Unlocking Opportunities in the Electrical Steel Market: Key Growth Trends and Forecast Insights
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What is the Growth Potential of the Electrical Steel Market, and How Will It Perform by 2034?
The electrical steel market has demonstrated strong growth in recent years. It is set to increase from $35.72 billion in 2024 to $37.75 billion in 2025, reflecting a CAGR of 5.7%. Contributing factors to its historical growth include robust economic development in emerging markets, global population growth, government incentives for end-user industries, increasing power consumption, and higher demand for household appliances.
The electrical steel market is expected to experience strong growth, reaching $50.28 billion by 2029 with a CAGR of 7.4%. Growth drivers include population and urbanization, renewable energy investments, and rising electricity and EV sales. Trends include CO2-reduced steel production, new product development, environmentally friendly steel, and partnerships in technology innovation.
Which Major Market Drivers Are Expected to Boost the electrical steel Market’s Growth Potential?
The growing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel, known for its high flux density and low iron loss properties, is used in electric motors to achieve high motor efficiency. For example, in April 2024, the International Energy Agency reported that 14 million new electric vehicles were registered globally in 2023, bringing the total number of electric cars on the roads to 40 million. Thus, the increased demand for electric and hybrid vehicles is driving growth in the electrical steel market.
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Who Are the Major Companies Shaping the Competitive Landscape of the Electrical Steel Market?
Major companies operating in the electrical steel market include:
• ArcelorMittal S.A._x000D_
• POSCO_x000D_
• Baoshan Iron & Steel Co. Ltd_x000D_
• JFE Holdings_x000D_
• Inc._x000D_
What Are the Key Emerging Trends in the Electrical Steel Market for the Next Decade?
In the electric steel market, companies are focusing on sustainable products to reduce emissions. ThyssenKrupp developed electric steel with 50% lower CO2 emissions in 2022, contributing to more efficient power transformers with reduced environmental impact.
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What Are the Major Segments of the Electrical Steel Market and Their Role in Driving Growth?
The electrical steel market covered in this report is segmented –
1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries
3) By Application: Transformers, Generators, Motors, Other Applications
Subsegments:
1) By Grain-Oriented: Transformer Steel, Laminated Core Steel
2) By Non-Grain-Oriented: Regular Non-Grain-Oriented Steel, High-Performance Non-Grain-Oriented Steel
Which Regions Are Making a Mark in the Electrical Steel Market Growth?
Asia-Pacific was the largest region in the electrical steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Electrical Steel Market Categorized and Defined in the Industry?
Electrical steel refers to a ferromagnetic material made up of iron that contains varying amounts of silicon (Si) that range from 1% to 6.5%. It is a 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.
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