Electrical Steel Market – Global Industry Analysis And Forecast (2023-2029)

Electrical Steel Market was valued at US$ 33.98 Bn. in 2022. Electrical Steel Market size is estimated to grow at a CAGR of 7.9% over the forecast period.
Electrical Steel Market Overview:
An alloy containing iron and silicon is known as electrical steel. Because silicon is added to electrical steel, it is also referred to as laminate steel or silicon steel. Electrical steel is a form of specialty steel created by altering the magnetic properties of standard steel under the impact of permeability. It's used to make the cores of power transformers, generators, and inductors, among other things. Because of technological improvements and electrical steel's great efficiency, the market for electrical steel is gaining traction. Grain-oriented and Non-Grain-oriented are the types of electrical steel.To know about the Research Methodology :- Request Free Sample Report
Electrical Steel Market Dynamics:
The rising global automobile manufacturing is a key driver of the global electrical steel market's growth. Every year, global vehicle manufacturing rises. The use of electrical steel in automobiles improves fuel efficiency, resulting in increased demand for electrical steel in the automotive industry. During the forecast period, the growing demand for electric and hybrid vehicles is expected to fuel the growth of the electrical steel market.

40% of the mileage compelled in Europe could be covered by autonomous vehicles by the end of 2030.

Mileage will continue to rise as a result of increasing populations & greater mobility needs. At the same time, general mobility trends will shift even more strongly in favour of individual mobility because driving will be simpler, safer, & less expensive. Additionally, groups of people who previously did not have access to any form of transportation, such as those with physical limitations, may now have that option with individual transportation. The increase in mileage brought on by autonomous vehicles' empty excursions is a last contributing component in this situation. Therefore, MMR report study predicts that personal mileage in Europe might increase by 23% to 5.88 trillion kilometers by 2030. According to estimates, growth will be 24% in the US and 183% in China.

The Indian auto sector is expanding:

The car industry, which spans numerous adjacent industries, is a foundation of the global economy, a key contributor to macroeconomic growth & stability as well as technological advancement in both developed & developing nations. Understanding how the car industry has developed in previous nations can provide developing nations like India with a roadmap for the future. In terms of volume & price, India's car sector ranks as the sixth-largest producer of automobiles worldwide. According to the Society of Indian Automobile Manufacturers, it has increased by 14.4 % during the last ten years. With more than 35 automakers, the industry generates 7% of India's GDP and employs 7% to 8% of the country's entire workforce.

In the global electrical steel market, energy conservation is a growing concept. The demand for transformers is being boosted by rising electricity consumption and the growing need for industrial development, which is fuelling the global electrical steel market. Due to its high magnetic permeability, electrical steel is mostly used in the power industry.

Also the growth of electrical steel in motors is being driven by increasing industrialization & the use of motors in the residential sector. Electrical steel has become a necessary component of electric motors because it produces a greater magnetic flux, which is critical for torque. Additionally, it leads to increased efficiency. Given that the United Nations' sustainable development program calls for the increased industry in the forecast period, vendors in the electrical steel market are expected to gain greatly in terms of income. For the manufacture and processing of steel products, the steel industry is heavily dependent on the supply of raw materials. Iron ore, coal, industrial gases, and ferroalloys are all important raw resources for steel manufacture. Steel production and processing processes can be carried out smoothly if raw materials are fairly priced. Raw material prices, on the other hand, are extremely changeable. An increase in raw material prices has an impact on steel manufacturing costs, resulting in higher pricing for completed steel products such as grain-oriented and non-grain-oriented electrical steel. For example, the trade war between China and the United States, combined with the 2020 Russia–Saudi Arabia oil price war, had a significant impact on oil prices, resulting in steel price volatility. As a result, fluctuating raw material prices function as a serious obstacle to the electrical steel market's growth.

Electric Motors Affecting the Future of Mobility:

With new technology like 3D printing & in-wheel motors entering the automotive industry, electric automobiles may become more popular. The basic design of most electric motors involves strong magnets & tightly wound wire coils interacting to produce rotation. The motor's output directly relates to the vehicle's speed. But speeding up also means producing more heat, which might improve the efficiency of electric motors. The electric motors could be improved, though, to increase their effectiveness without overheating. The magnets in the motor can be rearranged such that they are arranged like the spokes of a wheel, according to a solution developed by Equipmake, a producer of electric motors and an expert in electrification based in the United Kingdom. This development would boost torque and make magnets more approachable so that cool water may be run over them to reduce heat output.

The company intends to use additive manufacturing to expand the interior surface area of the motor's cooling surfaces, resulting in significantly increased cooling potential. Additionally, using additive manufacturing, one can combine various components to lower the number of components. Agrale, a Brazilian automaker & Equipmake have an agreement for the use of Equip make’s cutting-edge electric motors in supercars and electric buses. The enhanced electric motor can increase vehicle efficiency to the point where they can operate continuously on a single charge.
Electrical Steel Market Segment Analysis:
Based on the Type, the market is segmented into Grain-oriented, and Non-Grain-oriented. The grain-oriented segment is expected to hold the largest market shares of xx% by 2029. Its high use in transformers (small, medium, and big) and generators accounts for this rise. The silicon content of grain-oriented electrical steel is normally around 3%. It is made of low carbon steel, & because of the strict control of the crystal orientation relative to the sheet, it is generated in the rolling direction to achieve its best qualities. Large power transformers, distribution transformers, compact transformers, current transformers, shunt reactors, wound cores, and power generators are all examples of grain-oriented electrical steel applications.

Based on the Application, the market is segmented into Transformers, Motors, Inductors, and Others. The Transformers segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This segment's rise can be due to rising energy consumption around the world. Transformer cores are a crucial component of the transformer, which is made up of electric steel laminations. Current transformers, power transformers, & distribution transformers are the three basic types of transformers. Companies have been forced to increase their production capacities as the demand for transformers has grown. A new power transformer facility, for example, was commissioned in Kerala, India, in February 2021. The new facility was built with a 12.5 crore investment. The plant's annual output capacity for power transformers up to 25 MVA in the 132kV class is estimated to reach 1,500 MVA.Based on the End-Use Industry, the market is segmented into Energy, Automobiles, Manufacturing, Household Appliances, and Others. The energy end-use industry segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This can be due to the global economic growth, which is intimately connected to the growth of the power sector.
Electrical Steel Market Regional Insights:
Asia Pacific dominates the Global Electrical Steel market during the forecast period 2022-2029. Asia Pacific is expected to hold the largest market shares of xx% by 2029. The presence of global steelmakers like ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, and POSCO Steel in the region has contributed to this growth. The low-cost labour and raw materials available in the region are further benefits for these businesses. Another factor expected to drive market growth is the fast-growing population and urbanization. These are the major drivers that boost the growth of this region in the global market during the forecast period 2023-2029.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The region's growing focus on power generation and electric vehicle production has fuelled demand for electric motors and charging stations, which is fuelling the market growth for electrical steel. For example, Foxconn announced in March 2021 that it would begin manufacturing electric vehicles in North America by 2023. For the next three years, the corporation expects to invest NTD 10 billion in EV-related and other operations.

The objective of the report is to present a comprehensive analysis of the global Electrical Steel Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Electrical Steel Market dynamic, and structure by analyzing the market segments and projecting the Electrical Steel Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Type portfolio, growth strategies, and regional presence in the Electrical Steel Market make the report investor’s guide.
Electrical Steel Market Scope: Inquire before buying



Electrical Steel Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 33.98 Bn.


Forecast Period 2023 to 2029 CAGR:
7.9%
Market Size in 2029:
US$ 57.87 Bn.


 Segments Covered:
by Type
Grain-oriented
Non-Grain-oriented


by Application
Transformers
Motors
Inductors
Others


by End Use Industry
Energy
Automobiles
Manufacturing
Household Appliances
Others



Electrical Steel Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electrical Steel Market Key Players:
1. Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
2. Shandong Iron and Steel Group Co Ltd
3. JFE Steel Corporation
4. SAIL (Steel Authority of India Limited)
5. Shagang Group Inc.
6. ArcelorMittal
7. Ansteel Group Corporation
8. Baosteel Group
9. Voestalpine Group
10.United States Steel Corporation
11.Jindal Steel and Power Limited
12.HBIS Group
13.Allengency Technologies
14.Angang Steel Company Limited
15.China Steel Corporation
16.Electrosteel Limited
17.EssarSteel
18.HebeiPuyang Iron And Steel Group
19.Jsw Steel
20.Tata Steel Limited.

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global Electrical Steel Market is studied from 2022-2029.

2. What is the growth rate of Electrical Steel Market?
Ans. The Global Electrical Steel Market is growing at a CAGR of 7.9% over forecast period.

3. Which region has largest share in The Global Electrical Steel Market?
Ans. Asia-Pacific holds the largest share.

4. What is the Global Electrical Steel Market segment based on End Use Industry?
Ans. Energy, Automobiles, Manufacturing, Household Appliances, Others.