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Electrical Steel Market

Electrical Steel Market Future-proof Strategies: Trends, Competitor Dynamics, and Opportunities 2025-2033

Electrical Steel Market by Type (Non-grain Oriented, Grain Oriented), by Application (Transformer, Motors, Inductors, Others), by By Geography (North America) Forecast 2026-2034

Jan 27 2026

Base Year: 2025

180 Pages

Electrical Steel Market Future-proof Strategies: Trends, Competitor Dynamics, and Opportunities 2025-2033

Key Insights

The Electrical Steel Marketsize was valued at USD 30.70 USD Billion in 2023 and is projected to reach USD 44.96 USD Billion by 2032, exhibiting a CAGR of 5.6 % during the forecast period.Electrical Steel is speciality steel used in the cores of electromagnetic gadgets along with motors, generators, and transformers as it reduces energy loss. It is an iron alloy with silicon as the main additive detail (in preference to carbon). The specific components is adapted to produce unique magnetic properties: small hysteresis area ensuing in low power loss in line with cycle, low middle loss, and high permeability. It exhibits low electric conductivity, excessive magnetic permeability, and decreased core loss as compared to standard steel due to its silicon content. The most important drivers of the electric metal market are the high price of consumption of electrical steel in transformers and motors, that are vital components in diverse industries which include power, automobile, and production.

Electrical Steel Trends

Rising adoption of electric vehicles and hybrid vehicles
Growing demand for renewable energy sources
Increasing urbanization and industrialization

Electrical Steel Market Market Size and Forecast (2024-2030) — Electrical Steel Market Company Market Share

Driving Forces: What's Propelling the Electrical Steel Market

Accelerating Electrification Across Sectors: The pervasive and rapid electrification trend, spanning critical industries such as automotive (especially electric vehicles), renewable energy generation (wind turbines, solar inverters), and modernized transportation networks, is fundamentally boosting the demand for high-quality electrical steel. Its essential role in transformers, motors, and generators makes it indispensable for this global energy transition.
Supportive Government Policies and Incentives: Proactive government initiatives worldwide are acting as significant catalysts. This includes stringent energy efficiency standards, substantial subsidies for electric vehicle adoption, and aggressive promotion of renewable energy infrastructure projects. These policies directly translate into increased demand for electrical steel, fostering market growth.
Innovations in Material Science and Production Techniques: Ongoing research and development are continuously enhancing the performance and efficiency of electrical steel. Breakthroughs in areas like non-grain-oriented (NGO) electrical steel are leading to thinner laminations, lower core losses, and improved magnetic properties. These advancements not only optimize energy consumption in electrical devices but also enable the creation of more compact and powerful components.
Growing Demand for Energy-Efficient Technologies: With a global focus on sustainability and reducing carbon footprints, there is an escalating demand for energy-efficient electrical equipment. Electrical steel is a cornerstone material in achieving these efficiencies, particularly in power transmission and distribution transformers, as well as in high-efficiency motors used across industrial and consumer applications.

Challenges and Restraints in Electrical Steel Market

High Capital Investment and Energy-Intensive Manufacturing: The sophisticated processes involved in producing electrical steel, including annealing and coating, require substantial capital investment in specialized machinery and infrastructure. Furthermore, these processes are inherently energy-intensive, leading to significant operational costs and a higher environmental footprint, which can impact profitability.
Fluctuations in Raw Material Commodity Prices: The market is susceptible to the price volatility of key raw materials, primarily silicon and iron ore. Global supply-demand dynamics, geopolitical events, and economic conditions can lead to unpredictable price swings, making cost management and margin forecasting a complex challenge for manufacturers.
Emergence of Advanced Alternative Materials: While electrical steel remains dominant, the market faces competition from alternative materials that offer specific advantages in certain niche applications. These include amorphous metals (offering lower core losses in specific transformer types) and advanced aluminum alloys, which are lighter and more corrosion-resistant. Continued innovation in these alternatives could potentially disrupt traditional market share.
Stringent Environmental Regulations and Sustainability Pressures: Increasing global scrutiny on environmental impact and the push for sustainable manufacturing practices place pressure on electrical steel producers. Meeting stricter emissions standards and developing more environmentally friendly production methods can add to operational complexities and costs.

