Energy Sector to Remain Dominant Electrical Steel End User, Accounting for 33.4% of Sales in 2021:

The global sales of electrical steel will be valued at over US$37.5 Bn in 2021, with a stable long-term projection, according to the latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.5% CAGR from 2021 to 2031. According to the annual market analysis conducted by Future Market Insights, expansion of the energy and automobile industries has led to heightened demand for electrical steel products. Rapid technological advancements in production technologies are also projected to complement market growth over the coming years.

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Despite the recessionary effect of the COVID-19 pandemic in 2020, the overall steel industry in terms of production and supply has largely remained unaffected. With the continual demand from the energy industry, growth of electrical steel in the coming decade is expected to reflect an upward trajectory for the foreseeable future.

Demand for electrical steel is increasing with the rise in the volume of transformer and motor production and sales in recent years. This can be attributed to an increase in investments and expansion of new power generation and transmission projects in developing nations.

The growing requirement of mass production has resulted in increased importance of process automation in the electrical steel market. The market is shifting towards Industry 4.0 norms, leading to the promotion and universal adoption of new production technologies.

There is also an increasing demand from energy and automotive industries for deployment of electrical steel in various applications. Increasing number of players focusing on research and development related to electrical steel is expected to have a significant contribution towards market growth in the years to come.

Key Takeaways from Electrical Steel Market Study

Grain-oriented electrical steel is projected to hold over 51% percent of the global market share in 2021, supported by superior structural characteristics.
The energy sector is projected to hold over 33% of the overall market share as an end-user by 2031-end, supported by major investments into renewable energy projects.
The U.S. will remain a chief market, backed by rising demand from the energy sector. It is expected to account for over 86% of demand registered in North America in 2021.
The markets in India and China will surge at around 8% and 7% CAGR over the next ten years.
Russia is emerging as a key market in Europe, accounting for over US$2.1 Bn in 2021, driven by a massive energy infrastructure requirement.
“The electrical steel market is growing at a strong pace, driven largely by increasing demand from the energy industry for applications in motors, transformers, and components. The increasing investment in power generation and transmission projects will create extensive opportunities for electrical steel manufacturers. Key industry participants are investing in expansions, strategic alliances, partnerships, and material innovations to gain a competitive advantage in the growing global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says a Future Market Insights analyst.

Competitive Landscape

The electrical steel market is merged moderately , with key players accounting for over 50% of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.

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Some of the key players in this industry include, but are not limited to,

Novolipetsk Steel,
Voestalpine Stahl GmbH,
POSCO,
Nippon Steel & Sumitomo Metal Corporation,
ThyssenKrupp AG,
JFE Steel Corporation,
ArcelorMittal SA,
Aperam SA,
Baosteel Group,
AK Steel Holding Corp,
Allegheny Technologies, Inc.,
Phoenix Mecano AG, and
Steel Authority of India Limited.

Electrical Steel Market by Category

By Product Type:

Grain-Oriented Electrical Steel
Non-Grain Oriented Electrical Steel
Fully Processed
Semi-Processed

By Application:

Inductors
Motors
1hp – 100hp
101hp – 200hp
201hp – 500hp
501hp – 1000hp
Above 1000hp
Transformers
Transmission
Portable
Distribution

By End Use:

Automobile
Manufacturing
Energy
Household Appliance
Others (Construction, Fabrication)

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

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Find More Valuable Insights

The research report analyzes demand for electrical steel. The global electrical steel market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights, the market has been analyzed based on product type, application, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.

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