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Electrical Steel Market Report Scope & Overview:

The Electrical Steel Market size was valued at USD 40.0 billion in 2023 and is expected to grow to USD 77.3 billion by 2031 and grow at a CAGR of 8.6 % over the forecast period of 2024-2031.

Electrical steel, commonly referred to as E-steel, lamination steel, silicon electrical steel, silicon steel, relay steel, or transformer steel, is a specialized type of steel that is purposefully designed for utilization in the cores of electromagnetic devices. This type of steel is highly in demand due to its ability to reduce power loss, making it an essential component in motors, generators, and transformers.The unique properties of electrical steel are derived from its ferromagnetic properties, which allow it to magnify the magnetic effects of current-carrying coils. This makes it an ideal material for use in the cores of electromagnetic devices, where it can help to increase efficiency and reduce energy consumption.

Electrical Steel Market Revenue Analysis

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The electrical steel market is a rapidly growing industry that is expected to continue its upward trajectory in the coming years. With the increasing demand for energy-efficient products and the growing adoption of renewable energy sources, the demand for electrical steel is expected to rise significantly.Furthermore, the development of new technologies and the increasing investments in research and development are expected to drive the growth of the electrical steel market. The market is also expected to benefit from the increasing demand for electric vehicles and the growing trend towards electrification.

Market Dynamics

Drivers

  • Increasing adoption of electrical steel in transformers and motors

  • Rising demand for electric vehicles

  • Growing adoption of electrical steel in the automotive industry

  • Increasing need for energy-efficient electrical equipment

Electrical steel is generally designed for use in electrical applications. It has a high magnetic permeability, which makes it ideal for use in transformers and motors. As the demand for these products increases, so too does the demand for electrical steel.In addition to this, the demand for electric vehicles is also on the rise. Electric vehicles use electrical steel in their motors and generators. As more people switch to electric vehicles, the demand for electrical steel will continue to grow.As the world becomes more electrified, the demand for electrical steel will only continue to increase.

Restrain

  • Fluctuation in the raw material prices

Opportunities

  • Increasing government support with favorable regulations

Challenges

  • Increasing environmental challenges due to the carbon gas emission

The steel industry is a significant contributor to pollution and carbon dioxide emissions, which have a detrimental impact on the environment and contribute to climate change. As a result, the electrical steel market faces a significant challenge in addressing these issues.

Impact of COVID-19

The COVID-19 pandemic has disrupted the supply chain, production, and demand for electrical steel, leading to a shift in the market dynamics.The pandemic has caused a decline in the demand for electrical steel due to the slowdown in the manufacturing sector. The lockdowns and restrictions on movement have led to a decrease in the production of electrical equipment, resulting in reduced demand for electrical steel. Additionally, the closure of borders and restrictions on international trade has disrupted the supply chain, leading to a shortage of raw materials and finished products.The pandemic has also led to a shift in the market dynamics, with some companies experiencing a decline in revenue, while others have seen an increase. Companies that produce electrical equipment for the healthcare sector, such as ventilators and medical imaging equipment, have experienced an increase in demand for their products, leading to a surge in the demand for electrical steel.

Impact of Russia-Ukraine War:

The Russia and Ukraine war has had a significant impact on the global electrical steel market. The Russia-Ukraine war has disrupted the supply chain of electrical steel, causing a shortage in the market. Ukraine is one of the largest producers of electrical steel in the world, and the conflict has severely affected its production capacity. The sanctions imposed on Russia by the international community have also impacted the market, as Russia is a major exporter of electrical steel.The shortage of electrical steel has led to an increase in prices, making it difficult for manufacturers to maintain their profit margins. This has resulted in a slowdown in the production of electrical equipment, which has further affected the demand for electrical steel.

Impact of Recession:

The recession has had a significant impact on the electrical steel market. The demand for electrical steel has decreased due to the economic downturn, resulting in a decline in the market.The recession has caused a decrease in the production of electrical equipment, which has led to a decrease in the demand for electrical steel. This has resulted in a decrease in the price of electrical steel, which has affected the profitability of companies that produce and sell it.

