The global electrical steel market is expected to experience substantial growth in the coming years, with an estimated value of USD 40.6 billion in 2023 and a projected value of USD 60.7 billion by 2028, growing at a CAGR of 8.4%. This market study presents basic data and true figures about the market giving a deep analysis of this market based on electrical steel market trends, market drivers, constraints, and prospects.
Electrical Steel Companies
Electrical steel, also known as silicon steel, is a type of steel that is specifically designed to produce electromagnetic properties such as low core loss and high magnetic permeability. It contains silicon up to 3.5% in weight, which helps to improve its electrical and magnetic properties. Electrical steel is mainly used in electrical equipment, such as transformers, generators, and motors, as well as in the automotive industry for electric motors and other components.
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The global electrical steel market is expected to witness substantial growth in the coming years, driven by a combination of various factors. The abundance of iron ore and other minerals required for the production of electrical steel, along with the increasing urban population and urbanization, is expected to boost the demand for electrical steel in various applications. The transition towards renewable energy sources such as wind and solar power is also expected to drive the demand for electrical steel as it is a critical component in generators. The high rate of consumption of electrical steel in transformers and motors, which are essential components in various industries such as energy, automotive, and manufacturing, is also expected to contribute to the growth of the electrical steel market. The growing market for electric vehicles (EVs) is also expected to create new opportunities for the electrical steel market, as it is used in the production of electric motors. With these factors in play, the electrical steel market is poised for significant growth in the coming years. However, the market also faces certain challenges such as the volatile prices of raw materials and limited supply of high-quality electrical steel, which may hinder the growth of the market. Safety and technology constraints, as well as environmental concerns also pose major challenges in the electrical steel industry.
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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By End-use industries, energy accounted for the 2nd largest share in 2022
The use of electrical steel is widespread in the power sector, playing a vital role in the generation, transmission, and distribution of electricity. Additionally, it is also a crucial component in renewable energy technologies. The production of transformers, which are essential in the transmission and distribution of electricity to end-users, heavily relies on electrical steel as a key input. Grain-oriented electrical steel is especially important for the manufacturing of high-performance generators and energy-efficient transformers. Meanwhile, non-grain-oriented steel is critical in the production of smaller transformers. Given the ongoing growth in the public infrastructure industry, it is expected that the power sector will expand, driving demand for electrical steel. As a result, the electrical steel market is poised for growth.
North America accounted for the largest share of the electrical steel market in 2022
The US and Canada are the most developed countries in North America, followed by Mexico. The automotive, energy & power, and consumer appliances industries are seeing upward trends in North America, leading to the construction of additional industrial facilities in the region, thus creating demand for electrical steel. Rising demand from the energy generation & transmission industries is driving the market in the region. Some of the main electrical steel companies operating in this region include United States Steel Corporation (US), Cleveland-Cliffs Inc. (US), and Silicon Steel (US). The automotive and locomotive industry in North America has seen a major shift in recent years with the development and implementation of electric vehicles and battery-powered trains. As electric cars become increasingly popular, demand for electrical steel is set to increase further, creating opportunities for the North American market.
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Conclusion
The Electrical Steel Market is poised for significant growth by 2024, driven by the increasing demand for energy-efficient electrical equipment and the expansion of renewable energy sources. Key trends such as advancements in manufacturing processes and the rising adoption of electric vehicles are expected to further propel market dynamics. As industries prioritize sustainability and efficiency, the demand for high-quality electrical steel is likely to intensify. Furthermore, regional markets will experience varied growth, influenced by local regulations and technological developments. Key players must continue to innovate and adapt to meet the evolving needs of the industry, positioning themselves for success in this competitive landscape.
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