Electrical Steel Market to Grow at 7.5% CAGR (2024-2031) | Driven by Energy Efficiency, EVs & Power Infrastructure | Asia Pacific leads (50%) | Key Players - ArcelorMittal, POSCO, Nippon Steel, Tata Steel, U.S. Steel

Leander, Texas and Tokyo, Japan - Feb.5.2026
The Global Electrical Steel Market reached USD million in 2023 and is projected to witness lucrative growth by reaching up to USD million by 2031. The market is growing at a CAGR of 7.5% during the forecast period (2024-2031).

The market is driven by increasing demand for energy-efficient electrical equipment and expansion of power infrastructure. Grain-oriented and non-grain-oriented electrical steel dominate usage. Applications include transformers, motors, and generators. Growth in renewable energy projects, electric vehicle adoption, and stricter energy efficiency standards fuel market growth.

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Electrical Steel Market: Competitive Intelligence
ArcelorMittal, POSCO, Nippon Steel, JFE Holdings, Tata Steel, and U.S. Steel

The Electrical Steel Market is a critical enabler of energy efficiency and electrification, supporting the performance of transformers, electric motors, generators, and power distribution equipment. Leading producers such as ArcelorMittal, POSCO, Nippon Steel, JFE Holdings, Tata Steel, and U.S. Steel are shaping the market through advanced grain-oriented (GOES) and non-grain-oriented (NGOES) electrical steel products. Their materials are essential for reducing core losses, improving magnetic permeability, and enhancing overall energy efficiency across applications in power grids, electric vehicles, industrial machinery, and renewable energy systems.

The competitive strength of the Electrical Steel Market lies in the combination of metallurgical expertise, large-scale production, and continuous innovation. ArcelorMittal, POSCO, Nippon Steel, and JFE Holdings leverage advanced steelmaking technologies, precision rolling, and coating processes to meet increasingly stringent performance and efficiency standards. Tata Steel and U.S. Steel contribute strong regional supply capabilities and application-focused development for transformers and motor manufacturers. Together, these companies ensure stable supply, consistent quality, and technological progress, positioning the Electrical Steel Market as a foundational material segment supporting global electrification and the transition to low-carbon energy systems.

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Fund Raisings
✅ January 2026 - Nippon Steel Corporation (Japan)
Nippon Steel secured strategic investment to expand its electrical steel production capacity for high-efficiency motors and transformers. The funding supports advanced grain-oriented (GOES) and non-grain-oriented (NGOES) steel technologies for EVs and renewable energy applications.

✅ December 2025 - POSCO (South Korea)
POSCO raised growth capital to strengthen its high-performance electrical steel portfolio. The investment focuses on ultra-low-loss steel grades for electric vehicles, wind turbines, and next-generation power grids.

✅ November 2025 - ArcelorMittal (Luxembourg)
ArcelorMittal attracted fresh investment to advance electrical steel manufacturing for energy-efficient transformers and motors. The funding supports R&D in thinner gauges, improved magnetic properties, and sustainable steelmaking processes.

✅ October 2025 - Baoshan Iron & Steel (Baosteel) (China)
Baosteel secured capital to expand its electrical steel production facilities. The investment emphasizes high-grade silicon steel for EV traction motors, industrial automation, and smart grid infrastructure.

✅ September 2025 - Tata Steel (India)
Tata Steel raised funding to develop domestic electrical steel manufacturing capabilities. The investment supports import substitution, EV ecosystem growth, and power transmission efficiency through advanced electrical steel grades.

Product Launches & Strategic Partnerships
✅ January 2026 - POSCO (South Korea / Global)
POSCO launched a new generation of high-grade electrical steel designed for electric vehicles and high-efficiency transformers. The products offer reduced core loss, improved magnetic permeability, and enhanced energy efficiency.

