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Electrical Steel Market

ID: MRFR/CnM/8449-HCR
111 Pages
Priya Nagrale
October 2025

Electrical Steel Market Research Report By Grade (Non-Oriented Electrical Steel, Grain Oriented Electrical Steel, High Permeability Electrical Steel, Amorphous Electrical Steel), By Application (Power Transformers, Distribution Transformers, Motors, Generators, Industrial Equipment), By Manufacturing Process (Cold Rolled, Hot Rolled, Continuous Annealed, Batch Annealed), By Silicon Content (0.5-1.5%, 1.5-2.5%, 2.5-3.5%, 3.5-4.5%), By Coating (Oiled, Inorganic, Organic, Hybrid) and By Regional (North America, Europe, South America, Asia Paci... read more

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Electrical Steel Market Summary

As per MRFR analysis, the Electrical Steel Market Size was estimated at 14.13 USD Billion in 2024. The Electrical Steel industry is projected to grow from 14.68 USD Billion in 2025 to 21.62 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 3.94 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Electrical Steel Market is poised for substantial growth driven by sustainability and technological advancements.

  • North America remains the largest market for electrical steel, primarily due to its robust automotive and transformer sectors.
  • Asia-Pacific is the fastest-growing region, fueled by increasing demand for renewable energy and electric vehicles.
  • The transformer segment continues to dominate the market, while the inductor segment is experiencing rapid growth.
  • Rising demand for renewable energy and the expansion of electric vehicle infrastructure are key drivers propelling market growth.

Market Size & Forecast

2024 Market Size 14.13 (USD Billion)
2035 Market Size 21.62 (USD Billion)
CAGR (2025 - 2035) 3.94%

Major Players

Nippon Steel Corporation (JP), ArcelorMittal (LU), POSCO (KR), Thyssenkrupp AG (DE), United States Steel Corporation (US), JFE Steel Corporation (JP), AK Steel Holding Corporation (US), Baowu Steel Group Corporation Limited (CN), Tata Steel Limited (IN)

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Electrical Steel Market Trends

The Electrical Steel Market analysis is currently experiencing a dynamic phase characterized by evolving demand patterns and technological advancements. The increasing emphasis on energy efficiency and sustainability is driving manufacturers to innovate and enhance the properties of electrical steel. This material, essential for transformers and electric motors, is witnessing heightened interest due to its role in improving performance and reducing energy losses. Furthermore, the shift towards renewable energy sources is likely to bolster the market, as electrical steel is integral to the development of efficient power generation and distribution systems. In addition, The Electrical Steel. As automakers strive to produce more efficient and powerful electric drivetrains, the demand for high-quality electrical steel is expected to rise. This trend may lead to increased investments in production capabilities and research initiatives aimed at developing advanced grades of electrical steel. Overall, the Electrical Steel Market appears poised for growth, driven by technological innovations and a commitment to sustainability in various sectors.

Sustainability Initiatives

The Electrical Steel Market is increasingly influenced by sustainability initiatives. Manufacturers are focusing on producing eco-friendly electrical steel grades that minimize environmental impact. This trend aligns with global efforts to reduce carbon footprints and enhance energy efficiency in various applications.

Technological Advancements

Technological advancements are reshaping the Electrical Steel Market. Innovations in production processes and material properties are enabling the development of high-performance electrical steel. These advancements are crucial for meeting the demands of modern applications, particularly in renewable energy and electric vehicles.

Growing Electric Vehicle Demand

The rising demand for electric vehicles is significantly impacting the  global Electrical Steel Market. As the automotive industry shifts towards electrification, the need for efficient electrical steel in motors and transformers is expected to increase. This trend may drive further investments in specialized electrical steel production.

Electrical Steel Market Drivers

Growth in Renewable Energy Sector

The expansion of the renewable energy sector, particularly wind and solar power, is poised to drive the Global Electrical Steel Market Industry. Electrical steel is essential in the production of transformers and generators used in renewable energy applications. As countries worldwide commit to reducing carbon emissions and increasing renewable energy capacity, the demand for electrical steel is likely to grow. This trend may lead to a market valuation of approximately 21.6 USD Billion by 2035, reflecting a robust compound annual growth rate (CAGR) of 3.94% from 2025 to 2035, as investments in green technologies escalate.

