Electrical Steel Market Trends, Data, Forecast Report and Growth 2023-2028
According to the latest report by IMARC Group, titled “Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ The study provides a detailed analysis of the industry, including the global electrical steel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Electrical Steel Market?
The global electrical steel market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
What is Electrical Steel?
Electrical steel, also known as silicon steel, is a specialized steel product manufactured with specific magnetic properties. It’s designed to have a small hysteresis area to ensure low power loss per cycle and high permeability. Electrical steel is characterized by its excellent magnetic properties. It’s typically high in silicon content, which helps in reducing hysteresis loss, a major concern in the application of transformers and electric motors. It exhibits high electrical resistivity, minimizing eddy current losses.
Electrical steel comes in two forms, grain-oriented (GO) and non-grain-oriented (NGO). GO electrical steel has its magnetic properties oriented in the direction of the grain, which enhances its performance in certain applications. NGO electrical steel is fully processed and doesn’t have any particular grain orientation, making it suitable for rotating machines like motors. Electrical steel is widely used in industries that manufacture electrical machinery and equipment. The power industry utilizes it extensively in transformers, both for power transmission and distribution. The automotive industry uses electrical steel in the manufacturing of electric motors for electric and hybrid vehicles. Electrical steel is also used in the production of motors for industrial machinery, home appliances, and generators.
Request for a PDF sample of this report: https://www.imarcgroup.com/electrical-steel-market/requestsample
What are the growth prospects and trends in the Electrical Steel industry?
The global transition towards renewable energy is escalating the demand for electrical steel in wind turbines. In addition to this, the increasing electrification in the automotive industry, especially in electric and hybrid vehicles, is driving the market growth. Moreover, the ongoing expansion of power infrastructure to cater to the growing demand for electricity is pushing the need for electrical steel in transformers. Besides this, rapid urbanization and industrialization, particularly in developing countries, are escalating the demand for electrical steel. Advancements in technology that improve the magnetic properties of electrical steel are contributing to its increased adoption. The rising emphasis on energy efficiency in industrial machinery is fueling the demand for electrical steel.
The growth in demand for power transformers and distribution transformers due to increasing power consumption is driving the market growth. The expansion of the household appliances industry, requiring efficient electric motors, is stimulating the market growth. Policies and regulations promoting energy efficiency are boosting the electrical steel market. The growing trend towards smart grids and smart transformers is increasing the demand for electrical steel. Advancements in power electronics are escalating the demand for high-frequency applications using electrical steel. The need for robust and reliable power networks is driving the growth of the electrical steel market. The rise in infrastructure development projects is fueling the demand for electrical steel. The rising demand for durable and high-performance electric motors in various industrial applications is propelling the market. The growth in the data center industry, which requires high-performance power supply systems, is pushing the market growth. Other factors such as focus on minimizing greenhouse gas emissions, expanding HVAC industry and awareness about the importance of reducing power losses are further driving the market growth across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Grain Oriented Electrical Steel
- Non-Grain Oriented Electrical Steel
Breakup by Application:
- Transformers
- Motors
- Generators
- Others
Breakup by End Use Industry:
- Energy and Power
- Automobiles
- Household Appliances
- Building and Construction
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4637&flag=E
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you 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.
Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
