The Global Electrical Steel Market is expected to expand positively as a result of the growing automotive sector, increased industrialization and use of motors, advanced technology and research activities by major companies such as ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumitomo Metal, JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
The growing demand for electric vehicles in the automotive industry, increased industrialization and the usage of motors in the residential sector are the major factors for the growth of the electrical steel market.
DataM Intelligence’s Electrical Steel Market report provides insights pertaining to the current and forecast market analysis, individual leading electrical steel companies’ market shares, challenges, electrical steel market drivers, barriers, trends, opportunities and key market electrical steel companies in the market.
Key Takeaways from the Electrical Steel Market Report
- As per DataM estimates, North America is anticipated to dominate the global electrical steel market during the forecast period.
- In June 2022, Voestalpine, a steel-based technology and capital goods company headquartered in Linz, Austria, completed the construction of a new special steel plant in Kapfenberg. The new plant will produce 205,000 tonnes of steel per year for industries such as aerospace, automotive, oil and gas and so on.
- In April 2022, POSCO, a South Korean steelmaker, developed a new plant with a capacity of 300,000 tonnes at its Gwangyang Works to produce non-grain-oriented electrical steel sheets. It intends to raise output to 400,000 tonnes per year by 2025.
- In May 2021, JFE Steel Corporation and JSW Steel Limited (JSW) signed a memorandum of understanding to carry out a feasibility study for establishing an Indian joint venture to manufacture and market grain-oriented electrical steel sheets.
- In March 2021, ArcelorMittal invested US$ 14,09,000,000 in the production of iCARe electrical steels for the automotive industry in Saint Chély d’Apcher, France. With the investment, the plant will be able to produce cutting-edge non-grain-oriented (NO) iCARe electrical steel grades, meeting the demands of the electro-mobility industry.
To read more about the latest highlights related to the electrical steel market, get a snapshot of the key highlights entailed in the Global Electrical Steel Market Report
Electrical Steel Overview
Electrical steel is a combination of iron and silicon. Depending on the finished product, it can be created with 15% silicon. Steel, also known as transformer steel, is frequently used to construct the cores of transformers as well as the stators of generators and motors. It is also effective in retaining heat, ensuring that high temperatures don’t hinder the performance of goods such as power lines and manufacturing equipment, where temperature control is essential for energy efficiency and equipment longevity.
Electrical Steel Market Insights
North America dominates the market
North America is likely to have an impact on the market for electrical steel owing to its increased emphasis on power generation and the manufacture of electric cars. The growing demand for electric motors and EV charging stations is driving the market growth for electrical steel. For example, Foxconn, announced in March 2021 that it will begin building electric vehicles in North America by 2023.
The company plans to invest US$ 354 million on EV-related and other businesses over the next three years. As EV industry investments increase, companies are putting more attention on electric motors. Exro Technologies Inc., said in April 2021 that it aims to construct a 37,000 square foot manufacturing facility in Calgary, Canada.
To know more about why North America is leading the market growth in the electrical steel market, get a snapshot of the Electrical Steel Market Outlook.
Electrical Steel Market Dynamics
Growing Automotive Industry
Electrical steel is becoming more popular in the automotive sector. The traction motor of a hybrid electric vehicle comprises electric steel with high-frequency transformers and high-speed electric motors. Furthermore, because steel sheets are good at transmitting magnetic energy and are widely used as the iron core materials for motors, they are an important component in determining the performance of motors.
For example, in November 2020, Nidec announced plans to invest US$ 1.9 billion in building EV manufacturing in Serbia in order to extend its presence in Europe and compete with Chinese players. By 2023, the factory is planned to have a capacity of 300,000 motors per year.
However, challenges associated with the high costs and fluctuating price of raw materials in the electrical steel manufacturing may limit the overall electrical steel market growth.
The Rising Industrialization and the Use of Motors
Nonetheless, both developed and emerging economies and industries are expected to recover significantly in 2021. Steel consumption in developing nations is expected to rebound faster than in developed economies, recovering to pre-pandemic levels in 2021. In developed economies, it will most likely take longer. A sustained recovery is expected to extend through 2022, with some growth moderation in the use of motors.
Get a sneak peek at the Electrical Steel market dynamics @ Electrical Steel Market Dynamics Analysis
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Metrics |
Details |
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CAGR |
7.5% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Application, End-User and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
Electrical Steel Market Assessment
- Electrical Steel Market Segmentation
- Electrical Steel Market Segmentation By Type: Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel
- Electrical Steel Market Segmentation By Application: Transformers, Inductors, Motors, Power Generators, Electrical Ballasts, Battery, Magnetic Bearings, Filters and Others
- Electrical Steel Market Segmentation By End-User: Automotive, Aviation, Energy and Power, Building and Construction, Domestic Household Appliances and Others
- Electrical Steel Market Segmentation By Region: North America, South America, Europe, Asia-Pacific and Middle East & Africa
- Porter’s Five Forces Analysis, Product Profiles, Case Studies and Analyst’s View
Which key players in the electrical steel market are set to emerge as the trendsetter explore @ Electrical Steel Market
Table of Contents
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1 |
Report Methodology and Scope |
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2 |
Report Definition and Overview |
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3 |
Executive Summary |
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4 |
Market Dynamics |
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5 |
Industry Factors |
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6 |
COVID-19 Analysis |
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7 |
Electrical Steel Market Segments and Region |
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8 |
Global Company Share Analysis – 10 Key Companies |
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9 |
Electrical Steel Market Company and Product Profiles |
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10 |
About DataM |
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