The electrical steel market finds applications in various industries, notably in transformers and electric motors. Its unique magnetic properties, including low core loss and high permeability, make it ideal for efficiently converting electrical energy. The dominating segment is power generation and distribution, where transformers utilize electrical steel cores to enhance energy transmission efficiency. As the demand for energy-efficient electrical systems continues to rise, electrical steel's pivotal role in optimizing power generation and distribution cements its importance in the global market.
According to Data Bridge Market Research, the Global Electrical Steel Market was valued at USD 15.41 billion in 2021 and is expected to reach USD 25.09 billion by 2029, registering a CAGR of 6.28% during the forecast period of 2022 to 2029.
“Increasing number of power generation and transmission projects boost the market’s growth”
The electrical steel market is being driven by the increasing number of power generation and transmission projects worldwide. As nations seek to meet growing energy demands and transition to renewable sources, investments in electrical infrastructure are on the rise. Electrical steel is a critical component in transformers and generators, offering improved energy efficiency. The surge in such projects underscores the market's growth, as it becomes pivotal in supporting the efficient generation, transmission, and distribution of electrical power across diverse industries and regions.
What restraints the growth of the global electrical steel market?
“Safety concerns restraints the market’s growth”
Safety concerns pose a significant restraint in the electrical steel market. Workers involved in manufacturing and handling electrical steel face potential health and safety hazards due to the material's weight, sharp edges, and electrical conductivity. Ensuring the well-being of personnel requires strict safety protocols and protective measures, which can add operational complexities and costs. These concerns may deter some manufacturers or slow down production processes, affecting the overall efficiency of the electrical steel market.
Segmentation: Global Electrical Steel Market
The global electrical steel market is segmented on the basis of type, thickness, core losses, flux density, application, and end-user.
- On the basis of type, the global electrical steel market is segmented into grain oriented steel (CGRO), and non-oriented electrical steel (CRNGO).
- On the basis of thickness, the global electrical steel market is segmented into 0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM, and others.
- On the basis of core losses, the global electrical steel market is segmented into less than 0.9 w/kg, 0.90 w/kg to 0.99 w/kg, 1.00 w/kg to 1.29 w/kg, 1.30 w/kg to 1.39 w/kg, and above1.39 w/kg.
- On the basis of flux density, the global electrical steel market is segmented into less than 1.65 tesla, 1.65 tesla to 1.69 tesla, 1.69 tesla to 1.73 tesla, 1.73 tesla to 1.76 tesla, and above 1.76 tesla.
- On the basis of application, the global electrical steel market is segmented into transformers, inductors, battery, shunt reactors, convertors, motors, electrical ballasts, power generators, wound cores, and others.
- On the basis of end-user, the global electrical steel market is segmented into energy and power, household appliances, automobiles, building and construction, and others.
Regional Insights: Asia-Pacific dominates the Global Electrical Steel Market
Asia-Pacific dominates the electrical steel market, commanding the lion's share of market revenue and ownership, a trend expected to persist from 2022 to 2029. The region's dominance is driven by an escalating demand for electrical steel. Notably, China plays a pivotal role, leading in both production and consumption of non-oriented electrical steel. China's proficiency in non-oriented electrical steel production and consumption underscores its prominence in the Asia-Pacific electrical steel market.
Europe is anticipated to experience rapid growth in the non-oriented electrical steel sector during the forecasted period. This growth is attributed to the increasing demand for non-oriented electrical steel in commercial construction projects across the region. As the construction industry expands, the need for electrical steel used in various electrical applications rises, contributing to the region's fast-paced development. This trend underscores the pivotal role that non-oriented electrical steel plays in European commercial construction activities.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-electrical-steel-market
Recent Developments
- In May 2020, voestalpine AG introduced two innovative electrical sheet products, Backlack-V and Sovac, targeting the automotive industry. These advancements are expected to boost the company's future revenue. Backlack-V and Sovac are designed to meet the automotive sector's evolving needs, particularly in terms of electrical components. By offering cutting-edge solutions, voestalpine AG aims to strengthen its position in the market and capitalize on the growing demand for high-quality electrical steel products in the automotive sector, driving future revenue growth.
The Prominent Key Players Operating in the Global Electrical Steel Market Include:
- ArcelorMittal (Luxembourg)
- POSCO (South Korea)
- Voestalpine AG (Austria)
- Baosteel (China)
- Nippon Steel Corporation (Japan)
- United States Steel Corporation (U.S.)
- SAIL (India)
- TATA Steel (India)
- Thyssenkrupp AG (Germany)
- JFE Steel Corporation (Japan)
- Esteel (South Korea)
- Hesteel Group Tangsteel Company (China)
- ChinaSteel (Taiwan)
- ESL Steel Ltd. (India)
- Jiangsu Shagang Group Su ICP (China)
- Union Electric Steel Corporation (U.S.)
- Hebei puyang iron and steel group (china)
- Aperam (Luxemborg) and Sko-Die Inc (U.S.)
- Cleveland-Cliffs Inc. (U.S.)
- Slovenian Steel Group (Slovenia)
Above are the key players covered in the report, to know about more and exhaustive list of global electrical steel market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electrical Steel Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
