Electrical Steel Market Impact of COVID-19 and Growth Challenge Analysis Report by 2028

San Francisco, Calif., USA, Nov 23, 2022 — /EPR Network/ —

Electrical Steel Industry Overview

The global electrical steel market size is expected to reach USD 34.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028. The growing need for power generation has augmented the demand for transformers, generators, and other such products that require electrical steel to deliver enhanced performance.

Electrical steel is an iron alloy that contains varying amounts of silicon. Based on its composition and application, it is also referred to as lamination steel, silicon steel, transformer steel, and relay steel. Its phenomenal magnetic properties make it of vital use in rotating and static machines.

Electrical Steel Market Segmentation

Grand View Research has segmented the global electrical steel market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Grain oriented electrical steel and Non-grain oriented electrical steel.

• In terms of revenue, the Non-grain Oriented Electrical Steel (NGOES) dominated the market for electrical steel and accounted for the largest revenue share of more than 70.0% in 2020.
• Grain-oriented Electrical Steel (GOES) mainly finds application in transformers and charging infrastructure of electric vehicles (EVs).
• The product segment is anticipated to register a higher growth rate compared to NGOES over the forecast period. Increasing production of transformers is propelling the segment growth.

Based on the Application Insights, the market is segmented into Transformer, Motor, Inductor, and Other.

• In 2020, the transformer segment held the largest revenue share of more than 52.0% of the overall market.
• Increasing complexity in electrical grids, penetration of EVs, rise in digital loads, and growth in decentralized generation have augmented the need for transformers.
• The motor segment is anticipated to register the fastest growth rate across the forecast period.

Electrical Steel Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA) 

Key Companies & Market Share Insights

The market for electrical steel is highly competitive in nature owing to the presence of several major players. The key players have a competitive edge such as advanced technology, significant research activities, and a strong foothold in regional markets. The COVID-19 pandemic had major repercussions on supply-chain activities and sales, which even caused several manufacturers to face losses. To compete in the market and overcome the losses, the market players of the industry are adopting numerous strategies, such as upgrading plants to cater high-quality products to customers. 

Some of the prominent players in the electrical steel market include:

• ArcelorMittal
• Cleveland-Cliffs Corporation
• JFE Steel Corporation
• Nippon Steel Corporation
• POSCO
• Tata Steel
• thyssenkrupp AG

Order a free sample PDF of the Electrical Steel Market Intelligence Study, published by Grand View Research.