Emerging Trends in Electrical Steel

Development of grain-free electrical steel: Grain-free electrical steel offers superior magnetic properties and lower losses, making it suitable for high-efficiency transformers and motors.
Increased use in renewable energy applications: Electrical steel is finding increased use in wind turbines and solar photovoltaic systems, driven by the global transition towards renewable energy sources.
Growing demand for low-carbon electrical steel: Environmental concerns are leading to a rising demand for electrical steel with lower carbon content, reducing emissions throughout the value chain.

Growth Catalysts in Electrical Steel Industry

Rising demand from emerging economies: Rapid economic growth in emerging economies, particularly in Asia-Pacific, Middle East, and Africa, is expected to drive the demand for electrical steel for infrastructure development, urbanization, and industrialization.
Technological advancements: Ongoing innovations in production techniques, material properties, and design optimization are enhancing the performance and efficiency of electrical steel, leading to energy savings and improved power density.
Government support for energy efficiency: Governments worldwide are implementing policies, regulations, and incentives to promote energy efficiency and reduce carbon emissions, which is increasing the demand for electrical steel in high-efficiency equipment and applications.
Growing adoption of electric vehicles and renewable energy: The transition to electric vehicles and the increasing deployment of renewable energy systems is driving demand for electrical steel in motors, generators, and transformers for power conversion and distribution.
Expansion in the consumer electronics industry: The growing demand for electronic devices and appliances is also contributing to the demand for electrical steel in magnetic components and transformers.

Market Segmentation: Electrical Steel Analysis

Type:

Non-grain Oriented
Grain Oriented

Application:

Transformer
Motors
Inductors
Others

Leading Players in the Electrical Steel Market

Significant developments in Electrical Steel Sector

March 2022: ArcelorMittal S.A. announced a USD 317.90 million investment to establish an electrical steel production plant in Northern France. November 2021: POSCO announced plans to invest USD 848.6 million to boost electrical steel sheet production to meet growing demand. July 2021: NLMK announced the continuation of its electrical steel plant construction in Maharashtra, India, with an annual capacity of 64,000 tons. November 2020: NIPPON STEEL CORPORATION expanded its electrical steel sheet facilities in Japan, with an investment of approximately USD 721 million. April 2020: Shougang Group reported achieving ultimate production efficiency for finishing rolling electrical sheets.

Comprehensive Coverage Electrical Steel Market Report

This comprehensive market report provides detailed insights into the electrical steel market, covering key market dynamics, growth drivers, challenges, and opportunities. It includes market segmentation, analysis of leading players, comprehensive coverage of industry developments, and regional market analysis.

Regional Insight

The Asia-Pacific region stands as the undisputed leader in the global electrical steel market, fueled by its robust industrial expansion, rapid urbanization, and substantial investments in power infrastructure and the burgeoning automotive sector, particularly in China, Japan, and South Korea. Europe and North America are also pivotal markets, driven by stringent energy efficiency regulations, significant investments in renewable energy projects (like offshore wind farms), and the strong push towards vehicle electrification. Emerging economies in other regions are also showing promising growth trajectories as they focus on modernizing their electrical grids and industrial bases.

Electrical Steel Market Market Share by Region - Global Geographic Distribution — Electrical Steel Market Regional Market Share

Consumer Side Analysis

Electrical steel consumers include manufacturers of transformers, motors, inductors, and other electrical components. Increasing demand for energy-efficient equipment and the electrification of various sectors are key drivers for consumer demand.

Demand Side Analysis

Demand for electrical steel is primarily driven by the growing demand for electric vehicles, renewable energy sources, and industrial automation. The automotive and energy sectors are major consumers of electrical steel.

