The report "Electrical Steel Market by Type (Non-grain-oriented, and Grain-oriented), Application (Transformer, Motors, Inductors), End-user Industry (Automotive, Energy, Manufacturing, Household Appliances), and Region - Global Forecast to 2028", is approximated to be USD 40.6 billion in 2023, and it is projected to reach USD 60.7  billion by 2028, at a CAGR of 8.4%. This report provides a comprehensive analysis of the business, including market size, trends, drivers and constraints, competitive aspects, and prospects for future electrical steel market growth.

Browse In-Depth TOC On "Electrical Steel Market" 
508 - Market Data Tables 
55 - Figures 
324 - Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=96179524

The electrical steel market is expected to experience significant growth in the coming years, fueled by several factors. The availability of raw materials and minerals such as silicon required for electrical steel production, combined with urbanization and a growing urban population, will drive demand in various applications. Additionally, the increasing adoption of renewable energy sources like wind and solar power is expected to increase the need for electrical steel as a critical component in generators. The consumption of electrical steel in essential components like transformers and motors for various industries including energy, automotive, and manufacturing will also contribute to market growth. The market for electric vehicles presents new opportunities for electrical steel production as it is a necessary material for electric motor production. Despite the positive outlook, challenges such as raw material price volatility and limited high-quality electrical steel supply may impede market growth. Environmental concerns, technology constraints, and safety considerations also pose significant challenges. To stay competitive, manufacturers and suppliers must prioritize strategies like investing in research and development, improving production processes, and developing sustainable practices.

By type, Grain-oriented accounted for the 2nd  largest share in 2022

In the electrical steel market, there are two main types of products: grain-oriented electrical and non-grain-oriented electrical. While both types of steel are used in electrical applications, grain-oriented electrical steel is considered the higher-performance product due to its unique magnetic properties. Grain-oriented electrical steel (GOES) is a type of specialty steel used in the production of electrical power transformers, generators, and other magnetic applications. It is characterized by its highly ordered crystal structure, which enables it to efficiently channel magnetic flux in a single direction. One key advantage of GOES is its ability to reduce energy losses during electrical transformation, which results in higher efficiency and cost savings. This is particularly important in applications where large amounts of power are being generated or transmitted over long distances, such as in electrical power grids.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=96179524

By Applications, Inductors accounted for the 3rd  largest share in 2022

An inductor is an electrical component that stores energy in the form of a magnetic field when an electric current flows through it. This energy is released when the current is disrupted or when the magnetic field collapses. Inductors are commonly used in electronic circuits, particularly in power supplies, filters, and oscillators. Electrical steel inductors are commonly used in high-power applications, such as power transformers and generators, because they have high magnetic permeability and low core loss. However, these inductors are relatively large and expensive compared to inductors that use alternative cores, such as nanocrystalline or powder materials. The demand for inductors is growing due to the increasing use of electronic devices in various industries, including automotive, healthcare, and telecommunications. The electrical steel market for inductors is the third largest, after transformers and motors, due to the high demand for energy-efficient devices and renewable energy sources.

By End-use industries, energy accounted for the 2nd  largest share in 2022

The use of electrical steel is widespread in the power sector, playing a vital role in the generation, transmission, and distribution of electricity. Additionally, it is also a crucial component in renewable energy technologies. The production of transformers, which are essential in the transmission and distribution of electricity to end-users, heavily relies on electrical steel as a key input. Grain-oriented electrical steel is especially important for the manufacturing of high-performance generators and energy-efficient transformers. Meanwhile, non-grain-oriented steel is critical in the production of smaller transformers. Given the ongoing growth in the public infrastructure industry, it is expected that the power sector will expand, driving demand for electrical steel. As a result, the electrical steel market is poised for growth.

