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(Transportation-News.com, May 21, 2024 ) The report "Electrical Steel Market by Type (Non-grain-oriented, and Grain-oriented), Application (Transformer, Motors, Inductors), End-user Industry (Automotive, Energy, Manufacturing, Household Appliances), and Region - Global Forecast to 2028" The global electrical steel market was valued at USD 40.6 billion in 2023 and is projected to reach USD 60.7 billion by 2028, growing at 8.4% CAGR during the forecast period.
Browse in-depth TOC on "Electrical Steel Market”
508 - Market Data Tables
55 - Figures
324 - Pages
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The segmentation considered for this report is based on the types, applications, end-use industries, and regions.
The market has been segmented based on end-use industry into energy, automotive, manufacturing, household appliances, and others. The automotive end-use industry accounted for the 3rd largest share of the electrical steel market during the forecast period. This growth is attributed to the increasing demand for transformers in developing countries. Electrical steel is used in functional automotive components, such as fuel pumps and electric power steering. It is also used as a core material and precision motor part for motors and actuators to improve the comfort, power performance, and fuel economy of automobiles. Moreover, electrical steel sheets are used for cores of traction motors of hybrid electric vehicles and electric vehicles. The use of electrical steel in motors makes them small, light, powerful, and efficient. Thus, the demand for electrical sheets in the automotive industry is increasing. The use of electrical steel results in low iron losses and higher performance of motors, thus helping in the global environmental protection and meeting the needs of advanced automotive manufacturers
The electrical steel market, by application, has been segmented into transformers, motors, inductors, and others. Others include batteries and welding equipment. In terms of value, the motors segment accounted for largest share during the forecast period. Motors are made of motor laminations created using electrical steel. Electrical steel has silicon in it, which increases its electrical resistance, improves the ability of magnetic fields to penetrate it, and reduces the steel’s hysteresis loss. The addition of silicon to steel using which motors are made makes the steel more efficient and faster in terms of building and maintaining magnetic fields. Thus, silicon steel helps in improving the efficiency and effectiveness of the magnetic core, which is the major component in motors
The electrical steel market, by type, has been segmented into grain-oriented and non-grain-oriented. In terms of value, grain-oriented electrical steel accounted for a 2nd largest share of electrical steel market during the forecast period. Grain-oriented electrical steel is highly preferred for use in transformers (small, medium, and large), generators, and other applications. Grain-oriented electrical steel contributes to energy conservation and suppression of increased external size and mass of the equipment. A coating with an electrical insulating property, called an insulating coating, is provided on the surface of grain-oriented electrical steel. This insulating coating also imparts tension to the steel sheet, which contributes to the improvement of iron loss in its characteristics. In terms of future technical development, the companies are expected to supply even better grain-oriented electrical steel by promoting the improvement of magnetic domain-refining technologies, improvement of the alignment of crystal orientation, increased electrical resistance of steel sheets, and development of thinner gauge products.
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The electrical steel market is studied in six regions, namely, Asia Pacific, Europe, North America, the Middle East &Africa, and South America. Asia Pacific is the fastest-growing market and the largest consumer of electrical steel globally. The Asia Pacific region has been witnessing rapid industrialization and urbanization in recent years. This has resulted in the need for more energy-efficient equipment to meet the growing energy demands. Electrical steel is one such material that is used in the production of energy-efficient equipment, such as transformers, motors, and generators. China, Japan, and India are the major countries leading in the electrical steel market in the Asia Pacific region. China, in particular, has emerged as the largest market for electrical steel in the world, owing to its vast manufacturing industry and growing demand for energy-efficient equipment. The country's renewable energy targets have also been a significant driver for the electrical steel market. In Japan, the demand for electrical steel is driven by the country's automotive and electrical equipment industries, which are among the largest in the world. India, on the other hand, is experiencing a significant surge in demand for electrical steel due to its growing power sector and the government's focus on developing renewable energy sources.
Electrical Steel Market Key Players
The demand for electrical steel is mainly furnished by global players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of electrical steel are The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), China Baowu Steel Group (China), Nippon Steel Corporation (Japan), United States Steel Corporation (United States), Steel Authority Of India (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others. and others are covered in the electrical steel market. These companies, along with other regional companies, cater to the demand for electrical steel products globally.
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