Electrical Steel Market is expected to reach USD 25.09 Billion by 2029 and is expected to undergo a CAGR of 6.28% during the forecast period of 2021 to 2029

"Electrical Steel Market Size And Forecast by 2031

Data Bridge Market Research analyses that the Global Electrical Steel Market which was USD 15.41 Million in 2021 is expected to reach USD 25.09 Billion by 2029 and is expected to undergo a CAGR of 6.28% during the forecast period of 2021 to 2029. Electrical Steel Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of Size, Share, Scope, Demand, Growth, Value, Opportunities, Industry Statistics, Industry Trends, Industry Share, Revenue Analysis, Revenue Forecast, Future Scope, Challenges, Growth Drivers, leaders, graph, insights, Research Report, companies, overview, outlook and factors that are playing a substantial role in the market.

Global Electrical Steel Market Segmentation Analysis
Global Electrical steel Market, By Type (Grain Oriented Steel (CGRO), Non-Oriented Electrical Steel (CRNGO)), Thickness (0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM, and Others), Core Losses (Less Than 0.9 w/kg, 0.90 w/kg to 0.99 w/kg, 1.00 w/kg to 1.29 w/kg, 1.30 w/kg to 1.39 w/kg, and above1.39 w/kg), Flux Density (Less Than 1.65 Tesla, 1.65 Tesla to 1.69 Tesla, 1.69 Tesla to 1.73 Tesla, 1.73 Tesla to 1.76 Tesla, and Above 1.76 Tesla), Application (Transformers, Inductors, Battery, Shunt Reactors, Convertors, Motors, Electrical Ballasts, Power Generators, Wound Cores, and Others), End-User (Energy and Power, Household Appliances, Automobiles, Building and Construction, and Others) - Industry Trends and Forecast to 2029

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Which are the top companies operating in the Electrical Steel Market?

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**Segments**

- By Type: Grain-Oriented Electrical Steel, Non-Grain Oriented Electrical Steel
- By Application: Transformers, Motors, Inductors, Others
- By End-Use Industry: Energy, Automotive, Manufacturing, Household Appliances, Others

The electrical steel market is expected to witness significant growth during the forecast period of 2021 to 2029. The increasing demand for energy-efficient electrical equipment and the rise in the adoption of electric vehicles are key factors driving the market growth. Grain-oriented electrical steel segment is anticipated to dominate the market due to its high magnetic efficiency, making it ideal for transformers and generators. Moreover, the motors application segment is projected to showcase substantial growth owing to the expanding industrial automation sector, where motors are extensively used.

Non-grain oriented electrical steel is also expected to witness healthy growth due to its widespread use in various electrical devices such as inductors and small transformers. The automotive end-use industry segment is poised to register significant growth due to the increasing production of electric vehicles and the emphasis on reducing carbon emissions. Additionally, the household appliances segment is projected to demonstrate a substantial market share as electrical steel is extensively used in consumer electronics and white goods.

**Market Players**

- Baowu Group
- Nippon Steel Corporation
- POSCO
- JFE Steel Corporation
- Thyssenkrupp AG
- AK Steel Corporation
- Voestalpine Stahl GmbH
- ArcelorMittal
- Cogent Power Limited
- ATI
- Aperam
- Stalprodukt S.A.

Key market players are focusing on strategic initiatives such as mergers, acquisitions, product launches, and collaborations to strengthen their market position and expand their product portfolio. Companies are investing in research and development activities to develop innovative products catering to the increasing demand for electrical steel with enhanced properties. The competitive landscape of the market is characterized by intense competition among players striving to gain a competitive edge by offering high-quality products and efficientThe electrical steel market is poised for substantial growth driven by various factors including the increasing demand for energy-efficient electrical equipment, the surge in adoption of electric vehicles, and the growing industrial automation sector. The market segmentation by type, application, and end-use industry provides a comprehensive view of the diverse applications and demand drivers within the electrical steel market. Grain-oriented electrical steel, with its high magnetic efficiency, is widely used in transformers and generators, thereby dominating the market segment. This dominance is further fueled by the emphasis on energy efficiency and sustainable energy solutions, especially in the energy and manufacturing sectors.

Non-grain oriented electrical steel is also witnessing healthy growth, attributed to its versatility in applications such as inductors and small transformers. The automotive industry, particularly the electric vehicles segment, is a key driver for the market, as manufacturers focus on lightweight materials with high magnetic properties for enhanced performance. Additionally, the household appliances sector presents significant opportunities for the market players, given the extensive use of electrical steel in consumer electronics and white goods to improve energy efficiency and overall performance.

Key market players such as Baowu Group, Nippon Steel Corporation, and POSCO are leading the market with a focus on strategic initiatives such as mergers, acquisitions, and collaborations to enhance their market presence and product offerings. Product innovation and research and development activities are crucial for companies to stay competitive and meet the evolving demands of the industry. Market players are investing in advanced manufacturing technologies to produce high-quality electrical steel with superior properties, catering to the increasing demand for energy-efficient solutions across various end-use industries.

The competitive landscape of the electrical steel market is intense, with players vying for market share through technological advancements and product differentiation. Continuous efforts to improve production processes, enhance product quality, and expand distribution networks are essential for sustaining growth and staying ahead in the market. As the demand for energy-efficient electrical equipment continues to rise, market players must align their strategies with market trends and customer preferences to capitalize on emerging opportunities and establish a strong foothold**Market Players:**

- ArcelorMittal (Luxembourg)
- POSCO (South Korea)
- Voestalpine AG (Austria)
- Baosteel (China)
- Nippon Steel Corporation (Japan)
- United States Steel Corporation (United States)
- SAIL (India)
- TATA Steel (India)
- Thyssenkrupp AG (Germany)
- JFE Steel Corporation (Japan)
- Esteel (South Korea)
- Hesteel Group Tangsteel Company (China)
- ChinaSteel (Taiwan)
- ESL Steel Ltd. (India)
- Jiangsu Shagang Group Su ICP (China)
- Union Electric Steel Corporation (US)
- Hebei Puyang Iron and Steel Group (China)
- Aperam (Luxembourg)
- Cleveland-Cliffs Inc. (US)
- Slovenian Steel Group (Slovenia)
- Sko-Die Inc (US)

The electrical steel market is experiencing robust growth driven by the increasing demand for energy-efficient electrical equipment and the rising adoption of electric vehicles. Key segments such as grain-oriented electrical steel and non-grain oriented electrical steel are witnessing significant traction due to their diverse applications in transformers, motors, inductors, and other electrical devices across various end-use industries. The emphasis on sustainable energy solutions and the growing industrial automation sector are fueling the demand for high-quality electrical steel with advanced properties.

Market players in the electrical steel industry are actively engaging in strategic initiatives

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