세계의 전기강판 시장 보고서 : 유형, 용도, 최종 사용 산업, 지역별(2024-2032년)

The global electrical steel market size reached US$ 39.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 64.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032. The market is experiencing steady growth driven by the increasing investments in smart grid technologies, government initiatives promoting energy efficiency and sustainability, the escalating demand for electric vehicles requiring high-performance materials, and continual technological advancements in power infrastructure.

Electrical Steel Market Analysis:

• Major Market Drivers: According to the electrical steel market report, rising demand for Electric Vehicles (EV) drives the electrical steel market as these materials are used to improve the performance of EV motors as well as transformers. Moreover, the development of power infrastructure and a growing preference for renewable energy sources across the globe drive the market, as these materials are required for effective energy transmission and distribution.
• Key Market Trends: The increase in electric vehicle sales and government encouragement for sustainable clean energy propels the market of electrical steel. Better quality electrical steel is being considered for continuous innovation and ongoing investments. In addition to the innovations in power grid modernization and smart grid integration, the demand for electrical steel is fueled by bread-and-butter issues of addressing electricity efficiency and sustainable energy.
• Geographical Trends: The rapid growth of the Asia Pacific market is due to the high production of EVs, massive infrastructure development, and growing renewable energy initiatives in countries such as China and India.
• Competitive Landscape: The market leaders are component manufacturers focusing on new component distribution, mergers, and acquisitions to increase production capacity and sales presence. Apart from this, key players have been investing in research and development to manufacture high-quality electrical steel that provides superior magnetic properties and electrical resistivity.
• Challenges and Opportunities: The major challenge is due to the volatility in raw material prices that manufacturers face while negotiating a price, which has the potential to disrupt production costs and profit margins. At the same time, the rise of renewable energies and the rapid transition to electric mobility is providing considerable scope for market growth and technological innovations in the case of electrical steel.

Electrical Steel Market Trends:

Growing demand for electric vehicles (EVs)

A significant increase in electric vehicle penetration across the globe is one of the main factors driving the electrical steel market. Electric Vehicles (EVs) have seen a significant increase in global demand due to growing concerns over cleaner energy and lower emissions, with the automotive and governmental sectors promoting the same, leading to a rise in demand for lightweight materials that can add to the improved performance of the EVs. Along with this, the future of motor and transformer design in EVs rests on electrical steel, a material renowned for its impressive magnetic qualities and high electrical resistivity. Meanwhile, the accelerated development of EV technology has aligned with growing investment in charging infrastructure to drive up demand for top-grade electrical steel even higher. As a result, this trend aids in developing the market globally as the automotive sector is a huge consumer of electrical steel, thereby fostering its market growth.

Advancements in power infrastructure

The market for electrical steel is also majorly driven by the increased installation and up-gradation of power infrastructure. Additionally, electrical steel helps build transformers, inductors, and the key parts of the power grid that enable effective energy transmission and distribution. Investments are being made across the globe as countries update their power grids to handle more renewable energy, to keep up with the demand for electrical steel. Therefore, this is powered by the infrastructure development needed to supply increasing energy demands and sustainability goals. Moreover, increased grid reliability and the adoption of smart grid technologies are also driving the growing reliance on electrical steel.

Renewable energy expansion

The electrical steel market size is also being affected due to the rising trend of using renewable energy sources with a shift from coal, oil, and gas towards wind and solar power. Some of the most important systems used to generate renewable electricity provide peak efficiency if they incorporate electrical steel in the production generators and transformers to convert and dispose of renewable energy. In addition, increasing government initiatives and incentives for green energy technology adoption, coupled with continuous technological upgrades in renewable energy systems including solar, e-v charging stations, wind, and others are generating more demand for electrical steel. The global demand for Asia Pacific high-performance electrical steel is also increasing as countries worldwide are working to reduce carbon footprints and adopt cleaner energy sources, creating an opportune landscape for the sales of electrical steel materials, and driving market growth and sustainability efforts worldwide.

Electrical Steel Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electrical steel market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, application, and end use industry.

Breakup by Type:

• Grain Oriented Electrical Steel
• Non-Grain Oriented Electrical Steel

Non-grain oriented electrical steel accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes grain oriented electrical steel, and non-grain oriented electrical steel. According to the report, non-grain oriented electrical steel represented the largest segment.

