Electrical Steel Market Size is projected to reach USD 66.6 Billion by 2031, growing at a CAGR of 6.5%: Straits Research

New York, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) -- A ferromagnetic material with up to 6.5% silicon concentration is electrical steel. It could reduce heat dispersion, a problem that results in energy waste. Electrical steel, which has a silicon content of 6.5%, exhibits tremendous improvement in electrical and magnetic properties. When adding silicon, steel gains better permeability, less hysteresis loss, and higher resistivity. The most popular commercial electrical steel has a silicon concentration of roughly 3.25 percent. One of the main factors boosting market expansion is the rising need for energy from developing economies. Another factor projected to offer lucrative opportunities for the key players in the market for electrical steel is the growing use of electric automobiles.

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Rise in Demand from Energy Transmission and Generation Sectors Drives the Global Market

An increase in energy demand from both developed and emerging countries has stimulated the growth of the energy-producing and transmission industries. Various reasons in developed and developing countries cause increased power demand. Energy efficiency gains mostly compensate for the change in electrification and digitization that is raising energy demand in developed regions. In emerging countries, rising industrial output, the service industry, and incomes fuel the energy demand. The per-capita energy needs of developing nations continue to be lower than those of wealthy countries. There is an increase in demand for electrical steel. Electrical steel is used in generators, transformers, and other electric power generation and transmission equipment.

Increase in Usage of Electric Vehicles Creates Tremendous Opportunities

Electric mobility is the way of the future for transportation due to factors like increasing pollution, fluctuating fuel prices, increased awareness of climate change, and practical government measures in the form of subsidies and tax breaks for electric vehicles. Due to the increase in pollution and decreasing reliance on fossil fuels, governments are now paying attention to using electric and plug-in hybrid cars.

Carbon emissions have been rising at an alarming rate, accelerating global warming and forcing countries to set carbon emission limits. The production and use of electric vehicles are expected to increase in the coming years. Electric vehicle regulations exist in developed nations like Germany, the U.S., and France. The governments of Chile, Canada, India, New Zealand, and Costa Rica, to name a few, are stepping up their support for electric vehicles.

Report Scope

Report Metric	Details
Market Size by 2031	USD 66.6 billion
Market Size in 2022	USD 37.8 billion
CAGR	6.5% (2023-2031)
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, By Application, By End User
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Cogent Power ,Nippon Steel & Sumitomo Metal Corporation ,POSCO, Baosteel ,China Baowu Steel Group Corporation Limited ,Ansteel Group Corporation Limited ,United States Steel Corporation ,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 ,Essar Steel
Key Market Opportunities	Upcoming Rules, Government Assistance, And Regulations
Key Market Drivers	Rising Electric Motor Demand to Speed Up Market Growth

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Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to exhibit a CAGR of 6.20% during the projection period. Asia-Pacific had the most significant market share in terms of volume and revenue in 2019. Facts such as the existence of the largest power transformer market in the world due to the presence of countries like China, India, and Indonesia help to explain this. China is one of the significant power transformer producers. Asia-Pacific is also one of the leading markets for wind turbines. The concentration of substantial manufacturers and users of wind generators in the area explains this. Xinjiang GoldWind Science and Technology Co., Ltd. and China Ming Yang Wind Power Group Limited are two important manufacturers of wind turbines in China.

Europe is anticipated to exhibit a CAGR of 5.40% over the projection period. The examination of Europe takes into account Germany, France, the United Kingdom, Italy, Spain, and the rest of the continent. The growth of the European electrical steel market is aided by the development of the renewable energy sector, favorable rules for electric vehicles, and the existence of significant rivals in the region, among other things. Renewable energy generation is rising in Europe, which is excellent news for businesses that produce electrical steel. Gas jobs and carbon emissions both decreased. Investment in renewable energy projects will increase immediately due to the nation's use of electrical steel.

Key Highlights

• The global electrical steel market size is projected to reach USD 66.6 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2023-2031).
• Based on type, the global electrical steel market is bifurcated into grain-oriented and non-grain-oriented electrical steel. The non-grain-oriented electrical steel segment is the major contributor to the market and is estimated to exhibit a CAGR of 5.75% during the forecast period.
• The global electrical steel market is bifurcated based on application into transformers, motors, generators, and others. The transformers segment is the major contributor to the market and is estimated to exhibit a CAGR of 5.80% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to exhibit a CAGR of 6.20% during the forecast period.

Competitive Players

The global electrical steel market's major key players are ArcelorMittal, Voestalpine AG, TATA Steel Limited, Thyssenkrupp AG, JFE Steel Corporation, Baosteel, Nippon Steel and Sumitomo Metal Corporation, United States Steel Corporation, POSCO, and SAIL India.

