Electrical Steel Market
Electrical Steel Market Size, Share, and Trends Analysis Report, By Product Type (Grain-Oriented Electrical Steel and Non-Grain Oriented Electrical Steel), By Application (Inductors, Motors, and Transformers), By End-User Industry (Automobiles, Manufacturing, Energy, Household Appliances, and Others), Forecast Period (2022-2028)
Electrical steel market is anticipated to grow at a CAGR of 6.2% during the forecast period. Electrical steel is a soft magnetic material with enhanced electrical properties that are widely used across applications such as small relays, solenoids, electric motors, generators, and many other devices. Electrical steel is also referred to as silicon steel, transformer steel, or lamination steel. It is used mainly in electrical power distribution systems and in automotive industries. The major factors contributing to the growth of the global electrical steel market include the high energy and power demand across the globe due to the increasing population base and industrialization. In 2021, the net generation of electricity from utility-scale generators in the US was about 4,116 billion kilowatt hours (kWh) (or about 4.12 trillion kWh). EIA estimates that an additional 49.03 billion kWh (or about 0.05 trillion kWh) were generated with small-scale solar photovoltaic (PV) systems. This has surged the use of electric steel in electrical transformer cores and other electrical devices owing to the low hysteresis loss, high permeability, and high resistance it offers.
Apart from these factors, rising initiatives to streamline power distribution centers in emerging countries to provide electricity is a key reason driving demand for electrical steel. The Government of Kenya (GoK) has introduced a series of projects to stimulate economic growth. On the other hand, the increasing popularity of EVs is further expected to amplify the electrical steel market as it is considered a core element in electric battery production. However, the volatile price of raw materials is one of the major factors hindering market growth.
Segmental Outlook
The global electrical steel market is segmented based on product type, application, and end-user industry. Based on product type, the market is sub-segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. Among these, grain-oriented electrical steel accounted for the largest share of the global electrical steel market. The segment growth is attributed to the adoption of this kind of steel for non-rotating applications, such as transformers owing to its ability to deliver high permeability and low core loss for electrical transformers due to the composition of iron with 3% Si content with grains. Based on application, the market is sub-categorized into inductors, motors, and transformers. Based on the end-user industry, the market is further sub-segmented into automobiles, manufacturing, energy, household appliances, and others.
Regional Outlook
Geographically, the global electrical steel market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). The North American region witnessed notable growth in 2021. The region is expected to contribute the highest share to the market growth during the forecast period. The regional growth is attributed to the high adoption of electric steel wire for a wide range of applications, rising power, and energy consumption due to the increasing population and strict government regulations concerning CO2 emissions. In addition, more companies in the region are investing in building electric vehicles by increasing investments, which is another prominent factor accelerating the market.
Global Electrical Steel Market Growth, By Region 2022-2028
Asia-Pacific Region is Expected to Witness Fastest Growth
Geographically, the Asia-Pacific region is likely to grow at the fastest CAGR during the forecast period. The growing demand from the power sector, supportive government investments, and the increasing R&D projects are the major drivers of the electric steel market in the region. Moreover, rising demand from the power sector in major emerging economies such as India, and China is likely to create considerable business opportunities in the region during the forecast period. Electric steel is used in the manufacturing process of power transformer cores, motors, and generators. Thus, the rising power demand will increase the infrastructural development activities, thereby increasing the demand for electric steel. In addition, the high demand and production of electric vehicles will further increase the demand for electrical steel, which in turn will drive the market.
Market Players Outlook
The major market players in the global electrical steel market include Aperam SA, ArcelorMittal SA, Baoshan Iron & Steel Co., Ltd., Cleveland-Cliffs Inc., JFE Holdings, Inc., and Tata Steel, Ltd. among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, South Korean steel-making company POSCO has begun construction of a KRW1tr (USD800m) production facility for non-oriented electrical steel sheets at its Gwangyang steelworks, in response to the growing demand for environmentally friendly steel in the automobile and home appliance industries.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electrical steel market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Aperam SA
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. ArcelorMittal SA
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Baoshan Iron & Steel Co., Ltd.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Cleveland-Cliffs Inc.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. JFE Holdings, Inc.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Electrical Steel Market by Product Type