Non-grain-oriented (NGO) electrical steel holds the largest electrical steel market share due to its widespread applications in various industries, especially in the manufacturing of electric motors, generators, and transformers. NGO electrical steel is known for its isotropic magnetic properties, which allow it to give peak performance in rotating machinery regardless of the direction of the magnetic flux, and the automotive industry is a key end-user of this type. Along with this, the growing demand for electric vehicles and the upcoming trends in power generation and distribution are enhancing the utilization of NGO electrical steel. Moreover, the cheaper price of NGO electrical steel when compared to grain-oriented electrical steel makes it a highly major type due to the preferences of manufacturers.

Breakup by Application:

• Transformers
• Motors
• Generators
• Others

Motors hold the largest share of the industry

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes transformers, motors, generators, and others. According to the report, motors accounted for the largest market share.

Electric motors are the major application segment in the electrical steel market, which is mainly from the rising needs in the automotive, industrial machinery, and household appliances sectors. One of the major drivers for the increased demand is the growth in the production of electric vehicles (EVs), which require advanced electrical steel to improve the efficiency and performance of motors that power them. Moreover, the growing application of electric motors in manufacturing processes and the emphasis on industrial automation further influence the demand for this segment. Electric steel offers excellent magnetic properties, especially its low energy loss property which increases efficiency. Additionally, it is valuable as it necessitates far fewer components to keep in stock, but the efficiency aspect is key in driving waste and energy costs down, matching the trend across the globe towards sustainability and energy conservation. Amidst the ongoing perpetual technological innovation that teases the limits of motor performance, and efficiency, motor applications are accelerating usage rates in premium electrical steel, accentuating its predominance in the electrical steel domain.

Breakup by End Use Industry:

• Energy and Power
• Automobiles
• Household Appliances
• Building and Construction
• Others

Energy and power represent the leading market segment

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes energy and power, automobiles, household appliances, building and construction, and others. According to the report, energy and power represented the largest segment.

Energy and power are the largest end-use industry segments in the electrical steel market, primarily due to the indispensability of electrical steel in power generation, transmission, and distribution. Electrical steel is also used for different parts of the electrical power grid such as transformers and generators, ensuring low energy conversion loss. Furthermore, the increasing global transition to renewable energy, particularly wind and solar power is raising the need for high-efficiency electrical steel, which is a core component of energy-efficient renewable energy systems. Additionally, the modernization and extension of power infrastructure for rising energy demand and grid reliability are fueling this segment's revenues during the forecast period. In confluence with this, initiatives taken by the government and investments made to achieve various energy efficiency and sustainability targets also raise the demand for electrical steel in the energy and power sector. Cumulative emphasis on energy efficiency and the incorporation of sustainable energy generation solutions are propelling the market dominance of high-grade electrical steel in the global steel landscape.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Asia-Pacific leads the market, accounting for the largest electrical steel market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific represents the largest regional market for electrical steel.

Asia-Pacific remains the leading regional segment, supported by the growing industrial, urban, automotive, and energy sectors in the region. Popular countries, that are leading this trend, are China, India, Japan, and South Korea, which are putting large amounts into electric vehicle production and clean energy projects. Along with this, the robust infrastructure development and modernization projects, particularly in the field of power generation and distribution are driving the need for top-rated electrical steel. Moreover, the dominance of Asia-Pacific in the manufacturing sector along with the presence of major industry players also aids in the rising electrical steel market. In addition, the promotion of energy efficiency and sustainability, and escalating consumer demand for electric vehicles and modern advanced electronic appliances are further fueling the growth of the electrical steel market.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the electrical steel industry include:

• 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

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Major players in the electrical steel market are constantly participating in strategic moves to enhance their footprint in the market and promote innovation. Magnetic properties and energy efficiency are the primary focus for players as they are investing significant resources into R&D, specifically to improve the performance characteristics of electrical steel products. These companies are also growing their manufacturing capacity and upgrading their plants to fulfill the rising applications in the automotive and energy sectors. This can include working with electric vehicle manufacturers and renewable energy companies, which are key players in tapping into new applications and markets. In addition, major players are emphasizing sustainability by using green manufacturing practices and promoting electrical steel in eco-friendly applications. Such companies are adopting several strategies such as technological advancements, expansion in production capacity, and growth through various mergers, acquisitions, and partnerships to maintain a competitive edge.

