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Electrical Steel Market Global Analysis by Top Key Players Focusing on Growth Strategies and Upcoming Trends 2026

Abdul Tamboli
Electrical Steel Market Global Analysis by Top Key Players Focusing on Growth Strategies and Upcoming Trends 2026

The report "Electrical Steel Market by Type (non-grain-oriented and grain-oriented), Application (Transformers, Motors, Inductors), End-use Industry (Energy, Automotive, Manufacturing, Household Appliances) and Region - Global Forecasts to 2026" The electrical steel market is projected to reach USD 45.8 billion by 2026, with an expected CAGR of 6.3% between 2021 and 2026. The global electrical steel market size is estimated at USD 33.8 billion in 2021 and is projected to reach USD 45.8 billion by 2026, at a CAGR of 6.3%. The electrical steel market is witnessing high growth owing to the high consumption rate of electrical steel in transformers & motors and increasing Electric Vehicles (EVs) market.

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Browse 252 market data Tables and 53 Figures spread through 214 Pages and in-depth TOC on "Electrical Steel Market”

Driver: High consumption rate of electrical steel in transformers and motors

The increasing global automobile production is a major factor driving the growth of the global electrical steel market. The production is rising year-on-year. The deployment of electrical steel in automotive cars increases a vehicle’s fuel efficiency, thus driving the consumption of electrical steel in the automotive industry. The increasing demand for electric and hybrid vehicles is expected to further boost the growth of the electrical steel market during the forecast period. Energy conservation is a new trend in the electrical steel market. Rising electricity consumption and the increasing need for industrial development are the major drivers boosting the demand for transformers, thus driving the market. Electrical steel is mainly used in the power sector because of its high magnetic permeability.

Restraint: Volatile prices of raw material

The steel industry mainly relies on the supply of raw materials for the production and processing of steel products. Major raw materials required for steel production include iron ore, coal, industrial gases, and ferroalloys. If raw materials are reasonably priced, steel production and steel processing operations can be carried out smoothly. However, the prices of raw materials are highly volatile. An increase in raw material prices impacts the production costs of steel, thereby resulting in inflated prices of finished steel products, such as grain-oriented electrical steel and non-grain-oriented electrical steel.

Opportunity: Upcoming regulations and government support

The rules and regulations in emerging economies, such as India, China, and Brazil, are not as stringent as compared to those in the US and Western European countries. The size of the automotive industry in these countries is not only huge but also growing at a significant rate. These countries will be major destinations for electrical steel market players with the regulations in place. Governmental bodies also emphasize on the reduction of carbon emissions from vehicles. They are conducting research & development (R&D) on new materials and are supporting the use of electrical steel not only for electric vehicles but also for heavy construction equipment and passenger vehicle.


APAC is the largest market for the electrical steel market

The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. An increase in the demand for electrical steel can be attributed to the growing infrastructure & construction and automotive industries. The rise in applications is expected to drive the market in this region. These factors contribute to the rising demand for electrical steel in the industrial facilities in the APAC region. The presence of several electrical steel-producing companies in China and India is expected to play an important role in the revenue growth of the APAC market. As APAC is the most widely populated region in the world, it consequently witnesses a high demand for the consumption of electricity. The transmission & distribution infrastructure in the region is in the initial stage of grid restructuring. China, Japan, and India, among others, are investing in grid expansion projects to increase grid reliability, which is expected to drive the transformers market in the region, and, in turn, the electrical steel market as well.

The global electrical steel market comprises major manufacturers, such as ArcelorMittal (Luxembourg), POSCO (South Korea), Voestalpine AG (Austria), Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), United States Steel Corporation (United States), SAIL (India), TATA Steel Limited (India), Thyssenkrupp AG (Germany), JFE Steel Corporation (Japan), amongst others.

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Abdul Tamboli
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