Rising Demand for Electric Vehicles

The increasing adoption of electric vehicles (EVs) is a primary driver for the Global Electrical Steel Market Industry. As automakers transition towards electrification, the demand for high-performance electrical steel, which enhances the efficiency of electric motors, is expected to surge. This shift is anticipated to contribute significantly to the market, with projections indicating that the Global Electrical Steel Market could reach 14.1 USD Billion in 2024. The integration of advanced electrical steel in EV manufacturing not only improves energy efficiency but also reduces overall vehicle weight, thereby enhancing performance and sustainability.

Increased Focus on Energy Efficiency

The growing emphasis on energy efficiency in industrial applications is a significant driver for the Global Electrical Steel Industry. Industries are increasingly adopting technologies that minimize energy consumption and enhance operational efficiency. Electrical steel, known for its superior magnetic properties, is integral to achieving these goals in various applications, including motors and transformers. As energy regulations become more stringent, the demand for high-quality electrical steel is expected to rise. This trend may contribute to a market valuation of 21.6 USD Billion by 2035, reflecting the industry's commitment to sustainability and efficiency.

Urbanization and Infrastructure Development

Rapid urbanization and infrastructure development across the globe are contributing to the demand for electrical steel. As cities expand, the need for efficient electrical grids and power distribution systems becomes paramount. Electrical steel plays a crucial role in transformers and other electrical equipment essential for modern infrastructure. This trend is expected to bolster the Global Electrical Steel Market Industry, with estimates suggesting a market value of 14.1 USD Billion in 2024. The ongoing investments in urban infrastructure are likely to sustain this demand, further enhancing the market's growth trajectory.

Technological Advancements in Electrical Steel Production

Innovations in the manufacturing processes of electrical steel are significantly influencing the Global Electrical Steel Market Industry. Enhanced production techniques, such as the development of high-grade silicon steel, improve magnetic properties and reduce energy losses in electrical applications. These advancements not only lead to better performance but also lower production costs, making electrical steel more accessible to various industries. As a result, the market is likely to experience sustained growth, with projections indicating a potential increase in market size to 21.6 USD Billion by 2035, driven by these technological improvements.

Market Segment Insights

By Application: Transformer (Largest) vs. Inductor (Fastest-Growing)

The Electrical Steel Market's application segment exhibits a diverse distribution of market shares among various applications. Transformers dominate this segment, largely due to their essential role in power distribution across various industries. Electric motors and generators also constitute substantial portions of the market, benefiting from the growing demand for energy-efficient solutions. Magnetic shielding, while smaller, holds significance in specialized applications due to its critical role in protecting sensitive electronic components from magnetic interference. In terms of growth trends, the demand for inductors is notably increasing, driven by advancements in electric vehicles and renewable energy sources. The push for greater energy efficiency is fueling innovations in transformer technologies, further sustaining their lead. Overall, these applications are critical to the evolution of the electrical industry, adapting to the shifts towards automation and green technology.

Transformer (Dominant) vs. Electric Motor (Emerging)

The transformer segment stands out as the dominant force within the Electrical Steel Market application landscape. Transformers are instrumental in electrical power distribution, making them essential across various sectors, including industrial, commercial, and residential. Their ability to step up or step down voltages ensures optimal energy transmission, ultimately enhancing efficiency and reliability. Conversely, electric motors represent an emerging segment with significant growth potential, spurred by the rapid expansion of electric vehicles and automation across industries. This shift drives the demand for high-performance materials that can enhance the efficiency and longevity of electric motors. The competition between these two segments highlights a landscape characterized by innovation and technological advancements, as each strives to meet the evolving energy and efficiency standards.