Import And Export Analysis

The electrical steel market involves significant import and export activities due to the global nature of the industry. Major exporting countries include China, Japan, and South Korea, while key importing countries include India, the U.S., and Brazil.

Pricing Strategies

Pricing strategies in the electrical steel market are influenced by factors such as raw material costs, production capacity, and competition. Manufacturers typically employ a cost-plus pricing model, with adjustments based on market demand and differentiation.

Segmentation

The electrical steel market can be segmented by type (non-Grain Oriented, grain oriented), application (Transformer, Motors, Inductors, others), and region (Asia-Pacific, Europe, North America, South America, Middle East & Africa). Detailed analysis of each segment is provided in the market report.

Geographic Coverage of Electrical Steel Market

Higher Coverage

Lower Coverage

No Coverage

Electrical Steel Market REPORT HIGHLIGHTS

Aspects	Details
Study Period	2020-2034
Base Year	2025
Estimated Year	2026
Forecast Period	2026-2034
Historical Period	2020-2025
Growth Rate	CAGR of 5.6% from 2020-2034
Segmentation	By Type Non-grain Oriented Grain Oriented By Application Transformer Motors Inductors Others By Geography By Geography North America

1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
- 2.1. Introduction
3. Market Dynamics
- 3.1. Introduction
- - 3.2. Market Drivers
  - - 3.2.1. Increased Product Demand from the Automotive Industry to Aid Market Expansion
- - 3.3. Market Restrains
  - - 3.3.1. Fluctuations in Raw Material Prices to Hamper Market Augmentation
- - 3.4. Market Trends
  - - 3.4.1. Increasing Product Adoption to Manufacture Electrical Motors to Boost Market Proliferation
4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
5. Global Electrical Steel Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Type
  - 5.1.1. Non-grain Oriented
  - 5.1.2. Grain Oriented
- 5.2. Market Analysis, Insights and Forecast - by Application
  - 5.2.1. Transformer
  - 5.2.2. Motors
  - 5.2.3. Inductors
  - 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast - by Region
  - 5.3.1. By Geography
6. Competitive Analysis
- 6.1. Global Market Share Analysis 2025
- - 6.2. Company Profiles
  - - 6.2.1 Benxi Steel Group Co. Ltd (China)
      6.2.1.1. Overview
      6.2.1.2. Products
      6.2.1.3. SWOT Analysis
      6.2.1.4. Recent Developments
      6.2.1.5. Financials (Based on Availability)
    - 6.2.2 CSC Steel Sdn. Bhd. (Malaysia)
      6.2.2.1. Overview
      6.2.2.2. Products
      6.2.2.3. SWOT Analysis
      6.2.2.4. Recent Developments
      6.2.2.5. Financials (Based on Availability)
    - 6.2.3 Tata Steel (India)
      6.2.3.1. Overview
      6.2.3.2. Products
      6.2.3.3. SWOT Analysis
      6.2.3.4. Recent Developments
      6.2.3.5. Financials (Based on Availability)
    - 6.2.4 Nucor Corporation (U.S.)
      6.2.4.1. Overview
      6.2.4.2. Products
      6.2.4.3. SWOT Analysis
      6.2.4.4. Recent Developments
      6.2.4.5. Financials (Based on Availability)
    - 6.2.5 NLMK (Russia)
      6.2.5.1. Overview
      6.2.5.2. Products
      6.2.5.3. SWOT Analysis
      6.2.5.4. Recent Developments
      6.2.5.5. Financials (Based on Availability)
    - 6.2.6 ArcelorMittal S.A. (Luxembourg)
      6.2.6.1. Overview
      6.2.6.2. Products
      6.2.6.3. SWOT Analysis
      6.2.6.4. Recent Developments
      6.2.6.5. Financials (Based on Availability)
    - 6.2.7 Shougang Group (China)
      6.2.7.1. Overview
      6.2.7.2. Products
      6.2.7.3. SWOT Analysis
      6.2.7.4. Recent Developments
      6.2.7.5. Financials (Based on Availability)
    - 6.2.8 thyssenkrupp Steel (Germany)
      6.2.8.1. Overview
      6.2.8.2. Products
      6.2.8.3. SWOT Analysis
      6.2.8.4. Recent Developments
      6.2.8.5. Financials (Based on Availability)
    - 6.2.9 Baosteel Group Corporation (China)
      6.2.9.1. Overview
      6.2.9.2. Products
      6.2.9.3. SWOT Analysis
      6.2.9.4. Recent Developments
      6.2.9.5. Financials (Based on Availability)
    - 6.2.10 POSCO (South Korea)
      6.2.10.1. Overview
      6.2.10.2. Products
      6.2.10.3. SWOT Analysis
      6.2.10.4. Recent Developments
      6.2.10.5. Financials (Based on Availability)
    - 6.2.11 NIPPON STEEL CORPORATION (Japan)
      6.2.11.1. Overview
      6.2.11.2. Products
      6.2.11.3. SWOT Analysis
      6.2.11.4. Recent Developments
      6.2.11.5. Financials (Based on Availability)
    - 6.2.12 Voestalpine Group (Austria)
      6.2.12.1. Overview
      6.2.12.2. Products
      6.2.12.3. SWOT Analysis
      6.2.12.4. Recent Developments
      6.2.12.5. Financials (Based on Availability)
    - 6.2.13 Yieh Corporation (Taiwan)
      6.2.13.1. Overview
      6.2.13.2. Products
      6.2.13.3. SWOT Analysis
      6.2.13.4. Recent Developments
      6.2.13.5. Financials (Based on Availability)
    - 6.2.14 Aperam S.A. (Luxembourg)
      6.2.14.1. Overview
      6.2.14.2. Products
      6.2.14.3. SWOT Analysis
      6.2.14.4. Recent Developments
      6.2.14.5. Financials (Based on Availability)
    - 6.2.15 Arnold Magnetic Technologies (U.S.)
      6.2.15.1. Overview
      6.2.15.2. Products
      6.2.15.3. SWOT Analysis
      6.2.15.4. Recent Developments
      6.2.15.5. Financials (Based on Availability)

List of Figures

Figure 1: Global Electrical Steel Market Revenue Breakdown (USD Billion, %) by Region 2025 & 2033
Figure 2: Global Electrical Steel Market Volume Breakdown (Kiloton, %) by Region 2025 & 2033
Figure 3: By Geography Electrical Steel Market Revenue (USD Billion), by Type 2025 & 2033
Figure 4: By Geography Electrical Steel Market Volume (Kiloton), by Type 2025 & 2033
Figure 5: By Geography Electrical Steel Market Revenue Share (%), by Type 2025 & 2033
Figure 6: By Geography Electrical Steel Market Volume Share (%), by Type 2025 & 2033
Figure 7: By Geography Electrical Steel Market Revenue (USD Billion), by Application 2025 & 2033
Figure 8: By Geography Electrical Steel Market Volume (Kiloton), by Application 2025 & 2033
Figure 9: By Geography Electrical Steel Market Revenue Share (%), by Application 2025 & 2033
Figure 10: By Geography Electrical Steel Market Volume Share (%), by Application 2025 & 2033
Figure 11: By Geography Electrical Steel Market Revenue (USD Billion), by Country 2025 & 2033
Figure 12: By Geography Electrical Steel Market Volume (Kiloton), by Country 2025 & 2033
Figure 13: By Geography Electrical Steel Market Revenue Share (%), by Country 2025 & 2033
Figure 14: By Geography Electrical Steel Market Volume Share (%), by Country 2025 & 2033

