Electrical Steel Market, by Type (Grain-oriented (Hi-Permeability (HiB), Conventional GOES, Laser magnetic domain refinement (LMDR)), Non-grain oriented (Fully Processed, Semi Processed)), by Application (Transformer (Distribution, Transmission, Portable), Motors (1hp - 100hp, 101hp – 200hp, 201hp – 500hp, 501hp-1000hp, Above 1001hp), Inductors), and by Region (North America, Latin America, Europe, Asia-pacific, Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Electrical steel sheets are used in electromagnetic devices such as generators, transformers, and motors. It is also referred to as silicon steel, lamination steel, or transformer steel, and is mainly used in automotive industries and electrical power distribution systems.
Market Dynamics
Electrical steel market is growing at a substantial rate, owing to the rise in the consumption rate of electrical steel in motors and transformers. Furthermore, increasing sales of automotive vehicles is the key underlying factor supporting market growth. This scenario is expected to provide lucrative growth to the Electrical steel market over the forecast period.
Major players in the electrical steel market are increasing their investment in innovative product launches, research & development, and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as energy, household appliances, and automobile. For instance, in 2020, AK Steel (steelmaking company), launched electrical steel for use in high-voltage and ultra-voltage power transformers, TRAN-COR X, which belongs to the high permeability grain-oriented electrical steel (GOES) type. This scenario is expected to fuel the market growth during the forecast period.
Based on application, the transformers segment is projected to be the largest segment in the electrical steel market. The growth of this segment is mainly attributed to the high demand for electrical steel as it is used in power generation, transmission, and distribution industries. Electrical steel is used in electrical transformer cores and other electrical devices, owing to the low hysteresis loss, high permeability, and high resistance it offers. It is used to make iron cores of motors. These cores concentrate the magnetic field and make the electromagnet stronger. Electrical steel is also used in the manufacturing of cores of inductors that are used extensively with capacitors and resistors to create filters for analog circuits and signal processing.
Key features of the study:
This report provides an in-depth analysis of the electrical steel market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year.
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
It profiles key players in the Electrical steel market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered as a part of this study include NLMK, Voestalpine AG, POSCO, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group Corporation, AK Steel Corporation, ATI, Schneider Electric, and Nicore Electrical Manufactory Co., Ltd.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics.
The Electrical steel market report caters to various stakeholders in this industry including investors, suppliers, electrical steel manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Electrical steel market
Detailed Segmentation:
Global Electrical Steel Market, By Type:
Grain-oriented
Hi-Permeability (HiB)
Conventional GOES
Laser magnetic domain refinement (LMDR)
Non-grain oriented
Fully Processed
Semi Processed
Global Electrical Steel Market, By Application :
Transformer
Distribution
Transmission
Portable
Motors
1hp - 100hp
101hp – 200hp
201hp – 500hp
501hp-1000hp
Above 1001hp
Inductors
Global Electrical Steel Market, By Region:
North America
U.S.
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Europe
France
Germany
Italy
Spain
U.K.
Nordic
Benelux
Russia
Poland
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Oceania
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
Company Profiles
NLMK
Voestalpine AG
POSCO
Nippon Steel & Sumitomo Metal Corporation
ThyssenKrupp AG
JFE Steel Corporation
ArcelorMittal
Cogent Power Limited
Aperam
Baosteel Group Corporation
AK Steel Corporation
ATI
Schneider Electric
Nicore Electrical Manufactory Co., Ltd
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Market Snippet, By Type
Market Snippet, By Application
Market Snippet, By Region
Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Drivers
Restraints
PEST Analysis
PORTER’s Five Forces Analysis
Market Opportunities
Regulatory Scenario
Key Developments
Industry Trend
4. Electrical Steel Market- Impact of Coronavirus (COVID-19) Pandemic