Electrical Steel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Type, By Application, By Vertical, By Region, By Competition, 2020-2030F
The Global Electrical Steel Market was valued at USD 25.78 billion in 2024 and is projected to reach USD 36.52 billion by 2030, with a compound annual growth rate (CAGR) of 5.82% during the forecast period. This market encompasses the worldwide production, distribution, and use of specialized steel alloys designed to optimize the efficiency of electrical devices by reducing energy losses caused by hysteresis and eddy currents. Electrical steel, also known as silicon steel or transformer steel, is divided into two primary categories: grain-oriented electrical steel (GOES) and non-grain-oriented electrical steel (NGOES). Each type serves distinct roles in power generation, distribution, and electric motor manufacturing. GOES is predominantly used in transformers, where its high permeability and low core loss characteristics enhance the efficiency of electrical transmission systems. NGOES, on the other hand, is widely employed in motors, generators, and other rotating machinery, ensuring optimal magnetic performance and energy conservation.
Market Overview
Forecast Period
2026-2030
Market Size 2024
USD 25.78 Billion
Market Size 2030
USD 36.52 Billion
CAGR 2025-2030
5.82%
Fastest Growing Segment
Non-Grain Oriented Electrical Steel
Largest Market
North America
Key Market Drivers
Increasing Demand for Energy-Efficient Transformers and Motors
The global push towards energy efficiency is a significant driver of growth in the electrical steel market, especially for the development of high-performance transformers and motors. Governments and regulatory bodies worldwide are enforcing strict energy-efficiency standards, such as the Minimum Energy Performance Standards (MEPS) and the European Union's Ecodesign Directive, which mandate reduced energy losses in electrical equipment. Electrical steel, particularly GOES, plays a vital role in minimizing core losses in transformers, thereby improving energy efficiency. Additionally, NGOES is widely used in electric motors, which are critical to various industrial and consumer applications, including HVAC systems, home appliances, and industrial automation.
Key Market Challenges
Fluctuations in Raw Material Prices
One of the primary challenges for the electrical steel market is the volatility in raw material prices, particularly iron ore and alloying elements like silicon and aluminum. Electrical steel production relies heavily on these materials, and any price fluctuations directly impact manufacturing costs. Iron ore, a key component in steelmaking, has experienced significant price volatility due to factors such as global supply chain disruptions, geopolitical tensions, and environmental regulations affecting mining operations. Likewise, alloying elements like silicon and aluminum, which enhance the electrical and magnetic properties of steel, are subject to price changes driven by shifts in global demand, trade restrictions, and extraction challenges.
Key Market Trends
Growing Electric Vehicle (EV) Adoption Driving Demand for Advanced Electrical Steel
The increasing adoption of electric vehicles (EVs) is a major factor driving the demand for high-performance electrical steel, especially NGOES, which is essential for enhancing the efficiency of electric motors and powertrain components. Governments in various regions are implementing stricter emission regulations, offering subsidies, and providing incentives to encourage EV adoption. This transition is prompting automakers to accelerate their shift towards electrification, thereby increasing the demand for advanced electrical steel grades that offer superior magnetic properties, reduced energy loss, and enhanced efficiency.
Key Market Players
Benxi Steel Group Co., Ltd
Nucor Corporation
Yieh Corporation
Tata Steel UK Limited
ArcelorMittal Group
Nippon Steel Corporation
Arnold Magnetic Technologies
JFE Steel Corporation
Report Scope
The Global Electrical Steel Market has been segmented as follows, with detailed industry trends outlined in this report:
Market Segmentation by Type:
Grain-Oriented Electrical Steel
Non-Grain-Oriented Electrical Steel
Market Segmentation by Application:
Transformers
Motors & Generators
Inductors
Market Segmentation by Vertical:
Automotive
Construction
Manufacturing
Energy & Power
Others
Market Segmentation by Region:
North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Turkey
Competitive Landscape
Company profiles provide an in-depth analysis of the major players in the Global Electrical Steel Market.
Available Customizations
Tech Sci Research offers customizations to the Global Electrical Steel Market report based on specific business needs. The following customization options are available:
Company Information: Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary
4. Voice of Customer
5. Global Electrical Steel Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel)
5.2.2. By Application (Transformers, Motors & Generators, Inductors)
5.2.3. By Vertical (Automotive, Construction, Manufacturing, Energy & Power Others)
5.2.4. By Region
5.3. By Company (2024)
5.4. Market Map
6. North America Electrical Steel Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Application
6.2.3. By Vertical
6.2.4. By Country
6.3. North America: Country Analysis
6.3.1. United States Electrical Steel Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Application
6.3.1.2.3. By Vertical
6.3.2. Canada Electrical Steel Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type
6.3.2.2.2. By Application
6.3.2.2.3. By Vertical
6.3.3. Mexico Electrical Steel Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type
6.3.3.2.2. By Application
6.3.3.2.3. By Vertical
7. Europe Electrical Steel Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Application
7.2.3. By Vertical
7.2.4. By Country
7.3. Europe: Country Analysis
7.3.1. Germany Electrical Steel Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By Application
7.3.1.2.3. By Vertical
7.3.2. United Kingdom Electrical Steel Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Type
7.3.2.2.2. By Application
7.3.2.2.3. By Vertical
7.3.3. Italy Electrical Steel Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Type
7.3.3.2.2. By Application
7.3.3.2.3. By Vertical
7.3.4. France Electrical Steel Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Type
7.3.4.2.2. By Application
7.3.4.2.3. By Vertical
7.3.5. Spain Electrical Steel Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Type
7.3.5.2.2. By Application
7.3.5.2.3. By Vertical
8. Asia-Pacific Electrical Steel Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Application
8.2.3. By Vertical
8.2.4. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Electrical Steel Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type
8.3.1.2.2. By Application
8.3.1.2.3. By Vertical
8.3.2. India Electrical Steel Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Type
8.3.2.2.2. By Application
8.3.2.2.3. By Vertical
8.3.3. Japan Electrical Steel Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Type
8.3.3.2.2. By Application
8.3.3.2.3. By Vertical
8.3.4. South Korea Electrical Steel Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Type
8.3.4.2.2. By Application
8.3.4.2.3. By Vertical
8.3.5. Australia Electrical Steel Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Type
8.3.5.2.2. By Application
8.3.5.2.3. By Vertical
9. South America Electrical Steel Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Application
9.2.3. By Vertical
9.2.4. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Electrical Steel Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type
9.3.1.2.2. By Application
9.3.1.2.3. By Vertical
9.3.2. Argentina Electrical Steel Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type
9.3.2.2.2. By Application
9.3.2.2.3. By Vertical
9.3.3. Colombia Electrical Steel Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type
9.3.3.2.2. By Application
9.3.3.2.3. By Vertical
10. Middle East and Africa Electrical Steel Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Application
10.2.3. By Vertical
10.2.4. By Country
10.3. Middle East and Africa: Country Analysis
10.3.1. South Africa Electrical Steel Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Type
10.3.1.2.2. By Application
10.3.1.2.3. By Vertical
10.3.2. Saudi Arabia Electrical Steel Market Outlook