4.1.1. Grain-Oriented Electrical Steel
4.1.2. Non-Grain Oriented Electrical Steel
4.2. Global Electrical Steel Market by Application
4.2.1. Inductors
4.2.2. Motors
4.2.3. Transformers
4.3. Global Electrical Steel Market by End-User Industry
4.3.1. Automobiles
4.3.2. Manufacturing
4.3.3. Energy
4.3.4. Household Appliances
4.3.5. Others
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AK Steel Holding Corp
6.2. Allegheny Technologies, Inc.
6.3. Elkem ASA
6.4. Leicong Industrial Co., Ltd.
6.5. Nicore Electrical Manufactory Co. Ltd.
6.6. Nippon Steel & Sumitomo Metal Corp
6.7. Novolipetsk Steel (NLMK Group)
6.8. POSCO
6.9. Steel Authority of India, Ltd.
6.10. Tata Steel, Ltd.
6.11. TC Metal
6.12. ThyssenKrupp AG
6.13. Union Electric Steel
6.14. Vesuvius plc
6.15. Voestalpine Stahl GmbH
1. GLOBAL ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
2. GLOBAL GRAIN-ORIENTED ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL NON-GRAIN ORIENTED ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
5. GLOBAL ELECTRIC STEEL FOR INDUCTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL ELECTRIC STEEL FOR MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL ELECTRIC STEEL FOR TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2021-2028 ($ MILLION)
9. GLOBAL ELECTRIC STEEL FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL ELECTRICAL STEEL FOR MANUFACTURING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL ELECTRICAL STEEL FOR ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL ELECTRICAL STEEL FOR HOUSEHOLD APPLIANCES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL ELECTRICAL STEEL FOR OTHER END-USER INDUSTRY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
15. NORTH AMERICAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
16. NORTH AMERICAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
17. NORTH AMERICAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
18. NORTH AMERICAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2021-2028 ($ MILLION)
19. EUROPEAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
20. EUROPEAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
21. EUROPEAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
22. EUROPEAN ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2021-2028 ($ MILLION)
23. ASIA-PACIFIC ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
24. ASIA-PACIFIC ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
25. ASIA-PACIFIC ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
26. ASIA-PACIFIC ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2021-2028 ($ MILLION)
27. REST OF THE WORLD ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. REST OF THE WORLD ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
29. REST OF THE WORLD ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
30. REST OF THE WORLD ELECTRICAL STEEL MARKET RESEARCH AND ANALYSIS BY END-USER INDUSTRY, 2021-2028 ($ MILLION)
1. GLOBAL ELECTRICAL STEEL MARKET SHARE BY PRODUCT TYPE, 2021 VS 2028 (%)
2. GLOBAL ELECTRICAL STEEL MARKET SHARE BY APPLICATION, 2021 VS 2028 (%)
3. GLOBAL ELECTRICAL STEEL MARKET SHARE BY END-USER INDUSTRY, 2021 VS 2028 (%)
4. GLOBAL ELECTRICAL STEEL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
5. GLOBAL GRAIN-ORIENTED ELECTRICAL STEEL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL NON-GRAIN ORIENTED ELECTRICAL STEEL MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL ELECTRIC STEEL FOR INDUCTORS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
8. GLOBAL ELECTRIC STEEL FOR MOTORS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL ELECTRIC STEEL FOR TRANSFORMER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL ELECTRIC STEEL FOR AUTOMOTIVE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL ELECTRICAL STEEL FOR MANUFACTURING MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL ELECTRICAL STEEL FOR ENERGY GENERATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
13. GLOBAL ELECTRICAL STEEL FOR HOUSEHOLD APPLIANCES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL ELECTRICAL STEEL FOR OTHER END-USER INDUSTRY MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. US ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
16. CANADA ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
17. UK ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
18. FRANCE ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
19. GERMANY ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
20. ITALY ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
21. SPAIN ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
22. REST OF EUROPE ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
23. INDIA ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
24. CHINA ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
25. JAPAN ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
26. SOUTH KOREA ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
27. REST OF ASIA-PACIFIC ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
28. REST OF THE WORLD ELECTRICAL STEEL MARKET SIZE, 2021-2028 ($ MILLION)