By End Use: Automotive (Largest) vs. Renewable Energy (Fastest-Growing)

In the Electrical Steel Market, the end use segments show a diverse distribution of market shares. The automotive sector holds the largest share, driven by the increasing demand for electric vehicles that require advanced electromagnetic properties of electrical steel. Meanwhile, the industrial sector and consumer electronics have significant shares, but they are outpaced by the rapid advancements in renewable energy technologies. The renewable energy segment, particularly wind and solar applications, is witnessing robust growth, emphasizing the shift towards sustainable energy solutions. Growth trends in the Electrical Steel Market are largely influenced by the transition to electric mobility and renewable energy initiatives. The automotive industry is adapting to new technologies that require high-performance electrical steel, while the renewable energy sector is booming with innovative applications. These trends are fueled by government incentives and a global commitment to reducing carbon emissions, positioning renewable energy as the fastest-growing end-use segment. Furthermore, advancements in manufacturing processes for electrical steel are enhancing performance and efficiency, contributing to overall market expansion.

Automotive (Dominant) vs. Consumer Electronics (Emerging)

The Automotive segment remains the dominant force in the Electrical Steel Market, primarily due to the integration of electrical steel in electric vehicle (EV) applications. This segment captures significant interest from manufacturers aiming to enhance vehicle performance, reduce weight, and improve energy efficiency. On the other hand, the Consumer Electronics segment is emerging as a vital player, leveraging innovative designs and high-efficiency components. As consumer preferences shift towards smart devices and high-tech gadgets, the demand for specialized electrical steels tailored for this market is expected to rise. The competition between these segments is significant; while automotive applications prioritize performance, consumer electronics focus on miniaturization and energy efficiency, thus creating a dynamic interplay between traditional strength and emerging technology.

By Type: Grain Oriented Electrical Steel (Largest) vs. Non-Grain Oriented Electrical Steel (Fastest-Growing)

The Electrical Steel Market is primarily segmented into Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel. Grain Oriented Electric Steel holds a significant share due to its superior magnetic properties, making it the preferred choice for transformers and other electrical devices. Meanwhile, Non-Grain Oriented Electrical Steel is gaining traction owing to its versatility and wide application across various industries, including electric motors and generators. As companies focus on energy efficiency and enhanced performance, these segment values are pivotal in market dynamics, with each exhibiting distinct characteristics that appeal to different end-users. In terms of growth trends, Non-Grain Oriented Electrical Steel is projected to see the most rapid expansion. This is driven by increasing demand for electric vehicles and renewable energy applications, which require efficient and high-performance materials. Additionally, advancements in manufacturing processes and technology innovations are propelling the production capabilities of both types of electrical steel. As industries aim to improve energy efficiency, both segment values are positioned to benefit significantly within the evolving landscape of the Electrical Steel Market. The grain-oriented electrical steel market continues to hold a dominant position due to its superior magnetic properties, making it essential for transformer cores and high-efficiency power applications.

Grain Oriented (Dominant) vs. Non-Grain Oriented (Emerging)

Grain Oriented Electrical Steel is recognized for its exceptional magnetic properties, making it highly sought after for applications in transformers and large electric machinery. This type of steel is optimized for high efficiency in energy transmission and is critical in reducing core losses in electrical appliances. In contrast, Non-Grain Oriented Electrical Steel is gaining prominence, particularly within the automotive and electronics sectors as it offers versatility and improved efficiency in variable applications. As electric vehicles and renewable energy technologies grow, Non-Grain Oriented Electrical Steel is expected to become increasingly essential, catering to the rising need for lightweight, high-performance materials.

