The Global Electrical Steel Market Is Valued At US$ 25.9 Billion In 2022 And Is Estimated To Grow At A CAGR Of 8.5%

Posted on 2022-10-31 by Fact.MR in Chemicals // 0 Comments

The global electrical steel market is valued at US$ 25.9 billion in 2022 and further expand at a CAGR of 8.5% to reach US$ 55.1 billion by the end of 2032. Sales of electrical steel accounted for nearly 12.3% of the global specialty steel market at the end of 2021. Industrial growth plays a crucial part in market’s growth over the forecast period.

Electrical steel offers better mouldability and is lightweight as compared to conventional steel. Thus, it finds greater application in electronic systems in automobiles, as manufacturers are focused on increasing features while reducing the overall weight of automobiles.

Further, increasing automobile sales contributes significantly to the growth of the market. As in hybrid/electric vehicles, there are electrical steel core motors installed of high power, and thus there is a need for NGOES for its efficient and smooth operation. Also, there are many small transformers and inductors used in automobiles that require electrical steel. Hence, demand for automobiles coupled with the plethora of applications spur the market’s growth over the projected period.

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Why motors sub-segment ranks-up in the market?

The motor sub-segment is expected to report the highest growth rate over the projection period. High permeability, high frequency, and outstanding magnetic properties of ES, make it a preferable choice for electric motors. Advancing emphasis on EV production is driving the need for electric motors, which is ultimately anticipated to aid market growth.

Further, on comparing conventional industrial motors with electric motors, electric motors deliver four folds higher speed. Elevated speed causes the generation of considerable heat, which may influence a vehicle’s performance by augmenting core losses and exerting excessive mechanical stress on the motor and its components.

Electrical steel overpowers such situations due to its properties making it reliable and increasing the durability of the motor. Such factors are driving the segment’s sales.

Why NGOES has Commanding Growth Opportunities in the Market?

Non-grain Oriented Electrical Steel (NGOES) has a major share in the market. It has accounted for the largest revenue share in 2021, i.e., 69.9%. NGOES discovers applications mainly in rotating machines and small transformers, among others. It is available in multiple grades relying upon composition, properties, and applications.

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Manufacturer’s Growth Stratagems

Eminent players includes Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, among others.

Major key market players are focusing on safe and environment-friendly materials. The companies are focusing on developing products that comply with the safety norms of local markets. With effective research, development, and innovation, global manufacturers are working on the development of new products.

Further, the companies focus on cost reduction, improvement of existing products, process improvement, development of new manufacturing methods, quality assurance, and improvement of existing manufacturing methods to gain high-profit margins.

In April 2022, POSCO started the construction of an electrical steel production facility. The steel manufacturer in South Korea plans to invest US$ 805 million in the construction of the plant. The facility will have an annual production capacity of 300,000 tons of NOES.
In May 2021, JSW Steel and JFE Steel Corporation inked a memorandum of understanding (MoU) to carry out a feasibility study for the establishment of a GOES sheet manufacturing and sales joint-venture company in India.

Fact.MR has provided detailed information about the price points of key manufacturers of electrical steel positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Electrical Steel Industry Research

By Product Type :

Grain-Oriented
Non-Grain Oriented

By Application :

Inductors
Motors
Transformers

By End-Use :

Automobiles
Manufacturing
Energy Generation
Household Appliances
Other End Uses

By Region :

North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

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Why motors sub-segment ranks-up in the market?

Why NGOES has Commanding Growth Opportunities in the Market?

Manufacturer’s Growth Stratagems

Segmentation of Electrical Steel Industry Research

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