Press release
Electrical Steel Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Electrical Steel
What Is the Projected Growth of the Electrical Steel Market?
The market size of electrical steel has witnessed significant growth in recent times. It is projected to rise from a valuation of $35.72 billion in 2024 to an estimate of $37.75 billion in 2025, yielding a compound annual growth rate (CAGR) of 5.7%. Factors contributing to the growth in the historical period include robust economic development in emerging markets, global population growth, governmental incentives offered to end-user sectors, increasing power usage, and a heightened demand for household appliances.
Over the next several years, a robust expansion is projected for the electrical steel market, anticipated to attain a value of $50.28 billion by 2029, proliferating at a Compound Annual Growth Rate (CAGR) of 7.4%. This growth in the projected time is due to factors such as worldwide population growth and urbanization, augmenting investment in renewable power production, and enhanced demand for electricity and sales of electric vehicles. The dominant trends for this period are centered on adopting CO2-reduced electrical steel as a sustainable primary material, creation of novel and innovative commodities, investment in producing innovative and eco-friendly electrical steel, emphasis on strategic collaborations and alliances, and the incorporation of new technologies.
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What Are the Different Electrical Steel Market Segments?
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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What Are the Primary Drivers Shaping the Electrical Steel Market?
The surge in demand for hybrid and electric vehicles is a significant factor in the expansion of the electrical steel industry. Owing to its high flux density and minimal iron loss attributes, electrical steel is utilized in electric motors to achieve optimum motor efficiency. For example, the International Energy Agency, an autonomous governmental organization based in France, reported in April 2024 that nearly 14 million new electric automobiles were globally registered in 2023, raising their total count on the roads to 40 million. Consequently, the growing demand for hybrid and electric vehicles is propelling the growth of the electrical steel market.
Which Companies Are Leading in the Electrical Steel Market?
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
What Are the Major Trends Shaping the Electrical Steel Market?
There's a rising trend towards the production of sustainable products in the electric steel market. The focus of companies within this market is to produce electric steel that not only has a smaller environmental impact but also releases lesser greenhouse gases. For example, in 2022, ThyssenKrupp AG, a steel manufacturer based in Germany, introduced an electric steel that reduces CO2 emissions by 50% and is suitable for power and distribution transformers. Besides, this version of electric steel lowers core losses, thereby increasing the efficiency of current transport. ThyssenKrupp intends to provide this reduced-emission electric steel for building transformers at the new digital E.ON medium-voltage stations in Germany.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electrical Steel Market?
2. What is the CAGR expected in the Electrical Steel Market?
3. What Are the Key Innovations Transforming the Electrical Steel Industry?
4. Which Region Is Leading the Electrical Steel Market?
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