Press release
Global Electrical Steel Market Poised for Significant Growth Amid Rising Demand from Renewable Energy and EV Sectors
Electrical Steel Market
Electrical steel, commonly referred to as silicon steel, plays a pivotal role in enhancing the efficiency of electrical power systems. Its unique magnetic properties make it an essential component in power generation, distribution, and automotive applications. As governments worldwide push for energy-efficient solutions, the demand for high-quality grain-oriented electrical steel (GOES) and non-grain-oriented electrical steel (NGOES) is surging.
According to industry reports, the market is expected to reach a valuation of USD 44,326.7 million by 2033, growing at a CAGR of 6.5% from 2023 to 2033. The rising need for efficient energy distribution, coupled with advancements in electrical steel manufacturing, is fueling market expansion.
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Key Market Drivers
1. Surge in Electric Vehicle Production
The accelerating shift towards electric mobility has significantly increased the demand for non-grain-oriented electrical steel (NGOES), which is widely used in EV motors and other automotive applications. As major automakers transition to high-performance electric drivetrains, electrical steel plays a crucial role in improving efficiency and reducing energy losses. Companies such as Tesla, General Motors, and Volkswagen are heavily investing in innovative electrical steel technologies to enhance battery performance and motor efficiency.
2. Growth in Renewable Energy Sector
The ongoing expansion of wind and solar power projects is driving the demand for grain-oriented electrical steel (GOES), which is essential for manufacturing transformers used in power generation and distribution. Government initiatives promoting clean energy and policies such as the Inflation Reduction Act (IRA) in the U.S. and the EU Green Deal are propelling investments in electrical steel production to support renewable energy infrastructure.
3. Power Grid Modernization and Infrastructure Development
Aging power infrastructure and increasing electricity consumption are compelling governments and utilities to modernize grids and enhance transmission efficiency. Electrical steel is a key component in transformers, reactors, and power distribution equipment, ensuring minimal energy losses and improved sustainability. Countries such as China, India, and the United States are investing billions in upgrading power networks, boosting the electrical steel market growth.
High-Grade Electrical Steel Demand in Renewable Energy Sector
The shift toward sustainable energy sources such as wind and solar power is a key driver in the electrical steel market. Electrical steel is used in transformer cores and generators, ensuring minimal energy loss and improved efficiency. With global electricity demand expected to grow significantly over the next decade, manufacturers are ramping up production to meet stringent energy efficiency standards influencing the electrical steel industry.
Leading market players are investing in advanced cold-rolled electrical steel production processes to enhance performance and durability. The integration of electrical steel coatings for efficiency improvement is further helping companies stay ahead in the competitive landscape.
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Impact of Electric Vehicle (EV) Adoption on Electrical Steel Demand
The rapid expansion of the electric vehicle (EV) industry has created a surge in demand for electrical steel. The material is widely used in EV motors, charging stations, and battery management systems to enhance efficiency and performance. As governments introduce stringent emission regulations, major automakers are shifting towards high-performance non-grain-oriented electrical steel (NGOES) to improve vehicle energy efficiency.
Analysts predict that the increasing penetration of EVs will contribute to a significant rise in electrical steel market size and revenue projections. By 2033, the market is expected to see exponential growth, with key regions such as North America, Europe, and Asia-Pacific leading in production and consumption.
Competitive Landscape
Key players in the electrical steel market are focusing on technological advancements, mergers & acquisitions, and sustainability initiatives to maintain a competitive edge.
Some of the major companies in the industry include:
• Novolipetsk Steel
• Voestalpine Stahl GmbH
• POSCO
• Nippon Steel & Sumitomo Metal Corporation
• ThyssenKrupp AG
• JFE Steel Corporation
• Cogent Power
• ArcelorMittal SA
• Aperam SA
• Baosteel Group
• AK Steel Holding Corp
A Comprehensive Overview of the General and Advanced Materials Market: Key Drivers and Future Trends
https://www.futuremarketinsights.com/industry-analysis/general-and-advanced-materials
Key Segments
By Product Type:
• Grain-oriented Electrical Steel
• Non-grain Oriented Electrical Steel
o Fully-processed
o Semi-processed
By Application:
• Inductors
• Motors
o 1 HP to 100 HP
o 101 HP to 200 HP
o 201 HP to 500 HP
o 501 HP to 1000 HP
o Above 1000 HP
• Transformers
o Transmission
o Portable
o Distribution
By End Use:
• Automobile
• Manufacturing
• Energy
• Household Appliance
• Others (Construction, Fabrication)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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