The electrical steel market is expected to grow at an opulent rate of 6.5% CAGR during the forecast period ranging from 2022 to 2032. The global electrical steel market is anticipated to reach a total worth of around US$ 37.5 Billion in 2022 with an estimated valuation to surpass around US$ 70.5 Billion by 2032. While non-grain-oriented electrical steel is likely to occupy a dominant market share. The grain-oriented electrical steel demand is predicted to surge at a robust pace with year-on-year growth at 5.7% CAGR in 2022.
The global growth of the electrical steel market is attributed to the surge in power generating and transmission projects. The demand for electrical steel has witnessed a robust surge and a variety of applications within the end-use industries. According to historic estimations, in 2021, total revenue in the electrical steel market’s energy sector witnessed exponential growth. According to the estimations by FMI, demand increased by 6% between 2021 and 2022, allowing electrical steel markets to rise by more than 5% year on year in 2022.
Initiatives to improve power distribution centers in emerging countries are prominent reasons to fuel the demand for electrical steel. Leading steel manufacturers are working on increasing their production and distribution capacity in a variety of regions. Several corporations are rapidly engaging with regional producers to strengthen their industrial research operations. The automotive industry is one of the vital end-use sectors responsible for the surge in demand for electrical steel.
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- One of the crucial reasons driving market expansion is attributed to the surging demand for electric motors across several residential, commercial, and industrial sectors. Electrical steel is most commonly utilized throughout the production of motors which come with higher magnetic flux and torque, as well as power generators with improved electromagnetic characteristics and low carbon dioxide emissions.
- In addition to that, the rise in hybrid and electric vehicles is propelling market expansion. Electric steel is a prominent element utilized in-vehicle components to reduce weight while simultaneously improving aesthetics and safety. Attributing to this, demand for the electrical steel market has seen a reasonable surge for long-distance power transmission and infrastructure construction operations with low energy losses is also contributing to market expansion.
- Several other growth-inducing elements incorporate product developments such as the invention of non-grain-oriented electrical steel with homogenous magnetic characteristics. It identified widespread applications in rotating machinery, electric motors, commercial power generators, and consumer electronics. Numerous other factors are anticipated to expand the market including a reasonable increase in the energy and power industries combined with the implementation of favorable government policies supporting sustainable development.
- Moreover, the global electric vehicle market is on the rise which is anticipated to stimulate demand for EV materials. China is expected to bolster the growth of the electrical steel market as it is emerging as a highly profitable market for electrical steel manufacturing and export. This is due to increased demand from the country’s industrial and automotive sectors, as well as the adoption of new technologies and increased production capacity.
Dominant market players in the electrical steel market are pursuing strategic alliances and partnerships with multiple other manufacturers in order to enhance their product manufacturing capacity in order to meet the increasing demand of a rising customer pool.
Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, Cogent Power, ArcelorMittal SA, Aperam SA, Baosteel Group, AK Steel Holding Corp, Allegheny Technologies, Inc., Phoenix Mecano AG, Leicong Industrial Co., Ltd., Nicore Electrical Manufactory Co., LTD., Steel Authority of India Limited
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More Insights into the Electrical Steel Market
In 2021, North America dominated the electrical steel market as it accounts for around 8.0% of the worldwide market. The region is expected to surge due to the growing emphasis on power generation and EV production has elevated the urgency for electric motors and charging stations, which is boosting the market for electrical steel.
As per Future Market Insights estimations, the East Asian market will continue to prevail in its dominance over the global electrical steel market over the projection period. According to the analysis, China would account for more than 52% of the East Asian market by 2032.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.