By Thickness: Thin Steel (Largest) vs. Ultra-Thin Steel (Fastest-Growing)

In the Electrical Steel Market, the segment of Thin Steel holds the largest market share due to its wide-ranging applications in various electrical components, including transformers and motors. Medium Steel and Thick Steel follow, catering to specific needs in larger-scale electrical systems, while Ultra-Thin Steel is emerging rapidly, gaining traction due to advances in technology and a surge in demand for lightweight materials in modern electrical designs. The distribution showcases how Thin Steel's versatility keeps it ahead in market presence, while Ultra-Thin Steel's growth indicates shifting trends towards efficiency and performance enhancements. The growth trends in the Electrical Steel Market are notably influenced by the increasing demand for energy-efficient technologies and the development of lightweight electrical solutions. Thin Steel is primarily driven by its established application in traditional electrical systems, whereas Ultra-Thin Steel is gaining popularity, especially in high-performance applications, including electric vehicles and renewable energy solutions. The market is propelled by continuous innovations, such as improved magnetic properties and significant reductions in thickness, leading to enhanced efficiency, thereby supporting Ultra-Thin Steel’s expansion in the industry.

Thin Steel (Dominant) vs. Ultra-Thin Steel (Emerging)

Thin Steel is characterized by its balanced combination of strength and magnetism, making it essential in the manufacturing of transformers and motors, thus securing its dominant position in the Electrical Steel Market. The established production techniques and widespread utilization affirm its longevity and resilience in the market. In contrast, Ultra-Thin Steel is rapidly emerging due to its exceptional magnetic performance, increased efficiency, and lightweight properties. Its adaptability for use in cutting-edge technologies, such as electric vehicles and advanced electronic devices, marks it as a significant trendsetter in the industry, catering to a future-oriented market. As industries evolve towards smarter and more efficient solutions, Ultra-Thin Steel's role is expected to expand significantly.

By Form: Sheet (Largest) vs. Coil (Fastest-Growing)

In the Electrical Steel Market, the distribution of shares among the various 'Form' segments reveals that Sheets dominate significantly over the others, capturing the largest proportion of the market. The strength of this segment is attributed to its widespread use in transformers and electrical machinery, providing excellent magnetic properties that are essential for effective energy conversion. While Sheets lead the way, Coils are emerging rapidly and are noted for their growing attractiveness due to their versatility and application in electric motors and generators.

Coil (Emerging) vs. Sheet (Dominant)

The Coil form is rapidly gaining traction in the Electrical Steel Market, identified as the fastest-growing segment. Its versatility makes it suitable for a myriad of applications including electric vehicles and renewable energy technologies. Coils are generally lighter and more efficient, allowing manufacturers to optimize designs for performance while minimizing energy loss. In contrast, the Sheet form remains the dominant option, especially in heavy machinery and large transformers, where its superior magnetic properties lead to enhanced functionality. Both forms complement each other, with Sheets offering reliability and Coils introducing innovation driven by market trends toward electrification.

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Regional Insights

North America : Innovation and Sustainability Focus

The North American electrical steel market is projected to reach $3.83 billion by December 2025, driven by increasing demand in renewable energy applications and electric vehicles. Regulatory support for green technologies and energy efficiency initiatives are key growth catalysts. The region is witnessing a shift towards advanced manufacturing processes especially in the United States electrical steel market, enhancing the production of high-grade electrical steel, which is essential for transformers and motors. Leading countries in this region include the US and Canada, with major players like United States Steel Corporation and AK Steel Holding Corporation dominating the market. The U.S. electrical steel market benefits from rising investments in electric vehicle manufacturing, grid modernization initiatives, and government incentives supporting domestic steel production. The Mexico electrical steel market is gradually expanding due to growing automotive manufacturing activities, increased foreign investments, and rising demand for energy-efficient electrical components.

Europe : Strong Manufacturing Backbone

Europe's electrical steel market, valued at $3.55 billion, is experiencing robust growth, driven by the region's strong manufacturing base and increasing investments in renewable energy. The demand for high-performance electrical steel is being fueled by stringent regulations aimed at improving energy efficiency in industrial applications. The European Union's commitment to sustainability is a key catalyst for market expansion, encouraging innovation and technological advancements in production processes. Germany, France, and Italy are leading countries in this market, with major players like Thyssenkrupp AG and ArcelorMittal at the forefront. The competitive landscape is marked by strategic partnerships and collaborations aimed at enhancing product quality and reducing costs. The presence of advanced manufacturing facilities and a skilled workforce further strengthens Europe's position in The Electrical Steel.

