Global Electrical Steel Market to Reach $50.28 Billion by 2029, Growing at 7.4% CAGR

What industry-specific factors are fueling the growth of the electrical steel market?
The burgeoning need for electric and hybrid vehicles is making a substantial contribution to the expansion of the electrical steel market. Owing to its high flux density and low iron loss properties, electrical steel is utilized in electric motors to achieve elevated motor efficiency. For instance, the International Energy Agency, an independent organization located in France, reported in April 2024 that nearly 14 million new electric vehicles were registered worldwide in 2023, which raised their total count on the roads to 40 million. Consequently, the growing demand for electric and hybrid vehicles is propelling the progression of the electrical steel market.

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What Is the projected market size and growth rate for the electrical steel market?
The market size of electrical steel has seen significant growth in the recent past. The market is expected to expand from $35.72 billion in 2024 to $37.75 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this growth during the historic period include robust economic expansion in developing markets, a growing global population, government incentives extended to end-user industries, an increase in power usage, and a rise in the utilization of household appliances.

Anticipated to experience robust growth in the imminent years, the electrical steel market is projected to hit the $50.28 billion mark by 2029, with a compound annual growth rate (CAGR) of 7.4%. This growth trajectory during the forecast period is primarily driven by factors such as the increase in global population and urbanization, escalated investment in renewable power generation, and amplified demand for electricity accompanied by rising sales of electric vehicles. The forecast period is poised to witness several key trends, including a heightened emphasis on CO2-reduced electrical steel as a sustainable base material, the conception of novel and innovative products, investment in the manufacture of innovative and environmentally benign electrical steel, a pronounced focus on strategic partnerships and alliances, as well as the embracement of new technologies.

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What new trends are reshaping the electrical steel market and its opportunities?
The push towards the creation of environmentally-friendly products is a significant emerging trend in the electric steel market. Businesses in this market are honing in on the production of electric steel which produces lower levels of greenhouse gases and is more sustainable. As an example, ThyssenKrupp AG, a steel manufacturer based in Germany, fashioned electric steel in 2022 that boasted a 50% reduction in CO2 emissions. This was designed for application in power and distribution transformers. This electric steel variant has a reduced core loss, leading to improved efficiency in current transportation. ThyssenKrupp plans to supply this CO2-reduced electrical steel to be utilized in the creation of transformers for new digital E.ON medium-voltage stations situated in Germany.

What major market segments define the scope and growth of the electrical steel market?
The electrical steel market covered in this report is segmented -

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

Subsegments:
1) By Grain-Oriented: Transformer Steel, Laminated Core Steel
2) By Non-Grain-Oriented: Regular Non-Grain-Oriented Steel, High-Performance Non-Grain-Oriented Steel

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Which region dominates the electrical steel market?
Asia-Pacific was the largest region in the electrical steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the electrical steel industry growth?
Major companies operating in the electrical steel market include 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

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What Is Covered In The Electrical Steel Global Market Report?

• Market Size Forecast: Examine the electrical steel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electrical steel market for a structured understanding.
• Key Players Overview: Analyze major players in the electrical steel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical steel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electrical steel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical steel market.
• Industry Challenges: Identify potential risks and obstacles affecting the electrical steel market.
• Competitive Landscape: Review strategic developments in the electrical steel market, including expansions, agreements, and new product launches.

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