SkyQuest Technology Group has recently published a comprehensive Electrical Steel Market report, offering a detailed analysis of the product landscape and industry scope while providing insights into the market outlook and future trends from 2025 to 2032. This study segments the market across major regions, each contributing to the growing momentum of market development. Electrical steel is used in a wide range of electromagnetic devices, including small relays, solenoids, electric motors, generators, and many others. Electrical steel has diverse applications in generators, electric motors, relays, solenoids, and various electromagnetic devices, all of which play crucial roles in power distribution systems and related sectors.
Global Electrical Steel Market size was valued at USD 37.27 billion in 2023 and is poised to grow from USD 39.54 billion in 2024 to USD 63.5 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).
The United States stands as the second-largest electricity generator worldwide. The nation produced approximately 4,000 terawatt-hours (TWh) of electricity through utility-scale generators, marking a substantial 16.7% increase in renewable power generation from 2019. The burgeoning electric vehicle (EV) industry is another significant catalyst for the electrical steel market. This specialized steel possesses magnetic properties essential for the efficient operation of EV motors, particularly in rotors and stators. Its use results in improved motor efficiency by minimizing core energy losses, consequently extending the vehicle’s range.
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Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Electrical Steel Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
Global Electrical Steel Market is segmented by Product, Manufacturing Process, Silicon Content, Coating, Application, End-User Industry and region.
Based on Product, the market is segmented into Grain Oriented Electrical Steel and Non-Grain Oriented Electrical Steel.
Based on Manufacturing Process, the market is segmented into Cold Rolled, Hot Rolled, Continuous Annealed and Batch Annealed.
Based on Silicon Content, the market is segmented into 0.5-1.5%, 1.5-2.5%, 2.5-3.5% and 3.5-4.5%.
Based on Coating, the market is segmented into Oiled, Inorganic, Organic and Hybrid.
Based on Application, the market is segmented into Transformers, Motors and Inductors.
Based on End-User Industry, the market is segmented into Automotive, Energy, Manufacturing and Household Appliances.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Electrical Steel Market – Regional Analysis:
Asia Pacific, which holds the largest share of the worldwide market, is anticipated to rise at a CAGR of 5.8% throughout the forecast period. The examination of the Asia-Pacific market covers China, India, Japan, Australia, and the rest of the region. In terms of both power production and consumption, India comes in third place globally.
Furthermore, it is predicted that investments totaling USD 179.31 billion will enter the Indian electricity sector. India would account for almost 44% of sales across South Asia and the Pacific. Government initiatives to build reliable and reasonably priced energy generation and distribution networks across the country for rural and urban electrification are predicted to boost India’s energy sector development.
During the projection period, Europe is anticipated to expand at a CAGR of 6.8%. because of the region’s growing car industry and the emerging electric vehicle market segment. The automobile industry is quickly establishing cost and fuel economy, recyclability, and formability as key focal areas, making material and component selection more important than ever.
Top Market Players in Electrical Steel Market are:
ArcelorMittal (Luxembourg)
POSCO (South Korea)
Voestalpine AG (Austria)
China Baowu Steel Group Corporation (China)
Nippon Steel Corporation (Japan)
United States Steel Corporation (USA)
Steel Authority of India Limited (India)
TATA Steel Limited (India)
Thyssenkrupp AG (Germany)
JFE Steel Corporation (Japan)
Shagang Group Inc. (China)
Ansteel Group Corporation (China)
Shandong Iron and Steel Group Co Ltd (China)
NLMK Group (Russia)
AK Steel Holding Corporation (USA)
Baosteel Group (China)
SSAB AB (Sweden)
Hyundai Steel Company (South Korea)
Voestalpine Stahl GmbH (Austria)
Outokumpu Oyj (Finland)
Electrical Steel Market Recent Developments:
In February 2024, Germany’s biggest steelmaker Thyssenkrupp received an order for the supply of lower carbon emission grain-oriented electrical steel to Siemens Energy.
In February 2024, JSW Steel and Japan’s JFE Steel jointly invested Rs 5,500 crore in a steel plant in India to produce electrical grade grain-oriented steel.
In January 2024, POSCO, the South Korean steel giant, successfully concluded the initial phase of constructing its cutting-edge, eco-friendly non-oriented electrical steel sheet plant, known as Hyper No, at Gwangyang Steel Works. This strategic development aims to cater to the increasing demand emerging from the electric vehicle (EV) and high-end appliance sectors.
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Forward-Looking Insights
The Electrical Steel Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
About Company:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Details:
SkyQuest Technology Group
USA (+1) 351-333-4748
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