Asia-Pacific : Emerging Powerhouse in Steel Production

The Asia-Pacific electrical steel market is projected to reach $5.8 billion by December 2025, holding the largest market share globally. This growth is driven by rapid industrialization, urbanization, and increasing investments in renewable energy projects. Countries in this region are focusing on enhancing their manufacturing capabilities, supported by government initiatives aimed at boosting the electrical steel sector. The demand for high-efficiency electrical steel is also rising due to the growing electric vehicle market. The electrical steel market in India is witnessing steady growth, supported by infrastructure development, increasing power generation capacity, and rising adoption of electric vehicles.  The India electrical steel market is further strengthened by government initiatives such as domestic manufacturing incentives and investments in renewable energy and transmission infrastructure. China, Japan, and South Korea are the leading countries in this market, with major players like Baowu Steel Group and Nippon Steel Corporation leading the charge. The competitive landscape is characterized by significant investments in technology and innovation, enabling these companies to produce high-quality electrical steel. The presence of a robust supply chain and favorable government policies further strengthens the market position of these key players.

Middle East and Africa : Emerging Market Potential

Middle East and Africa : Emerging Market Potential

The Middle East and Africa (MEA) electrical steel market, valued at $0.25 billion, is in its nascent stages but shows significant growth potential. The region is witnessing increasing investments in infrastructure and energy projects, which are driving demand for electrical steel. Regulatory frameworks aimed at enhancing energy efficiency and sustainability are also emerging, providing a conducive environment for market growth. The focus on renewable energy sources is expected to further boost demand in the coming years. Leading countries in this region include South Africa and the UAE, where local manufacturers are beginning to establish a foothold in the electrical steel market. The competitive landscape is evolving, with both local and international players vying for market share. As the region continues to develop its industrial capabilities, the presence of key players is expected to grow, enhancing the overall market dynamics.

Electrical Steel Market Regional Image

Key Players and Competitive Insights

The Electrical Steel Market is currently characterized by a dynamic competitive landscape, driven by increasing demand for energy-efficient electrical equipment and the growing adoption of renewable energy technologies. Major players such as Nippon Steel Corporation (JP), ArcelorMittal (LU), and POSCO (KR) are strategically positioning themselves through innovation and regional expansion. Nippon Steel Corporation (JP) focuses on enhancing its product offerings with advanced electrical steel grades, while ArcelorMittal (LU) emphasizes sustainability in its operations, aiming to reduce carbon emissions. POSCO (KR) is investing in digital transformation initiatives to optimize production processes, which collectively shapes a competitive environment that prioritizes technological advancement and sustainability.Key business tactics within the Electrical Steel Market include localizing manufacturing and optimizing supply chains to enhance efficiency and responsiveness to market demands. The market structure appears moderately fragmented, with several key players exerting influence over pricing and product availability. This fragmentation allows for a variety of competitive strategies, as companies seek to differentiate themselves through quality, innovation, and customer service.

In November Thyssenkrupp AG (DE) announced a strategic partnership with a leading renewable energy firm to develop high-performance electrical steel tailored for wind turbine applications. This collaboration is significant as it aligns with the growing trend towards renewable energy solutions, positioning Thyssenkrupp AG (DE) as a key player in the sustainable energy sector. The partnership is expected to enhance their product portfolio and strengthen their market presence in the renewable energy segment.

In October United States Steel Corporation (US) unveiled a new production facility dedicated to advanced electrical steel manufacturing in the Midwest. This facility is anticipated to create approximately 500 jobs and is part of a broader strategy to localize production and reduce lead times for customers. The establishment of this facility underscores the company's commitment to meeting the rising demand for high-quality electrical steel in North America, potentially increasing its market share in the region.

In September Baowu Steel Group Corporation Limited (CN) launched a new line of silicon steel products aimed at enhancing energy efficiency in electric vehicles. This move is particularly relevant given the global shift towards electric mobility. By diversifying its product offerings, Baowu Steel Group Corporation Limited (CN) is likely to capture a larger share of the burgeoning electric vehicle market, which is expected to grow substantially in the coming years.

