electrical steel market analysis

Global Electrical Steel Market Size, Forecasts, And Opportunities

Learn about the global electrical steel market through The Business Research Company, which provides information on electrical steel market size, electrical steel market drivers and restraints, electrical steel market players, the COVID-19 impact on the electrical steel market, and more.


The global electrical steel market size is expected to grow from $24.80 billion in 2021 to $26.28 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global electrical steel market size is expected to reach $33.12 billion in 2026 at a CAGR of 7.50%.
Increasing demand for the electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market.


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The electrical steel market consists of sales of electrical steel by entities (organizations, sole traders, or partnerships) that refer to a ferromagnetic material made up of iron that contains varying amounts of silicon (Si) that range from 1% to 6.5%. Electrical steel is soft magnetic material with enhanced electrical properties that are widely used across applications such as small relays, solenoids, electric motors, generators, and many other electromagnetic devices.


Global Electrical Steel Market Segments Include:

By Type: Grain-Oriented, Non-Grain-Oriented

By Industry: Energy, Automotive, Household Appliances, Manufacturing

By Application: Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.


The increasing development of sustainable products is a key trend gaining popularity in the electric steel market. Companies in the market are focusing on manufacturing electric steel that is environment friendly and emits lower greenhouse gases.


TBRC’s electrical steel market report covers:

Major Market Players: ThyssenKrupp AG, TISCO, Nippon Steel, Posco, JFE Steel, Nicore Electrical Manufactory Co. Ltd., Voestalpine, ArcelorMittal, AK Steel (Cleveland-Cliffs), SAIL, Cogent Power Ltd., Tempel Steel Company, Phoenix Mecano AG, JFE Steel Corporation, Leicong Industrial Co., Ltd., United States Steel Corporation, Novolipetsk Steel and Allegheny Technologies Inc.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)


The Electrical Steel Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides electrical steel market overviews, analyzes and forecasts market size, share, electrical steel market players, electrical steel market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s electrical steel market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.


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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.


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