The global Electric Steel Market continues its upward trajectory, with the market valuation reaching US$ 24.65 billion in 2024. According to comprehensive industry analysis, the market is projected to expand at a steady CAGR of 4.6%, reaching approximately US$ 33.97 billion by 2030. This growth is fundamentally driven by increasing electrification across industries, renewable energy adoption, and the automotive sector’s transition toward electric mobility solutions.
Electrical steel serves as the backbone for efficient energy conversion in motors, transformers, and generators. Its unique magnetic properties make it indispensable in power transmission infrastructure and electric vehicle powertrains. As global decarbonization efforts intensify, manufacturers are investing heavily in advanced grain-oriented and non-oriented electrical steel production.
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Market Overview & Regional Analysis
Asia-Pacific commands nearly 50% of global electric steel consumption, with China’s manufacturing dominance and India’s infrastructure growth fueling demand. The region’s aggressive renewable energy targets and EV adoption policies create sustained demand for both transformer-grade and motor-grade electrical steel.
Europe maintains technological leadership in high-grade electrical steel production, supported by stringent energy efficiency regulations. North America’s market revival stems from reshoring initiatives and grid modernization investments. Emerging markets in Southeast Asia and Latin America show promising growth, though constrained by limited domestic production capabilities.
Key Market Drivers and Opportunities
The market is propelled by three megatrends: global energy transition, electric vehicle proliferation, and industrial automation. Transformer applications account for 42% of demand, followed by motors at 38% and generators at 15%. Emerging opportunities lie in ultra-thin grain-oriented steel for high-frequency applications and silicon steel alloys for next-gen EVs.
Manufacturers are exploring innovative production methods like thin-strip casting to reduce energy intensity. The integration of AI in steel mills for quality control and the development of cobalt-free electrical steel compositions present additional growth avenues. Offshore wind farm projects and HVDC transmission investments offer new application frontiers.
Challenges & Restraints
The market faces headwinds from volatile raw material costs, particularly silicon and aluminum prices, which impact production economics. Technical bottlenecks in producing sub-0.20mm thickness steels and trade protectionism measures in key markets create supply chain uncertainties.
Environmental compliance costs are rising as mills upgrade to meet carbon emissions standards. China’s production overcapacity continues to influence global pricing dynamics, while intellectual property disputes over proprietary steel formulations remain contentious.
Market Segmentation by Type
- Grain-Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
- Others
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Market Segmentation by Application
- Transformers
- Induction Motors
- Generators
- EV Components
- Others
Market Segmentation and Key Players
- Baowu Group
- ArcelorMittal
- Nippon Steel
- POSCO
- ThyssenKrupp
- JFE Steel
- AK Steel
- NLMK Group
- Cleveland-Cliffs
- Tata Steel
- Voestalpine
- Shougang Group
- Ansteel
- Tisco
- Stalprodukt
- ATI Metals
- Benxi Steel
- Masteel
- APERAM
- Nucor
Report Scope
This report delivers a strategic analysis of the global Electrical Steel industry from 2024 through 2030, providing critical insights into market evolution across key geographic markets. The research encompasses:
- Production capacity analysis by region and product type
- Demand forecasts across major application segments
- Cost structure analysis and price trend evaluation
- Technology roadmap for advanced electrical steel grades
Key deliverables include:
- Plant-by-plant capacity assessments for 50+ producers
- Strategic profiling of top market participants
- Trade flow analysis and duties impact assessment
- Detailed application growth potential in emerging sectors
- Regulatory impact analysis for energy efficiency standards
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About 24chemicalresearch
Founded in 2015, 24chemicalresearch has rapidly established itself as a leader in chemical market intelligence, serving clients including over 30 Fortune 500 companies. We provide data-driven insights through rigorous research methodologies, addressing key industry factors such as government policy, emerging technologies, and competitive landscapes.
- Plant-level capacity tracking
- Real-time price monitoring
- Techno-economic feasibility studies
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