As of December current competitive trends in the Electrical Steel Market are increasingly defined by digitalization, sustainability, and the integration of AI technologies. Strategic alliances are becoming more prevalent, as companies recognize the need to collaborate to enhance innovation and efficiency. Looking ahead, competitive differentiation is expected to evolve from traditional price-based competition to a focus on technological innovation, supply chain reliability, and sustainable practices. This shift indicates a transformative phase in the market, where companies that prioritize these aspects may gain a competitive edge.

Key Companies in the Electrical Steel Market include

Industry Developments

  • Q2 2024: Nippon Steel to Build New Electrical Steel Market Plant in Japan to Meet EV Demand Nippon Steel announced plans to construct a new electrical steel production facility in Japan, aiming to boost supply for electric vehicle motor manufacturers and renewable energy projects.
  • Q2 2024: POSCO Launches Advanced Non-Grain Oriented Electrical Steel Market for High-Efficiency Motors POSCO unveiled a new grade of non-grain oriented electrical steel designed for next-generation electric vehicle motors, promising improved energy efficiency and reduced core losses.
  • Q2 2024: ArcelorMittal Invests €300 Million in Electrical Steel Market Production Expansion in France ArcelorMittal announced a major investment to expand its electrical steel production capacity at its Mardyck plant, targeting the growing European EV and renewable energy markets.
  • Q3 2024: Tata Steel Commissions New Electrical Steel Market Processing Line in India Tata Steel commissioned a new processing line for electrical steel at its Jamshedpur facility, increasing output for domestic transformer and motor manufacturers.
  • Q3 2024: JFE Steel Signs Long-Term Supply Agreement with Toyota for EV Motor Electrical Steel Market JFE Steel entered a multi-year contract to supply specialized electrical steel to Toyota, supporting the automaker’s ramp-up of electric vehicle production.
  • Q3 2024: Thyssenkrupp Electrical Steel Market Wins Major Contract for European Wind Farm Transformers Thyssenkrupp Electrical Steel Market secured a contract to supply grain-oriented electrical steel for transformer cores in a large offshore wind farm project in the North Sea.
  • Q4 2024: Nucor Breaks Ground on New Electrical Steel Market Facility in the United States Nucor began construction of a new electrical steel plant in the Midwest, aiming to supply the growing North American market for EVs and renewable energy infrastructure.
  • Q4 2024: Baowu Steel Group Acquires Stake in European Electrical Steel Market Producer China’s Baowu Steel Group acquired a minority stake in a leading European electrical steel manufacturer, strengthening its global supply chain for transformer and motor steel.
  • Q1 2025: US Department of Energy Awards Grant to Cleveland-Cliffs for Electrical Steel Market Innovation Cleveland-Cliffs received a federal grant to develop advanced electrical steel grades for high-efficiency transformers and EV motors, supporting domestic energy and transportation goals.
  • Q1 2025: Siemens Energy Launches New Transformer Series Using High-Performance Electrical Steel Market Siemens Energy introduced a new line of power transformers featuring high-performance electrical steel cores, targeting utility and renewable energy customers.
  • Q2 2025: Japanese Steel Producers Unveil Ultra-Thin Grain-Oriented Electrical Steel Market for Next-Gen EV Motors A consortium of Japanese steelmakers announced the launch of ultra-thin grain-oriented electrical steel, engineered for improved efficiency in electric vehicle traction motors.
  • Q2 2025: ArcelorMittal Appoints New Head of Electrical Steel Market Division ArcelorMittal named a new executive to lead its electrical steel division, signaling a strategic focus on innovation and expansion in the EV and renewable energy sectors.

Future Outlook

Electrical Steel Market Future Outlook

The Electrical Steel Market is projected to grow at 3.94% CAGR from 2025 to 2035, driven by increasing demand for energy-efficient technologies and electric vehicles.

