Electrical Steel Manufacturers to Benefit from Rising Demand for Sustainable and Environment-Friendly Energy Solutions: Fact.MR Report
Electrical Steel Manufacturers to Benefit from Rising Demand for Sustainable and Environment-Friendly Energy Solutions: Fact.MR Report
According to this revised market study by skilled industry analysts at Fact.MR, the global electrical steel market is estimated at US$ 30.7 billion in 2024 and is forecasted to expand briskly at 8.5% CAGR through 2034.
Electrical steel, also known as silicon steel, is a specialized type of steel utilized in the fabrication of various electrical components, including transformers, motors, generators, and other devices. The market has exhibited substantial growth in recent years, driven by the escalating demand for sustainable and eco-friendly energy solutions. This trend is further propelled by the burgeoning automotive sector, particularly in the electric vehicle segment, where electrical steel plays a vital role in motor production.
The primary driver for electric motor adoption is the increased demand across the commercial, residential, and industrial sectors. Electrical steel is favored for motor manufacturing due to its magnetic flux, torque, low CO2 emissions, and electromagnetic properties. The use of electrical motors is expanding in applications such as drilling, water pumps, hard disk drives, machinery, and industrial equipment.
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Key Takeaways from the Market Study:
“Automotive industry growth, renewable energy generation, infrastructure development, government initiatives, and technological advancements are fueling the growth of the electrical steel market. In the United States, rising renewable energy adoption and infrastructure modernization are key factors,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Electrical Steel Market
Key players in the electrical steel market are Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, Cogent Power, ArcelorMittal SA, and Aperam SA. Electrical steel manufacturers are forming partnerships with other globally recognized suppliers to develop new technologies and drive market growth into new horizons.
Market Developments
Prominent electrical steel manufacturers are Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, and Sumitomo Metal Corporation.
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Electrical Steel Industry News:
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electrical steel market for 2019 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (grain-oriented, non-grain oriented), application (inductors, motors, transformers), and end use (automobiles, manufacturing, energy generation, household appliances), and across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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