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Global Electrical Steel Market: Segmentation

By Type

• Grain-Oriented Electrical Steel
• Non-Grain-Oriented Electrical Steel

By Applications

• Transformers
• Motors
• Generators
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION

2. 1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered

3. MARKET OPPORTUNITY ASSESSMENT

3. 1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM

4. MARKET TRENDS

4. 1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors

5. MARKET ASSESSMENT

5. 1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Raw Material Analysis
   4. Sales And Distribution Channel Analysis
   5. Trade Analysis
   6. Average Pricing Analysis
   7. Case Study Analysis
   8. Patent Analysis
   9. M & A Agreements & Collabration Analysis
   10. Export Import Analysis
   11. Cost Structure Analysis

6. ESG TRENDS
7. GLOBAL ELECTRICAL STEEL MARKET SIZE ANALYSIS
   1. Global Electrical Steel Market Introduction
   2. By Type

7. 2. 1. Introduction

1. 1. 1. 1. Type By Value

7. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

7. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

7. 2. 4. Others

1. 1. 1. 1. By Value

7. 3. By Applications

7. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

7. 3. 2. Inductors

1. 1. 1. 1. By Value

7. 3. 3. Transformers

1. 1. 1. 1. By Value

7. 3. 4. Motors

1. 1. 1. 1. By Value

7. 3. 5. Rotors

1. 1. 1. 1. By Value

7. 3. 6. Stators

1. 1. 1. 1. By Value

7. 3. 7. Others

1. 1. 1. 1. By Value

7. 4. By End User

7. 4. 1. Introduction

1. 1. 1. 1. End User By Value

7. 4. 2. Household Appliances

1. 1. 1. 1. By Value

7. 4. 3. Manufacturing

1. 1. 1. 1. By Value

7. 4. 4. Energy & Power

1. 1. 1. 1. By Value

7. 4. 5. Automotive

1. 1. 1. 1. By Value

7. 4. 6. Others

1. 1. 1. 1. By Value

8. NORTH AMERICA MARKET ANALYSIS

8. 1. Introduction
   2. By Type

8. 2. 1. Introduction

1. 1. 1. 1. Type By Value

8. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

8. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

8. 2. 4. Others

1. 1. 1. 1. By Value

8. 3. By Applications

8. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

8. 3. 2. Inductors

1. 1. 1. 1. By Value

8. 3. 3. Transformers

1. 1. 1. 1. By Value

8. 3. 4. Motors

1. 1. 1. 1. By Value

8. 3. 5. Rotors

1. 1. 1. 1. By Value

8. 3. 6. Stators

1. 1. 1. 1. By Value

8. 3. 7. Others

1. 1. 1. 1. By Value

8. 4. By End User
      1. Introduction

1. 1. 1. 1. End User By Value

8. 4. 2. Household Appliances

1. 1. 1. 1. By Value

8. 4. 3. Manufacturing

1. 1. 1. 1. By Value

8. 4. 4. Energy & Power

1. 1. 1. 1. By Value

8. 4. 5. Automotive

1. 1. 1. 1. By Value

8. 4. 6. Others

1. 1. 1. 1. By Value

8. 5. U.S.

8. 5. 1. By Type

1. 1. 1. 1. Introduction
            1. Type By Value
         2. Grain Oriented
            1. By Value
         3. Non-Grain Oriented
            1. By Value
         4. Others
            1. By Value

8. 5. 2. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Inductors
            1. By Value
         3. Transformers
            1. By Value
         4. Motors
            1. By Value
         5. Rotors
            1. By Value
         6. Stators
            1. By Value
         7. Others
            1. By Value

8. 5. 3. By End User

1. 1. 1. 1. Introduction
            1. End User By Value
         2. Household Appliances
            1. By Value
         3. Manufacturing
            1. By Value
         4. Energy & Power
            1. By Value
         5. Automotive
            1. By Value
         6. Others
            1. By Value

8. 6. Canada

9. EUROPE MARKET ANALYSIS

9. 1. Introduction
   2. By Type

9. 2. 1. Introduction

1. 1. 1. 1. Type By Value

9. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

9. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

9. 2. 4. Others

1. 1. 1. 1. By Value

9. 3. By Applications

9. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

9. 3. 2. Inductors

1. 1. 1. 1. By Value

9. 3. 3. Transformers

1. 1. 1. 1. By Value

9. 3. 4. Motors

1. 1. 1. 1. By Value

9. 3. 5. Rotors

1. 1. 1. 1. By Value

9. 3. 6. Stators

1. 1. 1. 1. By Value

9. 3. 7. Others

1. 1. 1. 1. By Value

9. 4. By End User

9. 4. 1. Introduction

1. 1. 1. 1. End User By Value

9. 4. 2. Household Appliances

1. 1. 1. 1. By Value

9. 4. 3. Manufacturing

1. 1. 1. 1. By Value

9. 4. 4. Energy & Power

1. 1. 1. 1. By Value

9. 4. 5. Automotive

1. 1. 1. 1. By Value

9. 4. 6. Others

1. 1. 1. 1. By Value

9. 5. U.K.

