How Is the Electrical Steel Market Powering the Rise of EVs and Renewables?

Electrical steel is used in a wide range of electromagnetic devices, including small relays, solenoids, electric motors, generators, and many others. Electrical steel has diverse applications in generators, electric motors, relays, solenoids, and various electromagnetic devices, all of which play crucial roles in power distribution systems and related sectors. The United States stands as the second-largest electricity generator worldwide. The nation produced approximately 4,000 terawatt-hours (TWh) of electricity through utility-scale generators, marking a substantial 16.7% increase in renewable power generation from 2019. The burgeoning electric vehicle (EV) industry is another significant catalyst for the electrical steel market.

Global Electrical Steel Market size was valued at USD 37.27 billion in 2023 and is poised to grow from USD 39.54 billion in 2024 to USD 63.5 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).

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Despite the disruptive impact of the pandemic on global economic growth, plug-in vehicle sales surged to around 3.24 million, a remarkable increase of over 43%. Notably, Europe outpaced China to become the largest EV market, experiencing a substantial 137% growth in EV sales. This upswing in EV production directly drives the utilization of electric motors, thus boosting the demand for electrical steel. The escalating demand for electrical steel has prompted manufacturers to expand their production capacities.

Market Segmentation:

Global Electrical Steel Market is segmented by Product, Manufacturing Process, Silicon Content, Coating, Application, End-User Industry and region.

Based on Product, the market is segmented into Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel.
Based on Manufacturing Process, the market is segmented into Cold Rolled, Hot Rolled, Continuous Annealed and Batch Annealed.
Based on Silicon Content, the market is segmented into 0.5-1.5%, 1.5-2.5%, 2.5-3.5% and 3.5-4.5%.
Based on Coating, the market is segmented into Oiled, Inorganic, Organic and Hybrid.
Based on Application, the market is segmented into Transformers, Motors and Inductors.
Based on End-User Industry, the market is segmented into Automotive, Energy, Manufacturing and Household Appliances.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Electrical Steel Market Key Players:

ArcelorMittal (Luxembourg)
POSCO (South Korea)
Voestalpine AG (Austria)
China Baowu Steel Group Corporation (China)
Nippon Steel Corporation (Japan)
United States Steel Corporation (USA)
Steel Authority of India Limited (India)
TATA Steel Limited (India)
Thyssenkrupp AG (Germany)
JFE Steel Corporation (Japan)
Shagang Group Inc. (China)
Ansteel Group Corporation (China)
Shandong Iron and Steel Group Co Ltd (China)
NLMK Group (Russia)
AK Steel Holding Corporation (USA)
Baosteel Group (China)
SSAB AB (Sweden)
Hyundai Steel Company (South Korea)
Voestalpine Stahl GmbH (Austria)
Outokumpu Oyj (Finland)

Electrical Steel Market Regional Insights:

Asia Pacific, which holds the largest share of the worldwide market, is anticipated to rise at a CAGR of 5.8% throughout the forecast period. The examination of the Asia-Pacific market covers China, India, Japan, Australia, and the rest of the region. In terms of both power production and consumption, India comes in third place globally. Furthermore, it is predicted that investments totaling USD 179.31 billion will enter the Indian electricity sector. India would account for almost 44% of sales across South Asia and the Pacific. Government initiatives to build reliable and reasonably priced energy generation and distribution networks across the country for rural and urban electrification are predicted to boost India's energy sector development.

Electrical Steel Market Recent Developments:

In February 2024, Germany's biggest steelmaker Thyssenkrupp received an order for the supply of lower carbon emission grain-oriented electrical steel to Siemens Energy.

In February 2024, JSW Steel and Japan's JFE Steel jointly invested Rs 5,500 crore in a steel plant in India to produce electrical grade grain-oriented steel.

In January 2024, POSCO, the South Korean steel giant, successfully concluded the initial phase of constructing its cutting-edge, eco-friendly non-oriented electrical steel sheet plant, known as Hyper No, at Gwangyang Steel Works. This strategic development aims to cater to the increasing demand emerging from the electric vehicle (EV) and high-end appliance sectors.

What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Electrical Steel industry.

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Objectives of the Study:

• To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
• To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
• To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
• To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
• To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

Looking ahead, the Electrical Steel Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Electrical Steel Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.

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