- Non-Grain-Oriented Electrical Steel
- Grain-Oriented Electrical Steel
Electrical Steel Market size was valued at USD 35.6 billion in 2022. It is expected to reach a value of USD 49.8 billion by 2029, growing at a CAGR of 4.9% from 2023 to 2029. The global market provides a detailed overview of the Electrical Steel Market, which has been segmented by product type, application, and end user. By product type, the electrical steel 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 electrical steel 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.
Electrical Steel Market Key development:
- In May 2021, JFE Steel Corporation signed a memorandum of understanding to conduct a feasibility study with JSW Steel Limited (JSW) to establish a grain-oriented electrical steel sheet manufacturing and sales joint-venture company in India.
Electrical Steel Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
4.9%
Largest Market
Asia Pacific
Fastest Growing Market
Asia Pacific
Electrical Steel Market Dynamics
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.
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, and forecast from 2023-2029
- The report covers in-detail insights about the competitors overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments and startups details that are working in the industry
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Electrical Steel Market Segmentation
By Product Type
By Application
- Transformers
- Electric Motors
- Inductors
- Generators
- Alternators
By End User
- Energy
- Automotive
- Hybrid Electronic Vehicles (HEVs)
- Electronic Vehicles (EVs)
- Manufacturing
- Household Appliances
By Geography
- Latin America
- Europe
- Asia Pacific
- Middle East
- North America
Frequently Asked Questions
The amusement park market is projected to expand at a CAGR of 4.9% during the forecast period
The major players in the global electrical steel 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, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1. Non-Grain Oriented Electrical Steel |
| 5.1.1. Semi-Processed Product |
| 5.1.2. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1. Transformers |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1. Energy |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2018 - 2022 and Forecast, 2023 - 2029 (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, 2023 - 2029 |
| 9. North America Global Electrical Steel Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 9.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 9.6. North America Global Electrical Steel Market Dynamics - Trends |
| 10. Europe Global Electrical Steel Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 10.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 10.6. Europe Global Electrical Steel Market Dynamics - Trends |
| 11. Asia-Pacific Global Electrical Steel Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 11.6. Asia-Pacific Global Electrical Steel Market Dynamics - Trends |
| 12. Latin America Global Electrical Steel Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 13.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2018 - 2022 and Forecast 2023 - 2029 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 2023 - 2029 |
| 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 |
- ArcelorMittal
- POSCO
- voestalpine AG
- Baosteel
- Nippon Steel & Sumitomo Metal Corporation
- United States Steel Corporation
- SAIL
- TATA Steel Limited
- Thyssenkrupp AG
- JFE Steel Corporation