Market segmentation

By Type:

  • Grain Oriented Electrical Steel

  • Non-Grain Oriented Electrical Steel

By Application:

  • Transformers

  • Motors

  • Inductors

  • Others

Regional Analysis

In 2022, the Asia-Pacific region dominated the electrical steel market and is expected to continue its growth trajectory with a significant CAGR during the forecast period. The rapid expansion of manufacturing sectors in this region is the primary factor driving this growth. With leading players in the production sector such as China, Indonesia, South Korea, and India, the market for electrical steel is set to soar.

Meanwhile, North America is projected to experience the highest CAGR during the forecast period of 2024-2031. This growth can be attributed to the region's strong economy, the availability of raw materials, and increasing investment in the EV industry. As the demand for electrical steel continues to rise, North America is poised to become a major player in the market.

Electrical Steel Market By Region

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REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • South Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Key Players

The major key players are ArcelorMittal; Cleveland-Cliffs Corporation; Nippon Steel Corporation, Baosteel Group Hu, Voestalpine AG, JFE Holdings, Inc,Tata Steel, POSCO, Slovenian Steel Group, and ThyssenKrupp AG.

Nippon Steel Corporation-Company Financial Analysis

Company Landscape Analysis

Electrical Steel Market Report Scope:
Report Attributes Details
Market Size in 2023  US$  40.0 Bn
Market Size by 2031  US$ 77.3 Bn
CAGR   CAGR of 8.6% From 2024 to 2031
Base Year 2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel)
• By Application (Transformers, Motors, Inductors, and Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles ArcelorMittal; Cleveland-Cliffs Corporation; Nippon Steel Corporation, Baosteel Group Hu, Voestalpine AG, JFE Holdings, Inc,Tata Steel, POSCO, Slovenian Steel Group, and ThyssenKrupp AG.
Key Drivers • Increasing adoption of electrical steel in transformers and motors
• Rising demand for electric vehicles
• Growing adoption of electrical steel in the automotive industry
Market Opportunities • Increasing government support with favorable regulations

 

Frequently Asked Questions

The expected market size of the Electrical Steel Market is USD 77.3 billion in 2031.

The expected CAGR of the global Electrical Steel Market during the forecast period is 8.6%

The major key players areArcelorMittal; Cleveland-Cliffs Corporation; Nippon Steel Corporation, Baosteel Group Hu, Voestalpine AG, JFE Holdings, Inc, Tata Steel, POSCO, Slovenian Steel Group, and ThyssenKrupp AG.

Asia-Pacific region contributes major to the Electrical Steel Market.

There are two main segments of the Electrical Steel Market: By Type and By Application

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Electrical Steel Market Segmentation, By Type
8.1Grain-Oriented Electrical Steel
8.2 Non-Grain Oriented Electrical Steel Polyethylene

