Electrical Steel Market

Electrical steel sheets are used in electromagnetic devices such as generators, transformers, and motors. It is also referred to as silicon steel, lamination steel, or transformer steel, and is mainly used in automotive industries and electrical power distribution systems.

Market Dynamics

Electrical steel market is growing at a substantial rate, owing to the rise in the consumption rate of electrical steel in motors and transformers. Furthermore, increasing sales of automotive vehicles is the key underlying factor supporting market growth. This scenario is expected to provide lucrative growth to the Electrical steel market over the forecast period.

Major players in the electrical steel market are increasing their investment in innovative product launches, research & development, and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as energy, household appliances, and automobile. For instance, in 2020, AK Steel (steelmaking company), launched electrical steel for use in high-voltage and ultra-voltage power transformers, TRAN-COR X, which belongs to the high permeability grain-oriented electrical steel (GOES) type. This scenario is expected to fuel the market growth during the forecast period.

Based on application, the transformers segment is projected to be the largest segment in the electrical steel market. The growth of this segment is mainly attributed to the high demand for electrical steel as it is used in power generation, transmission, and distribution industries. Electrical steel is used in electrical transformer cores and other electrical devices, owing to the low hysteresis loss, high permeability, and high resistance it offers. It is used to make iron cores of motors. These cores concentrate the magnetic field and make the electromagnet stronger. Electrical steel is also used in the manufacturing of cores of inductors that are used extensively with capacitors and resistors to create filters for analog circuits and signal processing.

Key features of the study:

• This report provides an in-depth analysis of the electrical steel market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the Electrical steel market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered as a part of this study include NLMK, Voestalpine AG, POSCO, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group Corporation, AK Steel Corporation, ATI, Schneider Electric, and Nicore Electrical Manufactory Co., Ltd.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics.
• The Electrical steel market report caters to various stakeholders in this industry including investors, suppliers, electrical steel manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Electrical steel market

Detailed Segmentation:

• Global Electrical Steel Market, By Type:
  • Grain-oriented
    • Hi-Permeability (HiB)
    • Conventional GOES
    • Laser magnetic domain refinement (LMDR)
  • Non-grain oriented
    • Fully Processed
    • Semi Processed
• Global Electrical Steel Market, By Application :
  • Transformer
    • Distribution
    • Transmission
    • Portable
  • Motors
    • 1hp - 100hp
    • 101hp – 200hp
    • 201hp – 500hp
    • 501hp-1000hp
    • Above 1001hp
  • Inductors
• Global Electrical Steel Market, By Region:
  • North America
    
    • U.S.
    • Canada
  • Latin America
    
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    
    • France
    • Germany
    • Italy
    • Spain
    • U.K.
    • Nordic
    • Benelux
    • Russia
    • Poland
    • Rest of Europe
  • Asia Pacific
    
    • China
    • India
    • Japan
    • ASEAN
    • Oceania
    • Rest of Asia Pacific
  • Middle East & Africa
    
    • GCC
    • South Africa
    • Rest of Middle East & Africa
• Company Profiles
  • NLMK
  • Voestalpine AG
  • POSCO
  • Nippon Steel & Sumitomo Metal Corporation
  • ThyssenKrupp AG
  • JFE Steel Corporation
  • ArcelorMittal
  • Cogent Power Limited
  • Aperam
  • Baosteel Group Corporation
  • AK Steel Corporation
  • ATI
  • Schneider Electric
  • Nicore Electrical Manufactory Co., Ltd