Electrical Steel Market News:

• February 05, 2024: ArcelorMittal Nippon Steel India (AM/NS India) has today published its first Climate Action report announcing immediate actions to speed up and decarbonize India's growth, in line with India's climate commitments by 2050.
• May 01, 2023: Aramco, Baoshan Iron & Steel Co., Ltd. (Baosteel), and the Public Investment Fund (PIF) signed shareholders' agreement to develop a fully integrated steel plate manufacturing facility in Saudi Arabia.

Key Questions Answered in This Report

• 1. What was the size of the global electrical steel market in 2023?
• 2. What is the expected growth rate of the global electrical steel market during 2024-2032?
• 3. What has been the impact of COVID-19 on the global electrical steel market?
• 4. What are the key factors driving the global electrical steel market?
• 5. What is the breakup of the global electrical steel market based on the type?
• 6. What is the breakup of the global electrical steel market based on the application?
• 7. What is the breakup of the global electrical steel market based on the end use industry?
• 8. What are the key regions in the global electrical steel market?
• 9. Who are the key players/companies in the global electrical steel market?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Electrical Steel Market

• 5.1 Market Overview
• 5.2 Market Performance
• 5.3 Impact of COVID-19
• 5.4 Market Forecast

6 Market Breakup by Type

• 6.1 Grain Oriented Electrical Steel
  • 6.1.1 Market Trends
  • 6.1.2 Market Forecast
• 6.2 Non-Grain Oriented Electrical Steel
  • 6.2.1 Market Trends
  • 6.2.2 Market Forecast

7 Market Breakup by Application

• 7.1 Transformers
  • 7.1.1 Market Trends
  • 7.1.2 Market Forecast
• 7.2 Motors
  • 7.2.1 Market Trends
  • 7.2.2 Market Forecast
• 7.3 Generators
  • 7.3.1 Market Trends
  • 7.3.2 Market Forecast
• 7.4 Others
  • 7.4.1 Market Trends
  • 7.4.2 Market Forecast

8 Market Breakup by End Use Industry

• 8.1 Energy and Power
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Automobiles
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Household Appliances
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast
• 8.4 Building and Construction
  • 8.4.1 Market Trends
  • 8.4.2 Market Forecast
• 8.5 Others
  • 8.5.1 Market Trends
  • 8.5.2 Market Forecast

9 Market Breakup by Region

• 9.1 North America
  • 9.1.1 United States
    • 9.1.1.1 Market Trends
    • 9.1.1.2 Market Forecast
  • 9.1.2 Canada
    • 9.1.2.1 Market Trends
    • 9.1.2.2 Market Forecast
• 9.2 Asia-Pacific
  • 9.2.1 China
    • 9.2.1.1 Market Trends
    • 9.2.1.2 Market Forecast
  • 9.2.2 Japan
    • 9.2.2.1 Market Trends
    • 9.2.2.2 Market Forecast
  • 9.2.3 India
    • 9.2.3.1 Market Trends
    • 9.2.3.2 Market Forecast
  • 9.2.4 South Korea
    • 9.2.4.1 Market Trends
    • 9.2.4.2 Market Forecast
  • 9.2.5 Australia
    • 9.2.5.1 Market Trends
    • 9.2.5.2 Market Forecast
  • 9.2.6 Indonesia
    • 9.2.6.1 Market Trends
    • 9.2.6.2 Market Forecast
  • 9.2.7 Others
    • 9.2.7.1 Market Trends
    • 9.2.7.2 Market Forecast
• 9.3 Europe
  • 9.3.1 Germany
    • 9.3.1.1 Market Trends
    • 9.3.1.2 Market Forecast
  • 9.3.2 France
    • 9.3.2.1 Market Trends
    • 9.3.2.2 Market Forecast
  • 9.3.3 United Kingdom
    • 9.3.3.1 Market Trends
    • 9.3.3.2 Market Forecast
  • 9.3.4 Italy
    • 9.3.4.1 Market Trends
    • 9.3.4.2 Market Forecast
  • 9.3.5 Spain
    • 9.3.5.1 Market Trends
    • 9.3.5.2 Market Forecast
  • 9.3.6 Russia
    • 9.3.6.1 Market Trends
    • 9.3.6.2 Market Forecast
  • 9.3.7 Others
    • 9.3.7.1 Market Trends
    • 9.3.7.2 Market Forecast
• 9.4 Latin America
  • 9.4.1 Brazil
    • 9.4.1.1 Market Trends
    • 9.4.1.2 Market Forecast
  • 9.4.2 Mexico
    • 9.4.2.1 Market Trends
    • 9.4.2.2 Market Forecast
  • 9.4.3 Others
    • 9.4.3.1 Market Trends
    • 9.4.3.2 Market Forecast
• 9.5 Middle East and Africa
  • 9.5.1 Market Trends
  • 9.5.2 Market Breakup by Country
  • 9.5.3 Market Forecast

