Electrical Steel Market

2021-2030 Analysis and Review Electrical Steel Market

Electrical Steel Market

Global Electrical Steel Market By Type (Grain-Oriented Steel, Non-Grain-Oriented Steel), By Application (Transformers, Motors, Inductors, Others) By End User (Energy, Automobiles, Manufacturing, Household Appliances, Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

25-10-2021 REP-HC-139295 102 pages Format

Global electrical steel market is estimated to grow at a CAGR of 6.8% during forecast period 2021-2030. Global electrical steel market is primarily driven by rising demand for electrical vehicles and rapid urbanization. Rapid urbanization coupled with increasing population is expected to increase the electricity demand and results in the installation of new transformers. According to United Nations (U.S.), global urbanization stood at 54% in 2014 and is expected to reach 66% by 2050. Furthermore, adoption of electric vehicles in also a major driving factor for electrical steel as it finds application in manufacturing of motors.

Electrical Steel Market

Increasing Demand for Electric Vehicle Remains as The Key Driver

Electrical steel finds huge application across the motors, alternators, and other electrical components of electric vehicles. Also, electrical steel sheet is adopted for manufacturing the core of traction motors of electric vehicles (EV) and hybrid electric vehicles (HEV). The incorporation of electrical steel sheet in electric vehicles results in improved performance. Thus, the increasing demand of electric vehicle would pave the way for electrical steel. Asia Pacific is the key region under electric vehicle market and consequently this region would create significant growth prospects for electrical steel. According to International Council on Clean Transport (ICCT), one in every third vehicle in Japan is electric. The increasing demand for electric vehicles across the globe is expected to provide traction to the global electrical steel market.

Energy Leads the End User Segment

Global electrical steel market has been segmented on the basis of type of battery, end-use and application. Energy leads in the global electrical steel market end-use segment in terms of revenue with around 38.38% market share in 2020. Increasing demand for electricity in the form of energy is expected to drive the electrical steel in energy segment market as electrical steel finds application in production of transformers as key component. According to Global World Energy Outlook 2016 by the International Energy Agency (IEA), the global demand for energy is expected increase by 30% by 2040 primarily driven by developing countries. The adoption of electrical steel helps in increasing efficiency and reduce energy loss in transformers. According to World Steel Association AISBL (Belgium), transformers having magnetic cores of steel have 35% lesser energy loss as compared to conventional transformers.

 Non Grain-Oriented Steel Remains as The Fastest Growing Market

Non-grain-oriented steel market is expected to grow at the highest CAGR of 7.2% over the forecast period. The fastest growth rate of Non-grain-oriented steel is attributed towards the fact that the increasing adoption of non-grain oriented electrical steel in automotive traction drives and advantages offered by non-grain oriented steel. The advantages include high ultimate strength, minimum core losses and others. Moreover, the electric vehicle market is expected to grow at a CAGR of 24.2% till 2030. Hence, the increasing demand of electric vehicles and significant expansions by the key players in non-grain electrical steel is driving the non-grain oriented steel market.

APAC Clear Global Leader in Terms of Revenue as well As Growth

Geographically, global electrical steel market has been segmented into North America, Europe, Asia Pacific and Rest of World (ROW). Asia Pacific accounts for the largest share and fastest growing region in global electrical steel market by capturing the largest market share in terms of revenue of around 57.34% in 2020. Increasing demand from the consumer electronics market, adoption of electrical vehicles and increasing investments in the market to increase the efficiency of technology are some of the factors propelling the demand for electrical steel in the region. Asia Pacific leads the global electrical steel market by capturing largest market share of approximately 57.34% in 2020. Asia Pacific electrical steel market is expected to grow at CAGR of 7.3% during the forecast period. The dominance of Asia Pacific is justified by high adoption of electrical steel across various end use industries that include energy, automobiles and home appliances.

Historical &Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Type(2020-2030; US$ Mn)

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

By Application(2020-2030; US$ Mn)

  • Transformers
  • Motors
  • Inductors
  • Others 

By End User(2020-2030; US$ Mn)

  • Energy
  • Automobiles
  • Manufacturing
  • Household Appliances
  • Others

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in the current scenario andin the future by product categories?
  • What are the key market segments in the current scenario andin the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global electrical steel market?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segments?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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