Electrical Steel Market worth $82.05 billion by 2030, growing at a CAGR of 6.78% - Exclusive Report by 360iResearch

The "Electrical Steel Market by Type (Grain-Oriented Steel, Non Grain-Oriented Steel), Form (Coil, Plate, Sheet), Application, End-Use Industry - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Electrical Steel Market to grow from USD 48.54 billion in 2022 to USD 82.05 billion by 2030, at a CAGR of 6.78%.

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Electrical steel is a specialized form of steel tailored to produce specific magnetic properties. It has a low carbon content and contains varying levels of silicon, typically ranging from 0.5% to 5.0%, which significantly increases the electrical resistivity of the steel. This specialized material is designed to minimize energy loss by generating eddy currents. Electrical steel is predominantly used to manufacture transformers, inductors, electric motors, generators, and other applications where efficient energy conversion is essential. The shift towards electric vehicles (EVs) and hybrid electric vehicles (HEVs) and the expansion of renewable energy installations, requiring transformers and various generators, further boost the need for electrical steel. However, the high costs of producing high-grade electrical steel due to complex processing and materials may impede market growth. Nevertheless, improvements in material science and manufacturing processes enable higher efficiency and performance of electrical steel, creating lucrative prospects for the electrical steel market.

Asia Pacific region's demand for electrical steel is growing due to rapid urbanization, expansion of its power sector, and investments in renewable energy infrastructure. Recent policies focusing on energy efficiency in electrical applications also contribute to the evolving consumer needs and purchasing behaviors in the market. In addition, countries in this APAC region are renowned for their high-technology industries, and the demand for high-performance grades characterizes its electrical steel market. Companies focus on innovative products for competitive differentiation, reflected in their consistent patent filings that often lead to cutting-edge products in the electrical steel market. In the Americas, the electrical steel market is influenced by the transformation of energy systems, including the shift towards renewable energies and the modernization of the grid. Heavy R&D investments in energy and automotive sectors correlate with the sophisticated needs of US consumers, who often require high-grade electrical steel for efficiency and performance. The EU's strict environmental standards and the push for energy-efficient products have influenced the electrical steel industry in the EMEA region. High-quality, non-grain-oriented (NGO) steels are in demand for reducing energy loss in high-efficiency motors. Investment in green technologies and sustainable products, often backed by government incentives, is a considerable trend in the region. On the other hand, investments in infrastructure and the diversification of oil-based economies into power and utility sectors are driving the growth in the electrical steel market in the Middle East. Moreover, Africa's electrical steel market is emerging, with the continent's vast natural resources and expanding power infrastructure leading to gradual growth. There is increased interest in establishing local industries to reduce import dependency, leading to potential investment opportunities in electrical steel production and processing.

Market Segmentation & Coverage:

This research report categorizes the Electrical Steel Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Type, market is studied across Grain-Oriented Steel and Non Grain-Oriented Steel. The Grain-Oriented Steel is further studied across Fully Processed and Semi-Processed. The Non Grain-Oriented Steel commanded largest market share of 62.12% in 2022, followed by Grain-Oriented Steel.

Based on Form, market is studied across Coil, Plate, Sheet, Strips, and Wire Rod. The Wire Rod commanded largest market share of 31.68% in 2022, followed by Sheet.

Based on Application, market is studied across Inductors, Motors, and Transformers. The Transformers is further studied across Current Transformers, Distribution Transformers, and Power Transformers. The Transformers commanded largest market share of 56.79% in 2022, followed by Motors.

Based on End-Use Industry, market is studied across Automobiles, Construction, Energy, Fabrication, Household Appliances, and Manufacturing. The Energy commanded largest market share of 32.12% in 2022, followed by Household Appliances.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 57.23% in 2022, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Electrical Steel Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Electrical Steel Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Electrical Steel Market, highlighting leading vendors and their innovative profiles. These include Ampco-Pittsburgh Corporation, Aperam SA, ArcelorMittal S.A., Arnold Magnetic Technologies Corporation, China Steel Corporation, Cleveland-Cliffs Inc., Foshan Shunge Steel Trading Co., Ltd., JFE Steel Corporation, JSW Steel Ltd., Keiko Shoji Co., Ltd., Laser Technologies, Inc., Leicong Industrial Co., Ltd., Mitsui & Co., Ltd., NikoMag, Nippon Steel Corporation, NLMK Group, Posco Holdings Inc., Shandong Haorui Metal Material Co.Ltd, Shanghai Walmay Metal Group, Steel Authority of India Limited, Suzhou Yogiant Holdings Co., Ltd., TATA Steel Limited, ThyssenKrupp AG, Voestalpine AG, and Wuxi Zhongxin Special Steel Co.,Ltd..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Electrical Steel Market, by Type
7. Electrical Steel Market, by Form
8. Electrical Steel Market, by Application
9. Electrical Steel Market, by End-Use Industry
10. Americas Electrical Steel Market
11. Asia-Pacific Electrical Steel Market
12. Europe, Middle East & Africa Electrical Steel Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Electrical Steel Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Electrical Steel Market?
3. What is the competitive strategic window for opportunities in the Electrical Steel Market?
4. What are the technology trends and regulatory frameworks in the Electrical Steel Market?
5. What is the market share of the leading vendors in the Electrical Steel Market?
6. What modes and strategic moves are considered suitable for entering the Electrical Steel Market?

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