Electrical steel finds diverse applications due to its unique features. It serves as core material in transformers, enhancing energy efficiency by reducing magnetic losses. In motors and generators, it optimizes magnetic performance, ensuring reliable and smooth operation. The material's low core loss and high magnetic permeability make it vital for power distribution systems, electric vehicles and renewable energy solutions. From improving energy conversion in appliances to enabling grid stability, electrical steel plays a pivotal role in various industries, supporting efficient and sustainable power utilization.
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Data Bridge Market Research analyses that the Asia-Pacific Electrical Steel Market is valued at USD 16,005.24 million in 2022 and is expected to reach USD 33,323.19 million by 2030, registering a CAGR of 9.60% during the forecast period of 2023 to 2030. The surge in electric vehicle adoption drives demand for unique electrical steel tailored for motor cores and batteries. These specialized steel components enhance the efficiency and performance of electric vehicle propulsion systems, accelerating market growth as manufacturers seek materials that align with the requirements of the evolving automotive landscape.
Key Findings of the Study
Renewable energy is expected to drive the market's growth rate
The transition to renewable energy, such as wind and solar power, demands optimized electrical systems and transformers for efficient energy conversion and distribution. Electrical steel's low energy loss and high magnetic permeability characteristics make it crucial for these applications. As the renewable energy sector expands to meet sustainability goals, the need for advanced electrical steel intensifies. This trend drives increased demand as manufacturers seek materials that enable effective energy transfer and minimize losses, supporting the growth of the electrical steel market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), Application (Inductors, Motors, Transformers), Thickness (0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm, 0.5 mm, 0.65 mm, Others), Core Losses (Less Than 0.9 w/kg, 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 Above 1.39 w/kg), Flux Density (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), End User (Automotive, Manufacturing, Energy, Household Appliance, Construction, Fabrication)
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Countries Covered
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Japan, China, South Korea, India, Australia and New Zealand, Taiwan, Hong-Kong, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific
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Market Players Covered
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ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel Group (China), NIPPON STEEL CORPORATION (Japan), United States Steel Corporation (U.S.), SAIL (India), TATA Steel (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), E Steel Sdn.Bhd (Malaysia), Hesteel Group Tangsteel Company (China), ChinaSteel (Taiwan), ESL Steel Ltd. (India), Jiangsu Shagang Group Su ICP (China)., Union Electric Steel Corporation (U.S.), Aperam (Luxemborg), Cleveland-Cliffs Inc. (U.S.), Slovenian Steel Group (Slovenia), Sko-Die Inc. (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Asia-Pacific electrical steel market is segmented on the basis of product type, application, thickness, core losses, flux density, and end user.
- On the basis of product type, the electrical steel market is segmented into grain oriented electrical steel, non-grain oriented electrical steel.
- On the basis of application, the electrical steel market is segmented into inductors, motors, and transformers.
- On the basis of thickness, the electrical steel market is segmented into 0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm, 0.5 mm, 0.65 mm, others.
- On the basis of core losses, the electrical steel market is segmented into Less Than 0.9 w/kg, 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 Above 1.39 w/kg.
- On the basis of flux density, the 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 end user, the electrical steel market is segmented into automotive, manufacturing, energy, household appliance, construction, fabrication.
Major Players
Data Bridge Market Research recognizes the following companies as the major Asia-Pacific electrical steel market players in Asia-Pacific electrical steel market are ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel Group (China), NIPPON STEEL CORPORATION (Japan), United States Steel Corporation (U.S.), SAIL (India), TATA Steel (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), E Steel Sdn.Bhd (Malaysia)
Market Developments
- In 2021, JFE Steel Corporation entered into an agreement with JSW Steel Limited (JSW) to explore the feasibility of establishing a joint venture for producing and selling grain-oriented electrical steel sheets in India.
- In June 2022, Voestalpine's high-performance metals division has successfully concluded the establishment of a state-of-the-art special steel plant in Kapfenberg. This advanced facility is poised to manufacture 205,000 tons of steel annually, catering to diverse industries including aerospace, automotive, and oil and gas.
- In April 2022, At its Gwangyang Works, POSCO has set up a fresh facility with an annual output potential of 300,000 tons to manufacture non-oriented electrical steel sheets. With the objective of bolstering its high-efficiency non-oriented electrical steel sheet production, the company intends to elevate its annual capacity from 100,000 tons to 400,000 tons by 2025.
- In March 2022, ArcelorMittal is poised to invest more than USD 330.8 million in establishing a novel production facility for electrical steels at its Mardyck site in France. This unit's output is anticipated to cater to steel requirements for electric and hybrid vehicles as well as industrial machinery. With the support of the French government, this initiative is set to generate over 100 job opportunities and play a significant role in attaining the European Union's CO2 emission reduction targets. Commencing in 2024, the production unit is set to yield 200,000 tons annually.
- In March 2022, China Baowu Steel Group Corporation and Shell have formalized their collaboration through two key agreements. These include an enterprise framework cooperation agreement (EFA) for the supply of environmentally friendly steel products, and a master agreement on emission trading. This marks a significant milestone, signifying the elevation of their joint efforts in low-carbon development to a more advanced stage.
Regional Analysis
Geographically, the countries covered in the Asia-Pacific electrical steel market report are Japan, China, South Korea, India, Australia and New Zealand, Taiwan, Hong-Kong, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific
As per Data Bridge Market Research analysis:
China dominates Asia-Pacific in electrical steel market during the forecast period 2023 to 2030
In 2023, China dominates the Asia-Pacific electrical steel market due to electrical steel's role in motor cores and battery systems aligning with the EV transition. Additionally, as vehicle ownership and manufacturing grow, the requirement for electrical steel-based components, ensuring optimal performance and energy efficiency, becomes paramount. This surge in demand reflects the evolving automotive landscape, emphasizing sustainable mobility solutions and driving the need for advanced electrical steel solutions.
India is expected to witness significant growth during the forecast period of 2023 to 2030
In 2023, India is expected to witness significant growth as power grids generate electricity, and the efficient conversion and transmission to homes necessitate electrical steel components such as transformers and transmission lines. These materials optimize energy transfer, minimizing losses during transmission, and ensuring stable power distribution. As the global energy landscape evolves to include renewable sources and decentralized power generation, the significance of electrical steel in facilitating seamless and efficient electricity flow from power plants to homes becomes increasingly evident.
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