The Electrical Steel Market is being driven by Increasing demand for electrical steel in automotive industry
The Electrical Steel Market is expected to grow at a CAGR of 11.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 24.25 billion. The electrical steel market is experiencing significant growth due to the increasing demand for this material in various industrial applications. The superior mechanical and magnetic properties of electrical steel make it an essential component in the manufacturing sector. In response to this growing demand, market players are expanding their production capacity. For instance, Ansteel and Ben Gang Group Corp. recently merged, creating the world's third-largest steelmaker with an annual production capacity of 63 million tons of crude steel. Ansteel aims to increase this capacity to 70 million tons by 2025, reflecting the market's robust expansion. These developments underscore the market's potential for robust growth during the forecast period.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.29% |
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Market growth 2024-2028 |
USD 24.25 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2023-2024(%) |
9.22 |
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Key countries |
China, India, Japan, US, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Electrical Steel Market encompasses the production and application of magnetic materials in electrical engineering, particularly in the design of motors, generators, and transformers for vehicles, commercial, and residential sectors. Magnetic circuits are crucial for energy efficiency and reducing core losses, which aligns with green technology and environmental impact considerations. Advanced material science and steel processing techniques are driving innovation in this field, enabling weight reduction, smart grid integration, and improved magnetic field performance. Digital transformation, industrial automation, and power electronics are also key trends, as is the integration of artificial intelligence and machine learning for optimized lamination design and generator efficiency. The steel industry's focus on sustainable manufacturing and reducing carbon footprint is also a significant factor, as renewable energy sources continue to gain traction.
The electrical steel market is a significant segment of the larger metals and mining industry, focusing on steel production for electromagnetic applications. Key drivers propelling market expansion include escalating energy costs necessitating energy-efficient transformers, the transformer segment being a major end-user. Exchange rates impacting import/export costs also influence market dynamics. Hysteresis loss in electrical steel is a critical factor, as it impacts the efficiency of electromagnetic devices, including transformers, electric motors, and power distribution systems. These components are integral to electrical grids worldwide. Technavio's global metals and mining market analysis encompasses aluminum, copper, gold, silver, steel, diversified metals and mining, and precious metals and minerals. The steel market consists of iron and steel producers and related product manufacturers, along with metallurgical coal mining for steel production. Market growth is fueled by the increasing demand for steel due to construction stimulus measures in China and the necessity for energy-efficient electromagnetic devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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