positive impacts include encouraging domestic steel production, promoting local sourcing, and driving innovation in energy-efficient and high-performance electrical steel.

The electrical steel market research report is one of a series of new reports from The Business Research Company that provides electrical steel market statistics, including electrical steel industry global market size, regional shares, competitors with a electrical steel market share, detailed electrical steel market segments, market trends and opportunities, and any further data you may need to thrive in the electrical steel industry. This electrical steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electrical steel market size has grown strongly in recent years. It will grow from $37.13 billion in 2025 to $39.72 billion in 2026 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing electrification in energy and manufacturing sectors, rising demand for transformers and generators, adoption of grain-oriented steel in power distribution, growth in household appliance production, expansion of automotive sector using electrical steel.

The electrical steel market size is expected to see strong growth in the next few years. It will grow to $51.67 billion in 2030 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising electric vehicle production, increasing demand for high-performance motors and generators, adoption of energy-efficient transformers, expansion of renewable energy infrastructure, growth in industrial automation requiring electrical steel. Major trends in the forecast period include rising demand for grain-oriented electrical steel, increasing use of non-grain-oriented steel in motors, growth in electric vehicle applications, expansion of transformers and generators manufacturing, adoption of high-performance electrical steel for industrial applications.

The rapid increase in investments in renewable power generation capacities is anticipated to propel the electrical steel market over the forecast period. The strong expansion of renewable energy leads to substantial demand for electric transmission and distribution (T&D) equipment, including transformers. Numerous power generation companies are investing in renewable energy sources, particularly in the USA and European nations. For example, in June 2024, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that global energy investment is projected to surpass USD 3 trillion in 2024, marking a notable rise from USD 2 trillion in 2023 allocated to clean energy. Consequently, the swift growth in investments in renewable power generation is fueling the expansion of the electrical steel market.

Major companies operating in the electrical steel market are concentrating on technological advancements such as ultra-thin, low-loss non-grain-oriented (NGO) electrical steel for high-efficiency motors and e-mobility applications. Ultra-thin NGO electrical steel is a silicon-alloyed sheet designed to minimize core losses, allow lighter motor constructions, and provide isotropic magnetic performance suitable for rotating machines, balancing efficiency and manufacturability. For example, in March 2023, United States Steel Corporation, a US-based steelmaker, introduced InduX, an ultra-thin, very wide, lightweight NGO electrical steel manufactured at its Big River Steel facility. The product offers optimized magnetic characteristics, ultra-thin gauges to lower core losses and motor weight, and large-scale production to strengthen domestic supply chains, enhancing motor efficiency, extending EV range, and enabling smaller, high-performance traction motors and industrial generators.

In December 2023, Nippon Steel Corporation, a Japan-based steelmaking company, acquired United States Steel Corporation for $14.9 billion. This acquisition aims to enhance Nippon Steel's manufacturing capabilities, expand its geographic reach, and increase its crude steel capacity while promoting sustainability. United States Steel Corporation is known for its production of electrical steel, which is crucial for applications in electric vehicles and renewable energy technologies. This strategic move positions Nippon Steel to better serve the growing demand for high-quality electrical steel in key markets.

Major companies operating in the electrical steel market report are ArcelorMittal S.A., POSCO, Baoshan Iron & Steel Co. Ltd, JFE Holdings, Inc., ThyssenKrupp AG, Cleveland-Cliffs Corporation, Steel Authority of India Limited, Bekaert SA, The Heico Companies, Ningbo BST Metal Products Co., Ltd, Nanjing Hengjie Industrial Co., Ltd, Suzuki Garphyttan Ab, Beloretsk Metallurgical Plant AO, Arnold Magnetic Technologies, Aperam, Companhia Siderurgica Nacional, Siderca, Mahindra Intertrade, Harsh Electrical Stampings, Iron Products Industries Ltd, Sevan Construction Nigeria Limited

Asia-Pacific was the largest region in the electrical steel market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the electrical steel market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electrical steel market consists of sales of silicon steel, transformer steel, or lamination steel. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Electrical Steel Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses electrical steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for electrical steel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The electrical steel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Grain-Oriented; Non-Grain-Oriented
• 2) By Industry: Energy; Automotive; Household Appliances; Manufacturing; Other Industries
• 3) By Application: Transformers; Generators; Motors; Other Applications
• Subsegments:
• 1) By Grain-Oriented: Transformer Steel; Laminated Core Steel
• 2) By Non-Grain-Oriented: Regular Non-Grain-Oriented Steel; High-Performance Non-Grain-Oriented Steel
• Companies Mentioned: ArcelorMittal S.A.; POSCO; Baoshan Iron & Steel Co. Ltd; JFE Holdings, Inc.; ThyssenKrupp AG; Cleveland-Cliffs Corporation; Steel Authority of India Limited; Bekaert SA; The Heico Companies; Ningbo BST Metal Products Co., Ltd; Nanjing Hengjie Industrial Co., Ltd; Suzuki Garphyttan Ab; Beloretsk Metallurgical Plant AO; Arnold Magnetic Technologies; Aperam; Companhia Siderurgica Nacional; Siderca; Mahindra Intertrade; Harsh Electrical Stampings; Iron Products Industries Ltd; Sevan Construction Nigeria Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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