Electrical Steel Market Research, 2033
The global electrical steel market size was valued at $18.1 billion in 2023, and is projected to reach $31.5 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
Market Introduction and Definition
Electrical steel, also known as silicon steel or lamination steel, is a specialized steel alloy primarily used in the production of magnetic cores for electrical equipment and transformers. It is designed to exhibit low core losses and high magnetic permeability that makes it ideal for applications where efficient energy conversion and minimal electromagnetic interference are essential. The alloy typically contains silicon in varying concentrations, which helps to reduce eddy current losses by increasing the electrical resistance of the material. Electrical steel is often produced in thin sheets, which are then laminated to minimize eddy current losses further.
Key Takeaways
- The electrical steel market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Billion) for the projected period.
- More than 1,500 product literatures, industry releases, annual reports, and other such documents of major electrical steel industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Key Market Segments
- By Type
- Grain-Oriented Electrical Steel
- Non-Grain-Oriented Electrical Steel
- Fully Processed
- Semi-Processed
- By Application
- Transformers
- Motors
- Inductors
- Generators
- Others
- By End Use
- Energy & Power Generation
- Automotive
- Manufacturing
- Household Appliances
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Aperam
- voestalpine Stahl GmbH
- JFE Steel Corporation
- POSCO
- Cleveland-Cliffs Inc.
- ArcelorMittal
- Tata Steel
- Slovenian Steel Group
- NIPPON STEEL CORPORATION
- Baosteel Co.,Ltd.