Electrical Steel Market size is expected to reach $62.43 Bn by 2030, as per Maximize Market research

Electrical Steel Market was valued at US$ 36.66 Bn. in 2023. Electrical Steel Market size is estimated to grow at a CAGR of 7.9% over the forecast period.

Electrical Steel Market Overview

The global electrical steel market is anticipated to witness strong growth fueled by increasing demand for energy-efficient solutions in multiple sectors, such as automotive, manufacturing, and power generation. Electrical steel, recognized for its magnetic characteristics and minimal energy loss, is vital in manufacturing transformers, motors, and inductors. Its use is becoming increasingly essential as industries and governments focus on efficiency and lower energy use in accordance with worldwide sustainability objectives.

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Electrical Steel Market scope and research methodologies

This report provides a comprehensive analysis of the electrical steel market, including market size, trends, and forecasts by region and application. Research methodologies include primary data collection through interviews and surveys with industry stakeholders, as well as secondary research from reliable industry sources, reports, and publications. The scope covers all major applications, types of electrical steel (grain-oriented and non-grain-oriented), and regional analyses, offering valuable insights for investors and industry participants.

Electrical Steel Market drivers

The strong focus on renewable energy source and a growing adoption of electric vehicle globally is driving the electric steel market. The industries of EVs and renewable energy infrastructures have a high demand for efficient power conversion systems.

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Electrical Steel Market Restraints

The high cost of raw material for Electrical Steel is a primary restraint in the Electrical Steel Market. The price volatility combined with complex manufacturing process can impact production cost. Fluctuating trade policies and tariffs are also restraints, particularly impacting imports and exports of electrical steel.

Electrical Steel Market opportunities and trends

The electrical steel market offers significant prospects in developing economies, where industrial growth and urban development are drive needs for power infrastructure growth. A major trend in the electrical steel market is the movement toward high-quality electrical steel, including grain-oriented and non-grain-oriented types, which provide better efficiency and lower energy loss. Another trend is the increase in specialty steel manufacturing to cater to the precise needs of EVs, such as high strength and minimal core loss.

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Electrical Steel Market regional analysis

The electrical steel market is led by the Asia-Pacific region, fueled by strong demand from China, India, and Japan as a result of their swift industrialization and infrastructure advancements. North America and Europe are vital areas, where rising investments in renewable energy and electric vehicle adoption are fueling market growth.

Electrical Steel Market Segmentation

by Type

Grain-oriented
Non-Grain-oriented

by Application

Transformers
Motors
Inductors
Others

by End Use Industry

Energy
Automobiles
Manufacturing
Household Appliances
Others

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Electrical Steel Market Key Players

1. Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
2. Shandong Iron and Steel Group Co Ltd
3. JFE Steel Corporation
4. SAIL (Steel Authority of India Limited)
5. Shagang Group Inc.
6. ArcelorMittal
7. Ansteel Group Corporation
8. Baosteel Group
9. Voestalpine Group
10.United States Steel Corporation
11.Jindal Steel and Power Limited
12.HBIS Group
13.Allengency Technologies
14.Angang Steel Company Limited
15.China Steel Corporation
16.Electrosteel Limited
17.EssarSteel
18.HebeiPuyang Iron And Steel Group
19.Jsw Steel
20.Tata Steel Limited.

Key questions answered in the Electrical Steel Market are:

• What is Electrical Steel?
• Who are the leading companies and what are their portfolios in Electrical Steel Market?
• What segments are covered in the Electrical Steel Market?
• Who are the key players in the Electrical Steel market?
• Which application holds the highest potential in the Electrical Steel market?
• What are the key challenges and opportunities in the Electrical Steel market?
• What growth strategies are the players considering to increase their presence in?
• What is the growth rate of the Electrical Steel Market?
• Which are the factors expected to drive the Electrical Steel market growth?

Key Offerings:

• Past Electrical Steel Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Electrical Steel Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o § Competitive landscape - Electrical Steel Market Leaders, Market Followers, Regional player
o § Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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About Maximize

Maximize Market Research is a global market research and consulting company that provides businesses with insights to foster their growth and competitive advantage. The company specializes in delivering actionable and data-driven research reports tailored to help organizations make informed decisions. With a team of experienced analysts and consultants, Maximize Market Research offers expertise across multiple industries, including healthcare, technology, manufacturing, consumer goods, and more.

Their services cover market sizing, forecasting, competitive analysis, and customer insights, helping clients to address their strategic needs and identify emerging trends. The company emphasizes client success, offering detailed analysis and recommendations that support business transformation and operational excellence.

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