Pune, India, April 11, 2023 (GLOBE NEWSWIRE) -- The global electrical steel market size was gauged at USD 29.28 billion in 2022. The market is projected to grow from USD 30.70 billion in 2023 to USD 44.92 billion by 2030, exhibiting a CAGR of 5.6% during the 2023-2030 period. Steel offers several favorable characteristics such as enhanced permeability, improved resistivity, and reduced hysteresis loss in several applications such as electric motors, solenoids, generators, and small relays.
Surging demand for electricity generation and rising initiatives to improve power generation centers will further propel market expansion. This information is provided by Fortune Business Insights, in its report titled, “Electrical Steel Market, 2023-2030.”
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List of Key Players Mentioned in the Report:
- Benxi Steel Group Co., Ltd (China)
- CSC Steel Sdn. Bhd. (Malaysia)
- Tata Steel (India)
- Nucor Corporation (U.S.)
- NLMK (Russia)
- ArcelorMittal S.A. (Luxembourg)
- Shougang Group (China)
- thyssenkrupp Steel (Germany)
- Baosteel Group Corporation (China)
- POSCO (South Korea)
- NIPPON STEEL CORPORATION (Japan)
- Voestalpine Group (Austria)
- Yieh Corporation (Taiwan)
- Aperam S.A. (Luxembourg)
- Arnold Magnetic Technologies (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.6% |
| 2030 Value Projection | USD 44.92 Billion |
| Market Size in 2022 | USD 29.28 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Electrical Steel Market Growth Drivers | Increased Product Demand from the Automotive Industry to Drive Market Augmentation |
| ArcelorMittal Announces Plans to Invest USD 292 Million to Build a Production Unit at its Mardyck Site |
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Competitive Landscape:
Efforts Undertaken by Leading Companies to Boost Production Capacity to Aid Market Elevation
Tactical decisions made by industry leaders to maintain their position in the global market include partnerships, collaborations, product launches, and mergers and acquisitions. In some cases, companies invest funds to enhance production capacity. For example, in November 2021, POSCO announced plans to increase the production of electrical steel sheets to fulfill rising consumer demand. The company decided to invest USD 848.6 million to produce 300,000 tons of steel plates per year.
Key Industry Development:
March 2022: ArcelorMittal announced its plans to invest USD 292 million to build a new production unit for electrical steel at the Mardyck site in north of France. The new industrial unit will have a production capacity of 200 kilo ton and will strengthen the French electro mobility sector.
Segments:
Non-grain Oriented Segment to Lead Backed by its Extensive Use in Manufacturing Motors
According to type, the market is divided into non-grain oriented and grain oriented. Among these, the non-grain-oriented segment held the largest market share in 2022. Non-grain-oriented steel is used to manufacture electrical equipment and offers high permeability or low hysteresis loss. It is used to make manufacturing rotors, motors, high performance power generators, and EV traction motors. The surging demand for non-grain-oriented steel will drive the growth of the segment in the coming years.
Transformer Segment to Hold Major Share Owing to High Demand from Energy Consumption Applications
As per application, the market is split into transformer, motors, inductors, and others. Among these, the transformers segment captured a significant share in the global market in 2022. The rising demand for transformers owing to high energy consumption will facilitate segment expansion in the forthcoming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report provides valuable insights into drivers, restraints, opportunities, and threats affecting market dynamics over the forecast timeframe. The market is studied in detail by dividing it into regions and segments. Market share held, growth rate, and valuation of each segment and region are also given. Latest developments, such as partnerships, collaborations, mergers and acquisitions, and product launches, are covered as well.
Drivers and Restraints:
Increased Electrical Steel Demand from Automotive Industry to Drive Market Augmentation
Increasing adoption of hybrid vehicles and expansion of the automotive industry are the factors propelling market expansion. Electrical steel helps in reducing the weight of the vehicle while enhancing its aesthetics. Additionally, supportive government regulations in developing countries, such as India, China, Brazil, and the U.S., will further aid market proliferation. Governments are focused on reducing carbon emissions, which is generating demand for the product as higher number of people adopt hybrid vehicles.
On the other hand, changing prices of raw materials, such as iron ore, coal, and ferroalloys, and high manufacturing costs will hinder the electrical steel market growth in the coming years.
Regional Insights:
Asia Pacific to Dominate Stoked by Growing Manufacturing Sector in India, China, and South Korea
Asia Pacific accounted for the largest electrical steel market share in 2022 and was assessed at USD 14.05 billion. Expanding manufacturing sector in India, China, and South Korea is the leading factor contributing to market expansion. This steel is used in manufacturing machinery, industrial equipment, transformers, magnetic devices, and energy power grids and their rising demand will elevate market growth in this region.
The North America market is slated to expand significantly owing to technological advancements and availability of raw materials. The expansion of machinery and automotive industries has raised the demand for the product as it is used in motors, power generators, and transformers. The above-mentioned factors will facilitate market augmentation in the region.
The Latin America market is projected to grow substantially backed by growing product application in manufacturing and automotive sectors. Several end-use industries have manufacturing facilities in the region owing to easy availability of raw materials, land, and labor. This has led to the high demand for automated machinery, thereby boosting the product demand.
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COVID-19 Impacts:
Closure of Manufacturing Facilities Severely Affected Market Growth Amid the Pandemic
The spread of COVID-19 worldwide prompted governments of several economies to impose stringent nationwide lockdowns and social distancing norms. This move severely impacted manufacturing facilities as operations were partially or completely stopped. Automobile manufacturing reduced and infrastructure projects were disrupted which, in turn, decreased electricity supply worldwide. Furthermore, halt of mining activities and movement restrictions decreased the product demand in several applications such as high-efficiency power generation motors, transformers, motors, and inductors.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Electrical Steel Industry
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Electrical Steel Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Value and Volume)
- Non-Grain Oriented
- Grain Oriented
- By Application (Value and Volume)
- Transformer
- Motors
- Inductors
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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