Press release
Electrical Steel Market Surge: Fueled by 5.7% CAGR, Evolving Trends, and Key Market Players from 2025 to 2034
Electrical Steel Market Size
What Is The Projected Market Size Of The Global Electrical Steel Market And Its Growth Rate?
The global electrical steel market demonstrates resilient growth prospects:
• The market size grew strongly from $35.72 billion in 2024 to $37.75 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%.
• The upsurge can be attributed to strong economic growth in emerging markets, growth in world population, government incentives to end-user industries, rise in power consumption, and increasing use of household appliances.
• The market size is expected to reach $50.28 billion in 2029, expanding at a compound annual growth rate (CAGR) of 7.4%, fueled by population growth, urbanization, increased investment in renewable power generation, and increasing demand for electricity and electric vehicle sales.
What Is Driving The Growth In The Electrical Steel Market?
The significant contribution to the growth of the electrical steel market is the increasing demand for electric and hybrid vehicles. Electrical steel possesses high flux density and low iron loss properties, making it an ideal material for use in electric motors to realize high motor efficiency. According to the International Energy Agency, in 2024, almost 14 million new electric cars were registered in 2023, bringing their total number on the roads to 40 million. This surge in demand for electric and hybrid vehicles substantiates growth in the electrical steel market.
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Who Are the Key Players Driving Electrical Steel Market Growth?
Several distinguished companies have been instrumental in the growth of the electrical steel market:
• ArcelorMittal S.A.
• POSCO
• Baoshan Iron & Steel Co. Ltd
• JFE Holdings, Inc.
• ThyssenKrupp AG
• Cleveland-Cliffs Corporation
• Steel Authority of India Limited
• Bekaert SA
• The Heico Companies
• Ningbo BST Metal Products Co., Ltd
• Nanjing Hengjie Industrial Co., Ltd
• Suzuki Garphyttan Ab
• Beloretsk Metallurgical Plant AO
• Arnold Magnetic Technologies
• Aperam
• Companhia Siderúrgica Nacional
• Siderca
• Mahindra Intertrade
• Harsh Electrical Stampings
• Iron Products Industries Ltd
• Sevan Construction Nigeria Limited
What Are The Key Trends In The Electrical Steel Market?
Several emerging trends are observed in the electrical steel market:
• Focusing on CO2-reduced electrical steel as a sustainable base material.
• Developing new and innovative products.
• Investing in manufacturing innovative electrical and environmentally friendly electrical steel.
• Focusing on strategic partnerships and alliances.
• Adopting new technologies.
What Are The Segments Of The Global Electrical Steel Market?
The global electrical steel market is segmented as follows:
1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries
3) By Application: Transformers, Generators, Motors, Other Applications
Which Region Leads The Electrical Steel Market?
Asia-Pacific emerged as the largest region in the electrical steel market in 2024. North America is projected to experience the fastest growth in the forecast period. The report covers the Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa regions in the electrical steel market.
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What Is Covered In The Electrical Steel Market Global Market Report?
- Market Size Analysis: Analyze the Electrical Steel Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electrical Steel Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electrical Steel Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electrical Steel Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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