Electrical Steel Market: By Product Type, By Application, By End User, Electronic Vehicles, Manufacturing, Household Appliances) and Geography
Electrical Steel Market size was valued at US$ 35.6 billion in 2023 It is expected to reach a value of US$ 49.8 billion by 2030, growing at a CAGR of 4.9% from 2024 to 2030. The global market provides a detailed overview of the market, which has been segmented by product type, application, and end user. By product type, the market has been segmented into Non-Grain-Oriented Electrical Steel and Grain-Oriented Electrical Steel. The non-grain-oriented electrical steel segment is likely the most significant and fastest-growing segment in terms of product type. By application, the market has been segmented into Transformers, Electric Motors, Inductors, Generators, and Alternators. The transformers segment holds a significant revenue share in the market. Based on the end user, the electrical steel is segmented into Smart Energy, Automotive, Hybrid Electronic Vehicles (HEVs), Electronic Vehicles (EVs), Manufacturing, and Household Appliances. According to Precision Business Insights, the manufacturing segment is predicted to register the fastest growth rate during the forecast period.
Study Period
2024-2030Base Year
2023CAGR
4.9%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
One of the main drivers propelling market expansion is an increase in global electricity generation. As its name suggests, electrical steel has improved electrical characteristics, including high electrical resistivity, low hysteresis loss, and low magnetostriction. These characteristics make it extremely attractive for applications involving the generation, delivery, and consumption of electricity.
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 35.6 billion |
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Market Size in 2030 |
US$ 49.8 billion |
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Market CAGR |
4.9% |
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By Product Type |
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By Application |
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By End User |
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By Region |
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The global electrical steel market size was valued at US$ 35.6 billion in 2023 expected to reach a value of US$ 49.8 billion by 2030, growing at a CAGR of 4.9%.
The major key players in the market are ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), and JFE Steel Corporation (Japan).
The North America market is expected to witness the largest market share during the forecast period.
| 1. Executive Summary |
| 2. Global Electrical Steel Market Introduction |
| 2.1. Global Electrical Steel Market - Taxonomy |
| 2.2. Global Electrical Steel Market -Definitions |
| 2.2.1. By Product Type |
| 2.2.2. By Application |
| 2.2.3. By End User |
| 2.2.4. By Region |
| 3. Global Electrical Steel Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Electrical Steel Market Dynamic Factors - Impact Analysis |
| 3.6. Global Electrical Steel Market - Competition Landscape |
| 4. Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Electrical Steel Market, By Product Type, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 5.1. Non-Grain Oriented Electrical Steel |
| 5.1.1. Semi-Processed Product |
| 5.1.2. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 5.1.3. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.4. Market Opportunity Analysis |
| 5.1.5. Fully Processed Product |
| 5.1.6. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 5.1.7. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.8. Market Opportunity Analysis |
| 5.2. Grain- Oriented Electrical Steel |
| 5.2.1. Semi-Processed Product |
| 5.2.2. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 5.2.3. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.4. Market Opportunity Analysis |
| 5.2.5. Fully Processed Product |
| 5.2.6. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 5.2.7. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.8. Market Opportunity Analysis |
| 6. Global Electrical Steel Market, By Application, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.1. Transformers |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Electric Motors |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Inductors |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Generators |
| 6.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Alternators |
| 6.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7. Global Electrical Steel Market, By End User, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.1. Energy |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Automotive |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Automotive |
| 7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Hybrid Electronic Vehicles (HEVs) |
| 7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Electronic Vehicles (EVs) |
| 7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Manufacturing |
| 7.6.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 7.7. Household Appliances |
| 7.7.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 7.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.7.3. Market Opportunity Analysis |
| 8. Global Electrical Steel Market Forecast, By Region, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Latin America |
| 8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Europe |
| 8.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Asia-Pacific |
| 8.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User, and Region, 2024-2030 |
| 9. North America Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 9.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Non-Grain-Oriented Electrical Steel |