List of Tables

Table 1: Global Electrical Steel Market Revenue USD Billion Forecast, by Type 2020 & 2033
Table 2: Global Electrical Steel Market Volume Kiloton Forecast, by Type 2020 & 2033
Table 3: Global Electrical Steel Market Revenue USD Billion Forecast, by Application 2020 & 2033
Table 4: Global Electrical Steel Market Volume Kiloton Forecast, by Application 2020 & 2033
Table 5: Global Electrical Steel Market Revenue USD Billion Forecast, by Region 2020 & 2033
Table 6: Global Electrical Steel Market Volume Kiloton Forecast, by Region 2020 & 2033
Table 7: Global Electrical Steel Market Revenue USD Billion Forecast, by Type 2020 & 2033
Table 8: Global Electrical Steel Market Volume Kiloton Forecast, by Type 2020 & 2033
Table 9: Global Electrical Steel Market Revenue USD Billion Forecast, by Application 2020 & 2033
Table 10: Global Electrical Steel Market Volume Kiloton Forecast, by Application 2020 & 2033
Table 11: Global Electrical Steel Market Revenue USD Billion Forecast, by Country 2020 & 2033
Table 12: Global Electrical Steel Market Volume Kiloton Forecast, by Country 2020 & 2033
Table 13: North America Electrical Steel Market Revenue (USD Billion) Forecast, by Application 2020 & 2033
Table 14: North America Electrical Steel Market Volume (Kiloton) Forecast, by Application 2020 & 2033

Methodology

Step 1 - Identification of Relevant Samples Size from Population Database

Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.

Note*: In applicable scenarios

Step 3 - Data Sources

Primary Research

Web Analytics
Survey Reports
Research Institute
Latest Research Reports
Opinion Leaders

Secondary Research

Annual Reports
White Paper
Latest Press Release
Industry Association
Paid Database
Investor Presentations

Step 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.

Frequently Asked Questions

1. What is the projected Compound Annual Growth Rate (CAGR) of the Electrical Steel Market?

The projected CAGR is approximately 5.6%.

2. Which companies are prominent players in the Electrical Steel Market?

Key companies in the market include Benxi Steel Group Co., Ltd (China), CSC Steel Sdn. Bhd. (Malaysia), Tata Steel (India), Nucor Corporation (U.S.), NLMK (Russia), ArcelorMittal S.A. (Luxembourg), Shougang Group (China), thyssenkrupp Steel (Germany), Baosteel Group Corporation (China), POSCO (South Korea), NIPPON STEEL CORPORATION (Japan), Voestalpine Group (Austria), Yieh Corporation (Taiwan), Aperam S.A. (Luxembourg), Arnold Magnetic Technologies (U.S.).

3. What are the main segments of the Electrical Steel Market?

The market segments include Type, Application.

4. Can you provide details about the market size?

The market size is estimated to be USD 30.70 USD Billion as of 2022.

5. What are some drivers contributing to market growth?

Increased Product Demand from the Automotive Industry to Aid Market Expansion.

6. What are the notable trends driving market growth?

Increasing Product Adoption to Manufacture Electrical Motors to Boost Market Proliferation.

7. Are there any restraints impacting market growth?

Fluctuations in Raw Material Prices to Hamper Market Augmentation.

8. Can you provide examples of recent developments in the market?

March 2022: ArcelorMittal S.A. announced an investment of USD 317.90 million to establish the production plant for electrical steel at the Mardyck site located in Northern France. The purpose of the investment is to increase production capacity to maximize revenue.

9. What pricing options are available for accessing the report?

Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4850, USD 5850, and USD 6850 respectively.

10. Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in USD Billion and volume, measured in Kiloton.

11. Are there any specific market keywords associated with the report?

Yes, the market keyword associated with the report is "Electrical Steel Market," which aids in identifying and referencing the specific market segment covered.

12. How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

13. Are there any additional resources or data provided in the Electrical Steel Market report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

14. How can I stay updated on further developments or reports in the Electrical Steel Market?

To stay informed about further developments, trends, and reports in the Electrical Steel Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.

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