9. 5. 1. By Type

1. 1. 1. 1. Introduction
            1. Type By Value
         2. Grain Oriented
            1. By Value
         3. Non-Grain Oriented
            1. By Value
         4. Others
            1. By Value

9. 5. 2. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Inductors
            1. By Value
         3. Transformers
            1. By Value
         4. Motors
            1. By Value
         5. Rotors
            1. By Value
         6. Stators
            1. By Value
         7. Others
            1. By Value

9. 5. 3. By End User

1. 1. 1. 1. Introduction
            1. End User By Value
         2. Household Appliances
            1. By Value
         3. Manufacturing
            1. By Value
         4. Energy & Power
            1. By Value
         5. Automotive
            1. By Value
         6. Others
            1. By Value

9. 6. Germany
   7. France
   8. Spain
   9. Italy
   10. Russia
   11. Nordic
   12. Benelux
   13. Rest Of Europe

10. APAC MARKET ANALYSIS

10. 1. Introduction
    2. By Type

10. 2. 1. Introduction

1. 1. 1. 1. Type By Value

10. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

10. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

10. 2. 4. Others

1. 1. 1. 1. By Value

10. 3. By Applications

10. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

10. 3. 2. Inductors

1. 1. 1. 1. By Value

10. 3. 3. Transformers

1. 1. 1. 1. By Value

10. 3. 4. Motors

1. 1. 1. 1. By Value

10. 3. 5. Rotors

1. 1. 1. 1. By Value

10. 3. 6. Stators

1. 1. 1. 1. By Value

10. 3. 7. Others

1. 1. 1. 1. By Value

10. 4. By End User

10. 4. 1. Introduction

1. 1. 1. 1. End User By Value

10. 4. 2. Household Appliances

1. 1. 1. 1. By Value

10. 4. 3. Manufacturing

1. 1. 1. 1. By Value

10. 4. 4. Energy & Power

1. 1. 1. 1. By Value

10. 4. 5. Automotive

1. 1. 1. 1. By Value

10. 4. 6. Others

1. 1. 1. 1. By Value

10. 5. China

10. 5. 1. By Type

1. 1. 1. 1. Introduction
            1. Type By Value
         2. Grain Oriented
            1. By Value
         3. Non-Grain Oriented
            1. By Value
         4. Others
            1. By Value

10. 5. 2. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Inductors
            1. By Value
         3. Transformers
            1. By Value
         4. Motors
            1. By Value
         5. Rotors
            1. By Value
         6. Stators
            1. By Value
         7. Others
            1. By Value

10. 5. 3. By End User

1. 1. 1. 1. Introduction
            1. End User By Value
         2. Household Appliances
            1. By Value
         3. Manufacturing
            1. By Value
         4. Energy & Power
            1. By Value
         5. Automotive
            1. By Value
         6. Others
            1. By Value

10. 6. Korea
    7. Japan
    8. India
    9. Australia
    10. Taiwan
    11. South East Asia
    12. Rest Of Asia-Pacific

11. MIDDLE EAST AND AFRICA MARKET ANALYSIS

11. 1. Introduction
    2. By Type

11. 2. 1. Introduction

1. 1. 1. 1. Type By Value

11. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

11. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

11. 2. 4. Others

1. 1. 1. 1. By Value

11. 3. By Applications

11. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

11. 3. 2. Inductors

1. 1. 1. 1. By Value

11. 3. 3. Transformers

1. 1. 1. 1. By Value

11. 3. 4. Motors

1. 1. 1. 1. By Value

11. 3. 5. Rotors

1. 1. 1. 1. By Value

11. 3. 6. Stators

1. 1. 1. 1. By Value

11. 3. 7. Others

1. 1. 1. 1. By Value

11. 4. By End User

11. 4. 1. Introduction

1. 1. 1. 1. End User By Value

11. 4. 2. Household Appliances

1. 1. 1. 1. By Value

11. 4. 3. Manufacturing

1. 1. 1. 1. By Value

11. 4. 4. Energy & Power

1. 1. 1. 1. By Value

11. 4. 5. Automotive

1. 1. 1. 1. By Value

11. 4. 6. Others

1. 1. 1. 1. By Value

11. 5. UAE

11. 5. 1. By Type

1. 1. 1. 1. Introduction
            1. Type By Value
         2. Grain Oriented
            1. By Value
         3. Non-Grain Oriented
            1. By Value
         4. Others
            1. By Value

11. 5. 2. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Inductors
            1. By Value
         3. Transformers
            1. By Value
         4. Motors
            1. By Value
         5. Rotors
            1. By Value
         6. Stators
            1. By Value
         7. Others
            1. By Value