Speak to Expert: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=96179524

North America accounted for the largest share of the electrical steel  market in 2022

The US and Canada are the most developed countries in North America, followed by Mexico. The automotive, energy & power, and consumer appliances industries are seeing upward trends in North America, leading to the construction of additional industrial facilities in the region, thus creating demand for electrical steel. Rising demand from the energy generation & transmission industries is driving the market in the region. Some of the main electrical steel companies operating in this region include United States Steel Corporation (US), Cleveland-Cliffs Inc. (US), and Silicon Steel (US). The automotive and locomotive industry in North America has seen a major shift in recent years with the development and implementation of electric vehicles and battery-powered trains. As electric cars become increasingly popular, demand for electrical steel is set to increase further, creating opportunities for the North American market.

Electrical Steel Companies

The global electrical steel market is driven by major players known for innovation, scale, and quality. Industry leaders such as ArcelorMittal (Luxembourg) and POSCO (South Korea) dominate with advanced steel grades for energy-efficient transformers and motors. Voestalpine AG (Austria) and Thyssenkrupp AG (Germany) focus on high-performance grain-oriented and non-oriented electrical steel. Asia’s giants like China Baowu Steel Group, Nippon Steel Corporation, and JFE Steel Corporation continue to expand their capacities for electric vehicle and power infrastructure demand. In India, TATA Steel Limited and Steel Authority of India are increasing their presence through R&D and localized supply chains. United States Steel Corporation supports regional growth with a focus on industrial electrification. Together, these players are accelerating the transition to energy-efficient technologies across automotive, power, and electronics sectors.

ArcelorMittal (Luxembourg) was created by merging Arcelor and Mittal Steel. This company manufactures a diverse range of high-quality steel products, both finished and semi-finished, and has manufacturing facilities in 16 countries. It serves customers in 155 countries across various industries, including construction, transport, energy, appliances, machinery, and automotive. ArcelorMittal is among the largest steel manufacturers in Europe, North America, and South America.

ArcelorMittal operates through five business segments, namely NAFTA, Brazil, Europe, ACIS, Mining and Others. The NAFTA segment produces flat products such as coated steels, hot-rolled coils, cold-rolled coils, plates, and slabs. The Europe segment manufactures cold-rolled coils, hot-rolled coils, tinplates, coated products, plates, and slabs. The Brazil segment focuses on producing wire drawings, wire rods, rebars, billets, and blooms. The ACIS segment produces a combination of long, flat, and tubular products. The Mining segment focuses on steel operations, and the company is a leading producer of electrical steel. It produces various types of electrical steels, including non-oriented fully processed, non-oriented semi-processed, and pole sheet electrical steel.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=96179524

China Baowu Steel Group Corporation Limited (China) is a state-owned iron & steel company producing a wide range of steel products, including hot-rolled, cold-rolled, galvanized, and electrical steel, as well as wire rods, bars, and pipes. The company's steel products are used in various industries, including construction, automotive, machinery, and energy. China Baowu provides steel products through its subsidiary companies such as Baosteel Co., Ltd., Bayi Iron & Steel, Shaoguan Iron & Steel, Baosteel Special Steel, Echeng Iron & Steel, Baosteel Stainless Steel, Baosteel Metal, and Wusteel River North Group. Baowu Steel Group is a leading player in the global steel industry, with a strong focus on sustainability, innovation, and global expansion.

Voestalpine AG is a multinational steel-based technology and a capital goods company. It serves various industries such as automotive, railway, building & construction, aviation, mechanical engineering, energy, storage technology, white goods, and consumer goods. The company's product range is divided into steel, special steel, metal engineering, and metal forming. It is a key partner for consumer goods and automotive industries in Europe. Voestalpine operates through four divisions: Steel, High Performance Metals, Metals Engineering, and Metals Forming. Its Steel division produces and processes steel products for various industries, including automotive, white goods, electrical, processing, energy, and engineering. The High Performance Metals division offers tool steel, heat treatment, and coating services, as well as warehousing and preprocessing of special steel. The Metal Engineering division manufactures rails, turnout products, rod wires, drawn wires, seamless tubes, and welding filler materials. The Metal Forming division develops special sections, tube products, precision strip steel, and pre-finished system components made from pressed, punched, and roll-profiled parts. The company offers a wide range of electrical steels under the Steel segment. Voestalpine operates in 50 countries and is listed on the Vienna Stock Exchange. It holds a leading position in turnout technology, special rails, tool steel, and special steel sectors.