Electrical Steel Market Global Analysis Report 2023 To 2032 – Forecast By Type, Size, End-User Enterprise, Share, Province, Growth, And Application
The electrical steel market can be segmented by its type (Grain oriented / Non-grain oriented), end-user enterprise (Household electrical devices / Automotive / Manufacturing / Energy), geographical location or province (Asia Pacific / Latin America / MEA / Europe / others), and application (Inductors / Transformers / Motors / others).
The Electrical Steel Market Is Expected To Globally Reach Up To 81.52 Billion Dollars (USD) At The Beginning Of 2032:
Though the global size estimation of the electrical steel market in 2022 shows that it was at 41.25 billion dollars then, it is strongly anticipated by experts that the future of the electrical street market is bright enough. This is because its market size is going to surge within the forecast period of 2023 – 2032 with an approximate CAGR of 7.1 percent.
Electrical steel, a special sort of silicon steel with the help of which myriad electrical supplies (for example, generators, transformers, etc) are manufactured, though was experiencing a low profit during the COVID-19 times and thereafter, is now actively encountering a tangible growth at present. This growth is the result of an increase in demand for energy solutions (both for the sustainable type and eco-friendly type). Furthermore, the graph for the electrical steel market is also showing its growth because of the sudden increase in the electric vehicles’ demand.
Hike In Product Growth In Electrical Steel Market Resulting From The Government’s Recent Focus On The Energy Efficiency Sector:
The need for power generation support in various countries like China and India has recently compelled the government to take necessary initiatives for the emergence of myriad energy-efficient devices/equipment.
So, the governments of both countries are making some plans for electrical equipment that are going to raise the demand for product growth in the electrical steel market. Electrical steel is, mainly known for the providence of higher energy efficiency and sustainability as well, hence the rise in the market’s demand. The United Nation’s sustainable development program calls for huge benefits for revenues of the electrical steel market’s vendors.
Growth Factors That Are Giving The Electrical Steel Market New Opportunities:
Various electrical vehicles, being light in weight, conform to the security principles, and electrical steel being an important component in making such vehicles is, needless to say, among the top in the market. Besides, Mexico, China, India, and other developing countries are expected to back the products of the electrical steel market with their inflated per capita income.
Furthermore, the considerable increase in the need and manufacture of Europe’s electric cars is implying a boost in the profit of the electrical steel market, as forecasted by the experts. Also, the American government’s initiative to back the US manufacturing industry by making investments in the field of the production of steel, aluminum, concrete, etc will also provide a significant opportunity for the expansion of the Indian electrical steel market.
Challenges In The Growth Of The Electrical Steel Market:
Though the forecasters have predicted a considerable increase in the sales of electrical steel in the upcoming years, there are a few challenges that also cannot be underestimated. The main challenge among them is the highly volatile costs of its raw materials.
The costs of the raw materials of electrical steel like iron ore, silicon, ferroalloys, industrial gases, etc keep on fluctuating and can suddenly become too high. So, it may adversely affect the growth of the electrical steel industrial profit. The unexpected increase in the raw materials’ prices may make it tough for the electrical steel industry to bear their production costs for making both grain oriented steel and non-grain oriented steel.
Besides, the steel industry, being known for the emission of CO2 and other harmful pollutants, may become a significant and noticeable environmental challenge because of its contribution to the degradation of nature and its environment. It may further become a growth-related challenge for the electrical steel industry if it doesn’t take any proper action against it. The industry must keep its focus on utilizing green mechanizations, efficient strategies of production, and reliable water disposals while maintaining its substantial growth.
Years Considered For Making This Report:
- Base Year – 2022
- Growth Rate (2023- 2032) – 7.1 percent CAGR
- 2023 Market Size – 43.97 Billion Dollars (USD)
- Expected 2032 Market Size – 81.52 Billion Dollars (USD)
- Forecast Period – 2023 – 2032
Electrical Steel Market Research Report Investigation Highlights:
- By product type – The non-grain type segment for the electrical steel market (by product), in 2022, has possessed a market share of greater than seventy-one percent, which was the largest in the year.
- By geography/region – the 2022 contribution to the electrical steel market by the Asia Pacific region resulted in a revenue of more than seventy-two percent. Moreover, in 2022, nine percent of the electrical steel market’s share was in the hands of North America.
- By Application – 53 percent of 2022’s all-total market share capital belonged to the electrical steel market’s transformer segment.
- By End User – The market share of the electrical steel market’s energy segment in 2022 was approximately thirty-four percent.
Electrical Steel Market Product Type Analysis (2023- 2032, Revenue, USD)
- Grain oriented (will grow at 4.6 percent CAGR)
- Non-grain oriented
Brand Analysis (2023- 2032, Revenue, USD)
- ArcelorMittal – Luxembourg
- Tata Steel Limited – India
- JFE Steel Corporation – Japan
- Nippon Steel and Sumitomo Metal Corporation – Japan
- POSCO – South Korea
- Voestalpine AG – Austria
- ThyssenKrupp AG – Germany
- Baosteel – China
- US Steel Corporation – USA
- SAIL India – India
Sales Channel Type Analysis:
- Direct Channel for electrical steel
- Distribution channel for electrical steel
- United States
- Nordic Countries
- Latin America
- Middle East and Africa
- Saudi Arabia
- North America
- South Korea, etc
Key Market Players:
- Baowu Group
- AK Steel
- JFE Steel
- Stalprodukt S.A.
- Nippon Steel Corporation
- NLMK Group