New opportunities lie in:

  • Expansion into renewable energy sector applications Development of high-performance electrical steel grades Strategic partnerships with electric vehicle manufacturers

By 2035, the Electrical Steel Market is expected to achieve robust growth, driven by innovation and strategic collaborations.

Market Segmentation

Electrical Steel Market Form Outlook

  • Coil
  • Sheet
  • Strip
  • Laminated

Electrical Steel Market Type Outlook

  • Grain Oriented Electrical Steel
  • Non-Grain Oriented Electrical Steel
  • Silicon Steel
  • High Permeability Steel
  • Low Loss Steel

Electrical Steel Market End Use Outlook

  • Automotive
  • Industrial
  • Consumer Electronics
  • Renewable Energy
  • Power Generation

Electrical Steel Market Thickness Outlook

  • Thin Steel
  • Medium Steel
  • Thick Steel
  • Ultra-Thin Steel

Electrical Steel Market Application Outlook

  • Transformer
  • Electric Motor
  • Generator
  • Inductor
  • Magnetic Shielding

Report Scope

MARKET SIZE 2024 14.13(USD Billion)
MARKET SIZE 2025 14.68(USD Billion)
MARKET SIZE 2035 21.62(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR) 3.94% (2025 - 2035)
REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR 2024
Market Forecast Period 2025 - 2035
Historical Data 2019 - 2024
Market Forecast Units USD Billion
Key Companies Profiled Nippon Steel Corporation (JP), ArcelorMittal (LU), POSCO (KR), Thyssenkrupp AG (DE), United States Steel Corporation (US), JFE Steel Corporation (JP), AK Steel Holding Corporation (US), Baowu Steel Group Corporation Limited (CN), Tata Steel Limited (IN)
Segments Covered Application, End Use, Type, Thickness, Form
Key Market Opportunities Advancements in electric vehicle technology drive demand for high-performance Electrical Steel Market products.
Key Market Dynamics Rising demand for energy-efficient solutions drives innovation and competition in the electrical steel market.
Countries Covered North America, Europe, APAC, South America, MEA
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FAQs

What is the market size of the Electrical Steel Market?

Electrical Steel Market is projected to grow at a CAGR of 3.94% during the forecast period, 2025-2035

What are the major regions contributing to the growth of the Electrical Steel Market?

The Asia Pacific region is expected to dominate the Electrical Steel Market throughout the forecast period. This can be attributed to the increasing demand for electrical steel in various industries such as automotive, power generation, and construction in this region.

Which are the key applications of Electrical Steel?

Electrical steel finds its application in various sectors. Some of the major applications of electrical steel include generators, transformers, electric motors, and automotive components.

Who are the key players in the Electrical Steel Market?

Some of the key players in the Electrical Steel Market include ArcelorMittal, Baosteel, Nippon Steel Sumitomo Metal Corporation, JFE Steel, and ThyssenKrupp.

What are the factors driving the growth of the Electrical Steel Market?

The growth of the Electrical Steel Market is primarily driven by the increasing demand for energy-efficient electrical equipment and the growing automotive industry.

What are the challenges faced by the Electrical Steel Market?

The Electrical Steel Market faces several challenges, including the volatility of raw material prices, intense competition, and stringent environmental regulations.

What are the latest trends in the Electrical Steel Market?

Some of the latest trends in the Electrical Steel Market include the development of new high-performance electrical steel grades, the adoption of advanced manufacturing technologies, and the increasing focus on sustainability.

What is the growth potential of the Electrical Steel Market?

The Electrical Steel Market is expected to exhibit steady growth over the forecast period. The market is expected to be driven by the increasing demand for energy-efficient electrical equipment and the growing automotive industry.

What are the opportunities for new entrants in the Electrical Steel Market?

New entrants in the Electrical Steel Market can focus on developing innovative products and technologies, expanding their geographical presence, and forming strategic partnerships with key players in the industry.

What are the key factors to consider before investing in the Electrical Steel Market?

Before investing in the Electrical Steel Market, it is important to consider factors such as market size and growth potential, competitive landscape, technological advancements, and regulatory environment.

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