Rockville , Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global electrical steel market is likely to reach a value of US $55.1 Bn by late 2032 while rising at a CAGR of 8.5%.
Electrical steel, also known as silicon steel, is a specialized alloy designed for use in electrical devices like transformers and electric motors. Its high magnetic permeability allows efficient magnetic flux conduction, minimizing energy losses during operation. The steel's low core losses and hysteresis losses contribute to high energy efficiency by reducing heat dissipation.
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The market growth is driven by increasing demand for motors and energy-efficient transformers in various industries. Besides this, there is an inclination toward sustainable energy solutions along with the rise in the need for electric vehicles and renewable energy infrastructure. This has further boosted the demand for electric steel as this provides effective magnetic properties for efficient power transmission.
The electrical steel market faces many challenges that restrict its growth. For instance, the production of electric steel is a high-cost process (due to annealing and coating). These two processes require significant capital investment. Other factors such as stringent environmental regulations, and fluctuating raw material prices are expected to restrict the growth of the market during the forecast period.
The electrical steel market, like any other industry, may face various factors that can restrict its growth.
| Report Attribute | Details |
| Value Projection (2032) | US$ 55.1 Billion |
| Growth Rate (2022-2032) | 8.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 112 Tables |
| No. of Figures | 92 Figures |
Key Takeaways:
- Europe is expected to witness substantial demand for electrical steel due to the growing popularity of electric vehicles. Various factors contributing to the growth of the market are the well-established German electric vehicle market, coupled with the increasing prevalence of data centers, which continues to drive this demand.
- Asia Pacific, notably driven by countries such as India and China, is anticipated to experience the most rapid growth in this industry. The increasing personal income and evolving lifestyle preferences of the populace have spurred demand for electric vehicles.
- Grain-oriented steel, characterized by a 3% silicon content, exhibits high permeability and potentially minimal energy loss. The demand for non-grain-oriented electrical steel casings has risen globally, driven by the construction of efficient hybrid electric vehicles utilizing non-oriented electrical steel.
The increasing demand for electric vehicles, the growing adoption of renewable energy technologies, and the expansion of data center infrastructure are the key factors driving the market growth - Says FACTMR Expert
Key Companies Profiled in This Report
- Novolipetsk Steel
- Voestalpine Stahl GmbH
- POSCO
- Nippon Steel
- Sumitomo Metal Corporation
- ThyssenKrupp AG
- JFE Steel Corporation
- Cogent Power
- ArcelorMittal SA
- Aperam SA
- Baosteel Group
- AK Steel Holding Corp
- Allegheny Technologies Inc.
- Phoenix Mecano AG
- Leicong Industrial Co., Ltd.
- Nicore Electrical Manufactory Co. LTD.
- Steel Authority of India Limited
Market Competition
Key companies in the market are using environmentally safe materials and also focusing on the development of products that are aligned with the safety regulations of local regions/markets. Key players include ArcelorMittal, Tata Steel Limited, SAIL (Steel Authority of India Limited), Voestalpine Group, Baosteel Group (Baowu Steel Group Corporation Limited), Jindal Steel and Power Limited, JFE Steel Corporation, and Essar Steel.
- In April 2022, POSCO initiated the construction of an electrical steel production facility and plans to invest $805 Mn into it. Moreover, the South Korean steel manufacturer aims to achieve an annual production capacity of 300,000 tons of NOES (Non-Oriented Electrical Steel) with this new plant.
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Winning strategies
To sustain a good market share, major players have been investing in advanced alloys to improve magnetic properties. This is further enhancing the performance of electrical steel products. Moreover, this strategy is expected to improve the energy efficiency in applications such as motors, and transformers.
In the electrical steel market, leading companies are succeeding by using AI and automation in their manufacturing. This strategy helps them optimize efficiency, cut costs, and uphold high-quality standards. Moreover, this key initiative helps in improving efficiency.
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Transformer Steel Market: The transformer steel market is likely to grow at a CAGR of 8.5% during the forecast period.
Advanced High Strength Steel (AHSS) Market: The global advanced high strength steel (AHSS) market is set to reach a valuation of US$ 20.3 billion in 2022 and expand rapidly at a CAGR of 7.9% to end up at US$ 44.2 billion by 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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