IMARC Group, a leading market research company, has recently released a report titled “Electrical Steel Market Report by Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), Application (Transformers, Motors, Generators, and Others), End Use Industry (Energy and Power, Automobiles, Household Appliances, Building and Construction, and Others), and Region 2025-2033”. The study provides a detailed analysis of the industry, including the electrical steel market forecast, growth, trends, size and share. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global electrical steel market size reached USD 42.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 67.0 Billion by 2033, exhibiting a growth rate (CAGR) of 4.79% during 2025-2033.
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Factors Affecting the Growth of the Electrical Steel Industry:
Increasing Demand for Electric Vehicles (EVs)
Electric vehicles (EVs) are changing the electrical steel market. As car makers boost EV production, the demand for high-performance electrical steel soars. This material is essential for electric motors, transformers, and other EV parts. Government regulations aim to cut carbon emissions and promote sustainable energy. Consequently, more consumers choose eco-friendly vehicles, increasing demand. To meet these challenges, manufacturers are enhancing the magnetic properties of electrical steel. This ensures their products meet the strict standards of modern electric drivetrains. As a result, we can expect more innovation and competition in the electrical steel industry. Key players will likely see improved products and increased market share.
Renewable Energy Sector Growth
Renewable energy is vital for the electrical steel market. As the world shifts to sustainable energy, the demand for transformers and generators in wind and solar power increases. Electrical steel is essential here. It boosts the efficiency and performance of electrical components. Governments are investing heavily in renewable energy projects. This trend will create a lasting demand for electrical steel. Moreover, the shift to smart grids and energy storage requires advanced electrical steel products. These products must handle higher loads and improve energy efficiency. Thus, the electrical steel market will likely see significant growth due to renewable energy. This growth will attract investments and drive technological advancements.
Technological Advancements in Manufacturing
New technologies in electrical steel production are transforming the market. Innovations such as grain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES) enhance magnetic properties and reduce energy losses. These improvements cater to the growing need for efficient electrical components in the automotive, energy, and manufacturing sectors. Automation and digitalization further increase production efficiency and lower costs. They allow companies to respond quickly to market needs. By adopting these technologies, companies can boost product quality and grow their market share. This gives them an edge in the competitive electrical steel industry.
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Electrical Steel Market Report Segmentation:
Breakup by Type:
- Grain Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
Non-grain oriented electrical steel dominates the market due to its widespread use in motors, generators, and transformers, particularly in the automotive sector, driven by factors like isotropic properties, cost-effectiveness, and the rising demand for electric vehicles.
Breakup by Application:
- Transformers
- Motors
- Generators
- Others
Electric motors dominate the electrical steel market driven by the rise of EVs, industrial automation, and the need for high-efficiency, low-loss materials in diverse applications.
Breakup by End Use Industry:
- Energy and Power
- Automobiles
- Household Appliances
- Building and Construction
- Others
The energy and power sector dominates the electrical steel market due to its critical role in power generation, transmission, and distribution, driven by renewable energy growth, infrastructure modernization, and the pursuit of energy efficiency and sustainability.
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Asia-Pacific leads the electrical steel market driven by strong industrial growth, EV production, renewable energy projects, infrastructure development, and the presence of key manufacturing hubs.
Global Electrical Steel Market Trends in 2025:
The electrical steel market is set for major growth. This change comes as industries evolve. By 2025, advanced manufacturing and electric vehicles will be key factors. The demand for high-efficiency electrical steel will rise. This is due to the need for better performance in electric motors and transformers. The renewable energy sector will also drive growth. Wind and solar projects will boost the demand for electrical steel. Manufacturers are innovating new products. Competition will intensify, and technology will advance as a result. The future looks more efficient and sustainable for energy and transportation.
Top Companies Operated in Electrical Steel Industry:
- Aperam
- ArcelorMittal
- Baoshan Iron & Steel Co. Ltd. (China Baowu Steel Group Corp. Ltd.)
- China Steel Corporation
- JFE Holdings Inc.
- JSW Steel Ltd.
- Nippon Steel Corporation
- POSCO
- SIJ - Slovenian Steel Group d. d.
- Steel Authority of India Limited
- Sumitomo Corporation
- Tata Steel Limited
- ThyssenKrupp AG
- United States Steel Corporation
- Voestalpine AG
Key Highlights of the Report:
- Market Performance (2019–2024)
- Market Outlook (2025–2033)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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