| 9.1.1.1. Semi Processed |
| 9.1.1.2. Fully processed |
| 9.1.2. Grain-Oriented Electrical Steel |
| 9.1.2.1. Semi Processed |
| 9.1.2.2. Fully processed |
| 9.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Transformers |
| 9.2.2. Electric Motors |
| 9.2.3. Inductors |
| 9.2.4. Generators |
| 9.2.5. Alternators |
| 9.3. By End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1. Energy |
| 9.3.2. Automotive |
| 9.3.3. Hybrid Electronic Vehicles (HEVs) |
| 9.3.4. Electronic Vehicles (EVs) |
| 9.3.5. Manufacturing |
| 9.3.6. Household Appliances |
| 9.4. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1. United States |
| 9.4.2. Canada |
| 9.5. North America Global Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User and By Country 2024-2030 |
| 9.6. North America Global Electrical Steel Market Dynamics - Trends |
| 10. Europe Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn ) |
| 10.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Non-Grain-Oriented Electrical Steel |
| 10.1.1.1. Semi Processed |
| 10.1.1.2. Fully processed |
| 10.1.2. Grain-Oriented Electrical Steel |
| 10.1.2.1. Semi Processed |
| 10.1.2.2. Fully processed |
| 10.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Transformers |
| 10.2.2. Electric Motors |
| 10.2.3. Inductors |
| 10.2.4. Generators |
| 10.2.5. Alternators |
| 10.3. By End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. Energy |
| 10.3.2. Automotive |
| 10.3.3. Hybrid Electronic Vehicles (HEVs) |
| 10.3.4. Electronic Vehicles (EVs) |
| 10.3.5. Manufacturing |
| 10.3.6. Household Appliances |
| 10.4. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. United Kingdom |
| 10.4.3. Spain |
| 10.4.4. Italy |
| 10.4.5. France |
| 10.4.6. Russia |
| 10.4.7. Norway |
| 10.4.8. Rest of Europe |
| 10.5. Europe Global Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User and By Country 2024-2030 |
| 10.6. Europe Global Electrical Steel Market Dynamics - Trends |
| 11. Asia-Pacific Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 11.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Non-Grain-Oriented Electrical Steel |
| 11.1.1.1. Semi Processed |
| 11.1.1.2. Fully processed |
| 11.1.2. Grain-Oriented Electrical Steel |
| 11.1.2.1. Semi Processed |
| 11.1.2.2. Fully processed |
| 11.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Transformers |
| 11.2.2. Electric Motors |
| 11.2.3. Inductors |
| 11.2.4. Generators |
| 11.2.5. Alternators |
| 11.3. By End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Energy |
| 11.3.2. Automotive |
| 11.3.3. Hybrid Electronic Vehicles (HEVs) |
| 11.3.4. Electronic Vehicles (EVs) |
| 11.3.5. Manufacturing |
| 11.3.6. Household Appliances |
| 11.4. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. South Korea |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Global Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User and By Country 2024-2030 |
| 11.6. Asia-Pacific Global Electrical Steel Market Dynamics - Trends |
| 12. Latin America Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 12.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Non-Grain-Oriented Electrical Steel |
| 12.1.1.1. Semi Processed |
| 12.1.1.2. Fully processed |
| 12.1.2. Grain-Oriented Electrical Steel |
| 12.1.2.1. Semi Processed |
| 12.1.2.2. Fully processed |
| 12.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Transformers |
| 12.2.2. Electric Motors |
| 12.2.3. Inductors |
| 12.2.4. Generators |
| 12.2.5. Alternators |
| 12.3. By End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1. Energy |
| 12.3.2. Automotive |
| 12.3.3. Hybrid Electronic Vehicles (HEVs) |
| 12.3.4. Electronic Vehicles (EVs) |
| 12.3.5. Manufacturing |
| 12.3.6. Household Appliances |
| 12.4. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Argentina |
| 12.4.4. Rest of Latin America |
| 12.5. Latin America Global Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User and By Country 2021 - 2028 |
| 12.6. Latin America Global Electrical Steel Market Dynamics - Trends |
| 13. Middle East and Africa Global Electrical Steel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 13.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Non-Grain-Oriented Electrical Steel |
| 13.1.1.1. Semi Processed |
| 13.1.1.2. Fully processed |
| 13.1.2. Grain-Oriented Electrical Steel |
| 13.1.2.1. Semi Processed |
| 13.1.2.2. Fully processed |
| 13.2. By Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. Transformers |
| 13.2.2. Electric Motors |
| 13.2.3. Inductors |
| 13.2.4. Generators |
| 13.2.5. Alternators |
| 13.3. By End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1. Energy |
| 13.3.2. Automotive |
| 13.3.3. Hybrid Electronic Vehicles (HEVs) |
| 13.3.4. Electronic Vehicles (EVs) |
| 13.3.5. Manufacturing |
| 13.3.6. Household Appliances |
| 13.4. By Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1. Middle East |
| 13.4.2. South Africa |
| 13.4.3. Israel |
| 13.4.4. Argentina |
| 13.4.5. Rest of Latin America |
| 13.5. Middle East and Africa Electrical Steel Market - Opportunity Analysis Index, By Product Type, By Application, By End User and By Country 2024-2030 |
| 13.6. Middle East and Africa Global Electrical Steel Market Dynamics - Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Product & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. ArcelorMittal (Luxembourg) |
| 14.2.2. POSCO (South Korea) |
| 14.2.3. Voestalpine AG (Austria) |
| 14.2.4. Baosteel (China) |
| 14.2.5. Nippon Steel & Sumitomo Metal Corporation (Japan) |
| 14.2.6. United States Steel Corporation (United States) |
| 14.2.7. SAIL (India) |
| 14.2.8. TATA Steel Limited (India) |
| 14.2.9. Thyssenkrupp AG (Germany) |
| 14.2.10. JFE Steel Corporation (Japan), |
| 14.2.11. Others |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.
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