10 SWOT Analysis

• 10.1 Overview
• 10.2 Strengths
• 10.3 Weaknesses
• 10.4 Opportunities
• 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

• 12.1 Overview
• 12.2 Bargaining Power of Buyers
• 12.3 Bargaining Power of Suppliers
• 12.4 Degree of Competition
• 12.5 Threat of New Entrants
• 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

• 14.1 Market Structure
• 14.2 Key Players
• 14.3 Profiles of Key Players
  • 14.3.1 Aperam
    • 14.3.1.1 Company Overview
    • 14.3.1.2 Product Portfolio
    • 14.3.1.3 Financials
  • 14.3.2 ArcelorMittal
    • 14.3.2.1 Company Overview
    • 14.3.2.2 Product Portfolio
    • 14.3.2.3 Financials
    • 14.3.2.4 SWOT Analysis
  • 14.3.3 Baoshan Iron & Steel Co. Ltd. (China Baowu Steel Group Corp. Ltd.)
    • 14.3.3.1 Company Overview
    • 14.3.3.2 Product Portfolio
    • 14.3.3.3 Financials
  • 14.3.4 China Steel Corporation
    • 14.3.4.1 Company Overview
    • 14.3.4.2 Product Portfolio
    • 14.3.4.3 Financials
  • 14.3.5 JFE Holdings Inc.
    • 14.3.5.1 Company Overview
    • 14.3.5.2 Product Portfolio
  • 14.3.6 JSW Steel Ltd.
    • 14.3.6.1 Company Overview
    • 14.3.6.2 Product Portfolio
    • 14.3.6.3 Financials
  • 14.3.7 Nippon Steel Corporation
    • 14.3.7.1 Company Overview
    • 14.3.7.2 Product Portfolio
    • 14.3.7.3 Financials
    • 14.3.7.4 SWOT Analysis
  • 14.3.8 POSCO
    • 14.3.8.1 Company Overview
    • 14.3.8.2 Product Portfolio
    • 14.3.8.3 Financials
    • 14.3.8.4 SWOT Analysis
  • 14.3.9 SIJ - Slovenian Steel Group d. d.
    • 14.3.9.1 Company Overview
    • 14.3.9.2 Product Portfolio
  • 14.3.10 Steel Authority of India Limited
    • 14.3.10.1 Company Overview
    • 14.3.10.2 Product Portfolio
    • 14.3.10.3 Financials
    • 14.3.10.4 SWOT Analysis
  • 14.3.11 Sumitomo Corporation
    • 14.3.11.1 Company Overview
    • 14.3.11.2 Product Portfolio
    • 14.3.11.3 Financials
    • 14.3.11.4 SWOT Analysis
  • 14.3.12 Tata Steel Limited
    • 14.3.12.1 Company Overview
    • 14.3.12.2 Product Portfolio
    • 14.3.12.3 Financials
    • 14.3.12.4 SWOT Analysis
  • 14.3.13 ThyssenKrupp AG
    • 14.3.13.1 Company Overview
    • 14.3.13.2 Product Portfolio
    • 14.3.13.3 Financials
    • 14.3.13.4 SWOT Analysis
  • 14.3.14 United States Steel Corporation
    • 14.3.14.1 Company Overview
    • 14.3.14.2 Product Portfolio
    • 14.3.14.3 Financials
    • 14.3.14.4 SWOT Analysis
  • 14.3.15 Voestalpine AG
    • 14.3.15.1 Company Overview
    • 14.3.15.2 Product Portfolio
    • 14.3.15.3 Financials
    • 14.3.15.4 SWOT Analysis