Electrical Steel

Electrical Steel

Global Electrical Steel Market to Reach US$43.2 Billion by 2030

The global market for Electrical Steel estimated at US$34.3 Billion in the year 2023, is expected to reach US$43.2 Billion by 2030, growing at a CAGR of 3.4% over the analysis period 2023-2030. Motors Application, one of the segments analyzed in the report, is expected to record a 4.5% CAGR and reach US$6.6 Billion by the end of the analysis period. Growth in the Inductors Application segment is estimated at 2.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$9.3 Billion While China is Forecast to Grow at 5.8% CAGR

The Electrical Steel market in the U.S. is estimated at US$9.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.8 Billion by the year 2030 trailing a CAGR of 5.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.7% and 4.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR.

Global Electrical Steel Market - Key Trends and Drivers Summarized

How Is Electrical Steel a Cornerstone of Modern Electrical Engineering?

Electrical steel, also known as silicon steel, is a fundamental material in modern electrical engineering, particularly in the construction of transformers, motors, and generators. Its unique properties, such as high permeability and low core loss, make it ideal for reducing energy loss in these applications. This specialized steel is designed to channel magnetic fields efficiently, which is crucial for transforming electrical energy into mechanical energy and vice versa. The efficiency of electrical steel directly impacts the performance and energy consumption of appliances and industrial machinery. As global energy demand grows and efficiency standards become more stringent, the role of electrical steel becomes increasingly significant in manufacturing energy-efficient devices that can help reduce overall electricity consumption and carbon footprint.

What Innovations Are Enhancing the Functionality of Electrical Steel?

Innovations in electrical steel manufacturing are focused on enhancing its magnetic properties and reducing energy losses in electrical applications. Advanced processing techniques such as laser scribing and domain refinement have been developed to improve the magnetic orientation of electrical steel, thereby reducing hysteresis losses (energy lost in the form of heat during magnetic cycling). Manufacturers are also exploring the incorporation of nanocrystalline materials, which can offer superior soft magnetic properties compared to traditional silicon steel. Additionally, coating technologies have evolved to include insulating films that minimize eddy current losses while providing corrosion resistance. These advancements not only improve the material`s performance in final applications but also contribute to the longevity and reliability of the devices that utilize electrical steel.

How Do Electrical Steel Products Impact Environmental Sustainability?

Electrical steel plays a crucial role in enhancing the environmental sustainability of power systems by increasing the efficiency of transformers and motors, which are integral to both industrial machinery and household appliances. By optimizing the energy conversion processes within these devices, electrical steel reduces electricity wastage, which in turn decreases the amount of fuel needed to generate power and thus lowers greenhouse gas emissions. The ongoing efforts to improve the recyclability of electrical steel also contribute to sustainable manufacturing practices. Recycling electrical steel not only conserves raw materials, such as iron and silicon but also requires less energy compared to producing new steel from ore, further reducing the environmental impact associated with its production.

What Trends Are Driving Growth in the Electrical Steel Market?

Several trends are driving the growth of the electrical steel market, including the global push towards energy efficiency, the expansion of renewable energy installations, and the rapid development of electric vehicles (EVs). As governments and industries implement stricter efficiency standards to combat climate change, the demand for high-performance electrical steel is rising to build more efficient electric motors and generators. The growth in renewable energy technologies, particularly wind turbines, which rely heavily on electrical steel for their functioning, is another significant driver. Moreover, the burgeoning EV market is a substantial growth area for electrical steel, as it is essential for lightweight, efficient motors that are critical for extending the driving range of EVs. These factors, coupled with urbanization and industrialization in emerging economies, where new infrastructure and increased automation are in demand, ensure a robust future for the electrical steel market.

Select Competitors (Total 22 Featured) -

• ArcelorMittal SA
• Baosteel Group Corporation
• China Steel Corporation
• Essar Steel India Ltd.
• Hebei Puyang Iron and Steel Group
• JFE Steel Corporation
• JSW Steel Ltd.
• Nippon Steel & Sumitomo Metal Corporation
• POSCO
• Steel Authority of India Ltd. (SAIL)
• Tata Steel Ltd.
• ThyssenKrupp AG
• Union Electric Steel Corporation
• United States Steel Corporation
• Wuhan Iron & Steel (Group) Corporation

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