United States, Rockville MD, July 06, 2022 (GLOBE NEWSWIRE) -- The U.S. market for electrical steel is currently valued at US$ 3.7 billion and is slated to to exceed a valuation of US$ 7.3 billion by the end of 2032. The market expanded at 5% CAGR during the historic period (2017-2021), but is projected to expand faster at 7.1% CAGR during the forecast years of 2022-2032. Demand for electrical steel is rising steadily for several applications across end-use industries.
Electrical steel is used to make electronic components, including compressor motors, relays, switches, etc., in consumer appliances. Electrical steel is also used in high-power consumer appliances such as high-power coolers, refrigerators, air conditioners, etc. As these appliances have application in confined spaces, rooms, and cabins, they need to be compact given the space constraints.
As such, manufacturers of consumer appliances are focusing on reducing product size to offer products with reduced noise output as compared to appliances and components manufactured from regular steel. They are also focusing on using environment-friendly electrical steel that has less heat loss as compared to regular steel, which allows energy savings of 15%-30%.
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Key Takeaways from Market Study
- The United States electrical steel market is estimated at US$ 3.7 billion and is predicted to expand at 7.1% CAGR through 2032.
- Grain-oriented electrical steel holds 52.8% share in the overall market.
- Under application, Motors account for the largest market share of 53.3%.
- Under the end-use segment, energy dominates the market with 41% market share.
- South-West U.S. leads the market with 25.7% share.
- West U.S. and South-West U.S. together hold 48.1% share in the United States market.
Development of Market
Key electrical steel manufacturers in the United States are eyeing collaborative activities to augment product production capacity to meet the rising needs of their clients.
Strict government regulations concerning CO2 emissions focus on energy efficiency and environmental sustainability, which are some of the factors driving demand for grain-oriented and non-grain-oriented electrical steel. This is to be used in high-power transformers and motors, especially for power transmission and distribution purposes.
They are also undertaking sustainable manufacturing practices to distinguish themselves from other players in the market.
Market players are also looking to launch innovative and developed products for a wide range of applications to fulfill the expanding demand of a growing client base.
For instance :
- United States Steel Corporation acquired Big River Steel in 2021. This acquisition will enable profitable growth via sustainable production of high-strength steel.
- Cleveland-Cliffs Inc. acquired AK Steel Holding Corporation in 2020. This acquisition will provide a unique strength to the company and add blast furnace steel mills, an HBI plant, and electric arc furnace plants along with other technologically-developed facilities in the company.
Factors such as excellent magnetic properties, high permeability, and high frequency of electrical steel make it preferable for electric motors. Rising emphasis on EV production is supporting the demand for electric motors, which, in turn, is fueling electrical steel demand.
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Key Segments of U.S. Electrical Steel Industry Survey
- U.S. Electrical Steel Market by Product Type :
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
- Fully-Processed
- Semi-Processed
- U.S. Electrical Steel Market by Application :
- Electrical Steel for Inductors
- Electrical Steel for Transformers
- Transmission
- Portable
- Distribution
- Electrical Steel for Motors
- 1hp – 100hp
- 101hp – 200hp
- 201hp – 500hp
- 501hp – 1000hp
- Above 1000hp
- U.S. Electrical Steel Market by End-use Industry :
- Automotive
- Manufacturing
- Energy
- Household Appliances
- Others (Construction, Fabrication)
- U.S. Electrical Steel Market by Region :
- West U.S.
- South-West U.S.
- Mid-West U.S.
- North-East U.S.
- South-East U.S.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the U.S. electrical steel market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by product type (grain-oriented electrical steel, non-grain-oriented electrical steel (fully-processed, semi-processed)), application (inductors, transformers (transmission, portable, distribution), motors (1hp – 100hp, 101hp – 200hp, 201hp – 500hp, 501hp – 1000hp, above 1000hp)), and end-use industry (automotive, manufacturing, energy, household appliances, others (construction, fabrication)), across major regions of the United States (West U.S., South-West U.S., Mid-West U.S., North-East U.S., and South-East U.S.).
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Fact. MR’s Domain Knowledge in Chemicals and Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 Million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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