Market Overview
The global electrical steel market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of XX% during the forecast period (2023-2030).
Electrical steel, a form of specialty steel, is created when the influence of permeability alters the magnetic properties of normal steel. It is used, among other things, to make the cores for inductors, generators and power transformers. The market for electrical steel is expanding as a result of technological advancements and its high efficiency.

Market Dynamics
The growing electricity generation
A main driver boosting the market expansion is an increase in global electricity generation. Electrical steel, as its name suggests, has improved electrical characteristics, including high electrical resistivity, low hysteresis loss and low magnetostriction. The qualities make it highly sought-after for applications involving the production, distribution and consumption of electricity.
Volatility in raw materials price
The availability of raw materials is extremely important for the production and processing of steel products. The production of steel requires a variety of crucial raw materials, including iron ore, coal, industrial gases and ferroalloys. If raw materials are reasonably priced, the production and processing of steel can be done without any problems.
On the other hand, the cost of raw materials is incredibly volatile. Prices for finished steel products rise as a result of greater manufacturing expenses due to rising raw material costs. As a result, the growth of the electrical steel industry is severely hampered by fluctuating raw material prices.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis
The global electrical steel market is segmented based on type, application, end-user and region.
The excellent magneric properties of motors & generators
During the course of the forecast period, the motor & generators segment is predicted to develop at the fastest rate. Electrical steel is chosen over other materials in electric motors due to its high frequency, high permeability and superior magnetic characteristics. Electric motor demand is being fueled by the growing emphasis on EV production, which is finally anticipated to help market expansion.
Electric motors offer higher speed and is used in industrial gear. High speed can result in the production of a lot of heat, which can have an effect on how well a vehicle performs by increasing core losses and placing a lot of mechanical stress on motor parts.

Geographical Analysis
The growing demand for EVs in Europe
Europe is predicted to have a large market for electrical steel during the projection period. The primary growth engine for the region’s usage of electrical steel is the EV market. The region enticed global corporations to invest because to the expanding EV industry. For instance, Nidec said in November 2020 that it will invest US$ 1.9 billion in the construction of an EV manufacturing in Serbia in order to strengthen its position in Europe and compete with Chinese manufacturers. By 2023, the factory should be able to produce 300,000 motors annually.

Competitive Landscape
The major global players in the market are ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal, JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
Why Purchase the Report?

  • To visualize the global electrical steel market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities by analyzing trends and co-development.
  • Excel data sheet with numerous data points of electrical steel market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping available as excel consisting of key products of all the major players.


The global electrical steel market report would provide approximately 61 tables, 65 figures and 212 pages.
Target Audience 2023

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies