Electrical Steel Market Set to Surge at 8.5% CAGR to Reach USD 69.4 Million by 2034

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:

• The global electrical steel market has been calculated to reach a value of US$ 69.4 billion by the end of 2034.
• The market in North America is projected to expand at 8.5% CAGR from 2024 to 2034.
• East Asia is forecasted to occupy a 28.3% share of the global market by 2034.
• North America is projected to occupy 27.9% market share by 2034.
• The market in China is projected to reach a value of US$ 11.2 billion by the end of 2034.
• Transformers are projected to account for a 39.4% market share by 2034.
• The East Asian electrical steel market is projected to expand at 8.4% CAGR through 2034.

“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.

• In 2022, ArcelorMittal S.A. announced a US$ 315 million investment to develop an electrical steel production unit at Mardyck in Northern France. The goal of the investment is to expand production capacity to maximize the company’s revenue.
• In 2021, NLMK Group announced the continuation of the building of an electrical steel facility in Maharashtra, India. The mill would have the capacity to produce over 63,000 tons of electrical steel per year.

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Electrical Steel Industry News:

• A memorandum of understanding (MoU) was signed in 2021 by JSW Steel and JFE Steel Corporation to conduct a feasibility study for the creation of a joint venture firm in India that will manufacture and sell GOES sheets.

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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