According to the latest report by IMARC Group, titled “Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.' The study provides a detailed analysis of the industry, including the global electrical steel market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Electrical Steel Market?

The global electrical steel market size reached US$ 39.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 64.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.

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What is Electrical Steel?

Electrical steel is a ferromagnetic metal with high electrical conductivity and permeability and low magnetostriction. It is used in the cores of electromagnetic devices, such as motors, generators, and transformers, on account of its ability to magnify the magnetic effects of current-carrying coils. It is also employed in the manufacturing of rotating machines, reactors and amplifiers, magnetic switches and relays, and solenoids worldwide.

What are the growth prospects and trends in the Electrical Steel industry?

There is a significant increase in electricity consumption across the globe due to rapid urbanization, rising global population, and the growing dependence on electrical appliances. This represents one of the key factors driving the demand for electric steel in power and distribution transformers across the globe. Moreover, the escalating demand for electric vehicles (EVs) due to inflating income levels and strict emission regulations implemented by governing agencies of various countries is propelling the adoption of electric steel in the automotive industry. Apart from this, researchers are incorporating nanotechnology to enhance the magnetic performance of electrical steel for amorphous metal materials, which is anticipated to impel the growth of the market.

Who are the key players operating in the industry?

The report covers the major market players including: 

• Aperam
• ArcelorMittal
• Baoshan Iron & Steel Co. Ltd
• China Baowu Steel Group Corp. Ltd
• China Steel Corporation
• JFE Holdings Inc.
• JSW Steel Ltd.
• Nippon Steel Corporation
• POSCO
• SIJ - Slovenian Steel Group d. d.
• Steel Authority of India Limited
• Sumitomo Corporation
• Tata Steel Limited
• ThyssenKrupp AG
• United States Steel Corporation
• Voestalpine AG.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Grain Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel

Breakup by Application:

• Transformers
• Motors
• Generators
• Others

Breakup by End Use Industry:

• Energy and Power
• Automobiles
• Household Appliances
• Building and Construction
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

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