In terms of revenue, the Global Electrical Steel Market is expected to reach USD 46.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.70% from 2022 to 2028.
Electrical Steel is a soft magnetic material with improved electrical properties that finds widespread use in a variety of electromagnetic devices, including tiny relays, solenoids, electric motors, generators, and many more. Other names for Electrical Steel include silicon steel, transformer steel, and lamination steel. It is mostly utilised in the automotive and electrical power distribution industries.
Key Developments in the Industry
· ShougangQian'an Electric Vehicle Electrical Steel Co., Ltd. placed an order with Primetals in April 2020 for a New 6-stand Hyper Universal Crown Control mill to manufacture high-grade Electrical Steels.
· The main players' competitive advantages include cutting-edge technology, extensive research efforts, and a firm grasp of local markets.
One of the main factors propelling the market's expansion is the rising demand for electric motors across various residential, commercial, and industrial sectors. In order to produce motors with more magnetic flux and torque, as well as power generators with improved electromagnetic properties and low carbon dioxide emissions, Electrical Steel is frequently employed. Additionally, the increased use of hybrid and electric vehicles (H/EVs) is boosting market expansion. The usage of electric steel lightens the weight of vehicle parts while improving their appearance and safety. Accordingly, the market is expanding as a result of the rising demand for Electrical Steel for low-energy loss power transmission over long distances and infrastructure development projects. Other growth-promoting aspects include a variety of product developments, such as the creation of Electrical Steel that is non-grain oriented and has homogenous magnetic characteristics. It is extensively utilized in consumer electronics, commercial power generators, electric motors, and rotating machinery. It is projected that further factors, such as rapid expansion in the energy and power sectors and the adoption of supportive government policies encouraging sustainable development, will propel the market toward expansion.
During the forecast period, the Electrical Steel market in Asia Pacific is anticipated to develop at the quickest rate.In terms of volume and revenue growth, the Electrical Steel market in the Asia Pacific region is predicted to grow at the fastest rate. The greatest market for power Transformers is one of the factors driving the expansion of the Electrical Steel industry in this region. Several countries throughout the Asia Pacific area, including China, India, and Indonesia, have a high need for power transformers. One of the biggest producers of power transformers worldwide is China. In addition, due to a number of variables, including an increase in the need for the renewable energy sector, an increase in the demand for energy, and an increase in population and urbanization, India is also predicted to grow at a significant rate.
The European Electrical Steel market is also held a sizable portion of the sector, which is predicted to increase rapidly in the coming years. The demand for this product is anticipated to rise as a result of the expansion of the automotive and manufacturing industries in the European region. Due to its main automakers, Germany controls the domestic car market in Europe. Therefore, the need for automotive motors will drive this region's market expansion as there is more of an emphasis on converting automobiles to electricity.
The Global Electrical Steel Market is Segmented as follows
- End Use Industries
- Household Appliances
- Other End Use Industries
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Electrical Steel Market is
Aperam (Luxembourg), Arcelor Mittal (Luxembourg), Tata Steel (India), POSCO (South Korea), Nippon Steel Corporation (Japan), Baosteel Group Hu (China), Voestalpine AG (Austria), JFE Holdings (Japan), Cleveland-Cliffs Inc. (US), Slovenian Steel Group (Slovenia)
The Global Electrical Steel Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|