11. 5. 3. By End User

1. 1. 1. 1. Introduction
            1. End User By Value
         2. Household Appliances
            1. By Value
         3. Manufacturing
            1. By Value
         4. Energy & Power
            1. By Value
         5. Automotive
            1. By Value
         6. Others
            1. By Value

11. 6. Turkey
    7. Saudi Arabia
    8. South Africa
    9. Egypt
    10. Nigeria
    11. Rest Of MEA

12. LATAM MARKET ANALYSIS

12. 1. Introduction
    2. By Type

12. 2. 1. Introduction

1. 1. 1. 1. Type By Value

12. 2. 2. Grain Oriented

1. 1. 1. 1. By Value

12. 2. 3. Non-Grain Oriented

1. 1. 1. 1. By Value

12. 2. 4. Others

1. 1. 1. 1. By Value

12. 3. By Applications

12. 3. 1. Introduction

1. 1. 1. 1. Applications By Value

12. 3. 2. Inductors

1. 1. 1. 1. By Value

12. 3. 3. Transformers

1. 1. 1. 1. By Value

12. 3. 4. Motors

1. 1. 1. 1. By Value

12. 3. 5. Rotors

1. 1. 1. 1. By Value

12. 3. 6. Stators

1. 1. 1. 1. By Value

12. 3. 7. Others

1. 1. 1. 1. By Value

12. 4. By End User

12. 4. 1. Introduction

1. 1. 1. 1. End User By Value

12. 4. 2. Household Appliances

1. 1. 1. 1. By Value

12. 4. 3. Manufacturing

1. 1. 1. 1. By Value

12. 4. 4. Energy & Power

1. 1. 1. 1. By Value

12. 4. 5. Automotive

1. 1. 1. 1. By Value

12. 4. 6. Others

1. 1. 1. 1. By Value

12. 5. Brazil

12. 5. 1. By Type

1. 1. 1. 1. Introduction
            1. Type By Value
         2. Grain Oriented
            1. By Value
         3. Non-Grain Oriented
            1. By Value
         4. Others
            1. By Value

12. 5. 2. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Inductors
            1. By Value
         3. Transformers
            1. By Value
         4. Motors
            1. By Value
         5. Rotors
            1. By Value
         6. Stators
            1. By Value
         7. Others
            1. By Value

12. 5. 3. By End User

1. 1. 1. 1. Introduction
            1. End User By Value
         2. Household Appliances
            1. By Value
         3. Manufacturing
            1. By Value
         4. Energy & Power
            1. By Value
         5. Automotive
            1. By Value
         6. Others
            1. By Value

12. 6. Mexico
    7. Argentina
    8. Chile
    9. Colombia
    10. Rest Of LATAM

13. COMPETITIVE ASSESSMENT

13. 1. Adoption Matrix
    2. Electrical Steel Market Share By Manufacturers
    3. Electrical Steel Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis

14. MARKET PLAYERS ASSESSMENT

14. 1. Cogent Power

14. 1. 1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments

14. 2. Nippon Steel & Sumitomo Metal Corporation
    3. POSCO, Baosteel
    4. China Baowu Steel Group Corporation Limited
    5. Ansteel Group Corporation Limited
    6. United States Steel Corporation
    7. ArcelorMittal
    8. Tata Steel Limited
    9. SAIL (Steel Authority Of India Limited)
    10. Voestalpine Group
    11. Baosteel Group (Baowu Steel Group Corporation Limited)
    12. Jindal Steel And Power Limited
    13. JFE Steel Corporation
    14. Essar Steel

15. RESEARCH METHODOLOGY

15. 1. Research Data

15. 1. 1. Secondary Data

1. 1. 1. 1. Major Secondary Sources
         2. Key Data From Secondary Sources

15. 1. 2. Primary Data

1. 1. 1. 1. Key Data From Primary Sources
         2. Breakdown Of Primaries

15. 1. 3. Secondary And Primary Research

1. 1. 1. 1. Key Industry Insights

15. 2. Market Size Estimation

15. 2. 1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection

15. 3. Research Assumptions

15. 3. 1. Assumptions

15. 4. Limitations
    5. Risk Assessment

16. APPENDIX

16. 1. Discussion Guide
    2. Customization Options
    3. Related Reports

17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/electrical-steel-market/toc

Market News

• In February 2023, Nippon Steel announced that they would issue a green bond for electrical steel sheets applied in eco-car motors.
• In September 2022, JSW, Japan's JFE, was planning to invest USD 1 billion in specialty steel.

News Media

Global Electric Motor for Household Appliances Industry Grows Steadily at a CAGR of 4.95%

Global Motor Monitoring Market Grows Steadily at a CAGR of 7.1%

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