9. Electrical Steel Market Segmentation, By Application
9.1Transformers
9.2 Motors
9.3 Inductors
9.4 Others

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Electrical Steel Market by Country
10.2.2North America Electrical Steel Market by Type
10.2.3 North America Electrical Steel Market by Application
10.2.4 USA
10.2.4.1 USA Electrical Steel Market by Type
10.2.4.2 USA Electrical Steel Market by Application
10.2.5 Canada
10.2.5.1 Canada Electrical Steel Market by Type
10.2.5.2 Canada Electrical Steel Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Electrical Steel Market by Type
10.2.6.2 Mexico Electrical Steel Market by Application
10.3 Europe
10.3.1 Europe Electrical Steel Market by Country
10.3.3.2 Europe Electrical Steel Market by Type
10.3.3 Europe Electrical Steel Market by Application
10.3.4Germany
10.3.4.1 Germany Electrical Steel Market by Type
10.3.4.2 Germany Electrical Steel Market by Application
10.3.5 UK
10.3.5.1 UK Electrical Steel Market by Type
10.3.5.2 UK Electrical Steel Market by Application
10.3.6 France
10.3.6.1 France Electrical Steel Market by Type
10.3.6.2 France Electrical Steel Market by Application
10.3.7 Italy
10.3.7.1 Italy Electrical Steel Market by Type
10.3.7.2 Italy Electrical Steel Market by Application
10.3.8 Spain
10.3.8.1 Spain Electrical Steel Market by Type
10.3.8.2 Spain Electrical Steel Market by Application
10.3.9 The Netherlands
10.3.9.1 Netherlands Electrical Steel Market by Type
10.3.9.2 Netherlands Electrical Steel Market by Application
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Electrical Steel Market by Type
10.3.10.2 Rest of Europe Electrical Steel Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Electrical Steel Market by Country
10.4.2Asia Pacific Electrical Steel Market by Type
10.4.3 Asia Pacific Electrical Steel Market by Application
10.4.4 Japan
10.4.4.1 Japan Electrical Steel Market by Type
10.4.4. 2Japan Electrical Steel Market by Application
10.4.5. South Korea
10.4.5.1 South Korea Electrical Steel Market by Type
10.4.5.2. South Korea Electrical Steel Market by Application
10.4.6 China
10.4.6.1 China Electrical Steel Market by Type
10.4.6.2. China Electrical Steel Market by Application
10.4.7 India
10.4.7.1 India Electrical Steel Market by Type
10.4.7.2. India Electrical Steel Market by Application
10.4.8 Australia
10.4.8.1 Australia Electrical Steel Market by Type
10.4.8.2. Australia Electrical Steel Market by Application
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Electrical Steel Market by Type
10.4.9.2. APAC Electrical Steel Market by Application
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Electrical Steel Market by Country
10.5.2 The Middle East & Africa Electrical Steel Market by Type
10.5.3The Middle East & Africa Electrical Steel Market by Application
10.5.4 Israel
10.5.7.1 Israel Electrical Steel Market by Type
10.5.7.2 Israel Electrical Steel Market by Application
10.5.5 UAE
10.5.5.1 UAE Electrical Steel Market by Type
10.5.5.2 UAE Electrical Steel Market by Application
10.5.6South Africa
10.5.6.1 South Africa Electrical Steel Market by Type
10.5.6.2 South Africa Electrical Steel Market by Application
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Electrical Steel Market by Type
10.5.7.2 Rest of Middle East & Asia Electrical Steel Market by Application
10.6 Latin America
10.6.1 Latin America Electrical Steel Market by Country
10.6.2. Latin America Electrical Steel Market by Type
10.6.3 Latin America Electrical Steel Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Electrical Steel Market by Type
10.6.4.2 Brazil Electrical Steel Market by Application
10.6.5Argentina
10.6.5.1 Argentina Electrical Steel Market by Type
10.6.5.2 Argentina Electrical Steel Market by Application
10.6.6Rest of Latin America
10.6.6.1 Rest of Latin America Electrical Steel Market by Type
10.6.6.2 Rest of Latin America Electrical Steel Market by Application

11. Company Profile
11.1 ArcelorMittal
11.1.1 Market Overview
11.1.2 Financials
11.1.3 Product/Services/Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Cleveland-Cliffs Corporation
11.2.1 Market Overview
11.2.2 Financials
11.2.3 Product/Services/Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Nippon Steel Corporation
11.3.1 Market Overview
11.3.2 Financials
11.3.3 Product/Services/Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Baosteel Group Hu
11.4.1 Market Overview
11.4.2 Financials
11.4.3 Product/Services/Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Voestalpine AG
11.5.1 Market Overview
11.5.2 Financials
11.5.3 Product/Services/Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 JFE Holdings, Inc.
11.6.1 Market Overview
11.6.2 Financials
11.6.3 Product/Services/Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Tata Steel
11.7.1 Market Overview
11.7.2 Financials
11.7.3 Product/Services/Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 POSCO
11.8.1 Market Overview
11.8.2 Financials
11.8.3 Product/Services/Offerings
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Slovenian Steel Group
11.9.1 Market Overview
11.9.2 Financials
11.9.3 Product/Services/Offerings
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 ThyssenKrupp AG
11.10.1 Market Overview
11.10.2 Financials
11.10.3 Product/Services/Offerings
11.10.4 SWOT Analysis
11.10.5 The SNS View

12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments

13. USE Cases and Best Practices

14. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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