North America Electrical Steel Market – Industry Trends and Forecast to 2030

North America Electrical Steel Market, By 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) –Industry Trends and Forecast to 2030.

North America Electrical Steel Market Analysis and Size

Less than 0.9 w/kg segment led the electrical steel market in 2022 as crude steel production increased, resulting in less than 0.9 w/kg prevailing in the region. Given the increased construction activity in the region, which has increased demand for high-density electrical steel, the above 1.76 tesla category will dominate the electrical steel market in 2022.

The global electrical steel market was valued at USD 5,444.86 million in 2022 and is expected to reach USD 10,380.56 million by 2030, registering a CAGR of 8.40% during the forecast period of 2023-2030. 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.

North America Electrical Steel Market Scope and Segmentation

Market Definition

Electrical steel is an alloy composed of iron and silicon. Electrical steel is also known as laminate steel or silicon steel since silicon is added to it. Electrical steel is a type of specialty steel that is generated by modifying the magnetic characteristics of regular steel under the influence of permeability. It is used, among other things, to create the cores of power transformers, generators, and inductors. The market for electrical steel is gaining pace as a result of technological advancements and the high efficiency of electrical steel. Electrical steel comes in two varieties: grain-oriented and non-grain-oriented.

North America Electrical Steel Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growth in the deployment of electric motors

The use of electrical steel in motors is being driven by increased industrialisation and the use of motors in the residential sector. Electric motors can no longer function without electrical steel because it produces a greater magnetic flux, which is required for torque. It also encourages higher efficiency. Because the UN's sustainable development programme calls for increased industry during the projected period, vendors in the electrical steel market should witness significant income growth.

• Growing installation of transformers

The expanding global power industry is likely to boost demand for transformers, hence supporting market expansion. Grain-oriented electrical steel is in high demand due to its ability to transport electricity over long distances with minimal energy loss and high power efficiency. Furthermore, electrical steel increases efficiency and decreases losses in a wide range of applications. Increased infrastructure development investment is also moving the global market forward.

Opportunities

• Growing focus by the major players to bolster the market’s growth

To remain competitive in the electrical steel market, top players are implementing a variety of strategies such as product introduction, business expansion, acquisition, partnership, cooperation, joint venture, and agreement. ArcelorMittal, for example, recently introduced the second generation of iCARe electrical steels. Its initial electrical steel product was designed exclusively to fulfil the needs of electric vehicles. High strength, less usage of energy, less heat generation, and other benefits are among the advantages of the second generation of iCARe electrical steels. This product launch not only strengthened the company's electrical steel product portfolio, but it also increased its offering to the automobile sector.

Restraints/Challenges

• Fluctuations in raw material prices

For the manufacture and processing of steel products, the steel industry is heavily reliant on raw material supply. Steel is made from a variety of basic resources, including iron ore, coal, industrial gases, and ferroalloys. Steel production and processing can be efficient if raw materials are fairly priced. In contrast, raw material prices are highly volatile. Increases in raw material prices affect steel manufacturing costs, resulting in increased prices for completed steel products such as grain-oriented and non-grain-oriented electrical steel. As a result, fluctuating raw material prices operate as a substantial hindrance to the electrical steel industry's progress.

This electrical steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electrical steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2021, JFE Steel Corporation inked an agreement with JSW Steel Limited (JSW) to conduct a feasibility study to establish a grain-oriented electrical steel sheet production and sales joint venture in India.

North America Electrical Steel Market Scope

The electrical steel market is segmented on the basis of product type, application, thickness, core losses, flux density and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Grain Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel
• Fully Processed
• Semi-Processed

Application

• Inductors
• Motors
• 1 HP – 100 HP
• 101 HP – 200 HP
• 201 HP – 500 HP
• 501 HP – 1000 HP
• Above 1000 HP
• Transformers
• Transmission
• Portable
• Distribution

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
• w/kg to 1.29 w/kg
• 1.30 w/kg to 1.39 w/kg
• 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
• Above 1.76 Tesla

End User

• Automotive
• Manufacturing
• Energy
• Household Appliance
• Construction
• Fabrication

North America Market Regional Analysis/Insights

The electrical steel market is analyzed and market size insights and trends are provided by product type, applications, thickness, core losses, flux density and end user as referenced above.

The countries covered in the electrical steel market report are U.S., Canada and Mexico in North America.

Given the rising number of electronic cars in the retail sector, the United States dominates the North American electrical steel industry. Because of the region's increasing emphasis on power generation and the manufacture of electric cars, the United States in North America is likely to have an impact on the market for electrical steel. The rising demand for electric motors and charging stations is driving the market for electrical steel.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Electrical Steel Market Share Analysis

The electrical steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electrical steel market.

Some of the major players operating in the 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)
• 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.)