Electrical Steel Market Is Expected to Reach US$ 70.5 Bn by 2031

The global sales of electrical steel are set to be valued at over US$ 37.5 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 6.5% CAGR from 2021 to 2031.
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.

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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 anticipated 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 are set to 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 evolving global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says a Future Market Insights analyst.

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Competitive Landscape
The electrical steel market is moderately consolidated, with key players accounting for more than 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.
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.

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By Segmentation:
By Product Type:
• Grain-Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel
o Fully-Processed
o Semi-Processed
By Application:
• Inductors
• Motors
o 1hp - 100hp
o 101hp - 200hp
o 201hp - 500hp
o 501hp - 1000hp
o Above 1000hp
• Transformers
o Transmission
o Portable
o 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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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

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