✅ December 2025 - Nippon Steel Corporation (Japan)
Nippon Steel introduced advanced grain-oriented electrical steel optimized for power transformers and renewable energy applications. The solution supports higher efficiency and lower energy losses in power transmission systems.

✅ October 2025 - ArcelorMittal (Luxembourg / Global)
ArcelorMittal expanded its electrical steel portfolio with non-grain-oriented (NGO) grades for motors and generators. The products are tailored for EV drivetrains, industrial motors, and energy-efficient appliances.

✅ August 2025 - Tata Steel (India)
Tata Steel partnered with regional and global OEMs to develop electrical steel for transformers and electric mobility applications. The collaboration focuses on localization, supply security, and supporting energy transition initiatives.

Mergers & Acquisitions
✅ January 2026 - Nippon Steel Corporation (Japan)
Nippon Steel expanded its electrical steel portfolio through the acquisition of a specialty grain-oriented electrical steel producer. The move strengthens its capabilities in high-efficiency transformer cores and next-generation power grid applications.

✅ December 2025 - ArcelorMittal (Luxembourg)
ArcelorMittal completed the acquisition of an electrical steel processing facility to enhance its presence in non-grain-oriented (NGO) electrical steel. The deal supports growing demand from electric vehicles, motors, and renewable energy systems.

✅ October 2025 - POSCO Holdings (South Korea)
POSCO acquired a high-grade electrical steel technology company to advance its materials portfolio for EV drivetrains and energy-efficient motors. The acquisition reinforces POSCO's position in premium electrical steel for electrification markets.

Segments Covered in the Electrical Steel Market:
By Type
The market is segmented into Grain-Oriented Electrical Steel (GOES) 55% and Non-Grain-Oriented Electrical Steel (NGOES) 45%. GOES dominates due to its superior magnetic properties and efficiency in transformers, while NGOES is widely used in motors and generators for industrial and automotive applications.

By Application
Applications include Transformers 45%, Motors 35%, Generators 10%, and Others 10%. Transformers lead consumption driven by rising power transmission and distribution investments, renewable energy integration, and grid modernization. Motor applications are growing with increasing electrification across industrial machinery and electric vehicles.

By End-User
End-users comprise Power Generation & Distribution 50%, Automotive 25%, Industrial Machinery 15%, and Others 10%. Power utilities dominate demand due to large-scale transformer installations, while automotive demand is expanding rapidly with electric vehicle production and efficiency regulations.

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Regional Analysis
Asia Pacific - 50% Share
Asia Pacific dominates with around 50% share, driven by rapid industrialization, large-scale power generation projects, and strong demand from electric vehicles (EVs) and renewable energy sectors. China, Japan, South Korea, and India are major producers and consumers of grain-oriented and non-grain-oriented electrical steel for transformers, motors, and generators.

Europe - 20% Share
Europe accounts for approximately 20% share, supported by energy efficiency regulations, renewable integration, and strong automotive manufacturing. Germany, France, Italy, and the UK are key markets, with increasing use of high-grade electrical steel in EV motors and power equipment.

North America - 18% Share
North America holds nearly 18% share, driven by grid modernization, expansion of renewable energy, and growing EV adoption. The U.S. leads in demand for electrical steel for transformers, electric motors, and industrial equipment.

Latin America - 7% Share
Latin America represents about 7% share, fueled by infrastructure development and expanding power transmission networks. Brazil and Mexico are key markets for electrical steel used in transformers and electrical machinery.

Middle East & Africa - 5% Share
Middle East & Africa holds around 5% share, with growth supported by investments in power infrastructure, renewable energy projects, and industrial expansion. GCC countries, South Africa, and Egypt are gradually increasing consumption of electrical steel.

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✅ Competitive Landscape
✅ Technology Roadmap Analysis
✅ Sustainability Impact Analysis
✅ KOL / Stakeholder Insights
✅ Consumer Behavior & Demand Analysis
✅ Import-Export Data Monitoring
✅ Live Market & Pricing Trends

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