전기강판 시장 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the electrical steel market size is expected to grow from USD 28.43 billion in 2025 to USD 30.37 billion in 2026 and is forecast to reach USD 40.16 billion by 2031 at 5.75% CAGR over 2026-2031.

This report is Segmented by Product Type (Grain Oriented Electrical Steel and More), Application (Transformers, Motors, and More), Coating Type (Inorganic Coatings, Organic Coatings, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Electrical Steel Market Trends and Insights

Rapid Electrification of Transportation and Industrial Systems

The electrical steel market is experiencing a demand shift, as EV traction motors require thinner silicon steel and tighter loss control than legacy motor platforms used at scale only a few years ago. Producer activity reflects this shift, with POSCO expected to report strong growth in non-oriented electrical steel exports in 2025, supported by supply agreements with global vehicle manufacturers. This trend extends beyond vehicles, as industrial motor upgrades are moving from optional spending to scheduled compliance activity under tighter efficiency regulations. As buyers shift to thinner gauges and lower iron-loss specifications, the electrical steel market is becoming less dependent on standard commodity grades and more dependent on process capability, coating performance, and metallurgical consistency. POSCO's planned June 2026 consortium with Hyundai Motor and partner institutions indicates that the electrical steel market is approaching current manufacturing limits in developing high-silicon wide-sheet products for next-generation EV drives. Leading producers are pursuing higher volumes while working to secure product classes that remain difficult for followers to scale.

Grid Modernization and Power Infrastructure Expansion

Grid spending is supporting the electrical steel market, as transformer demand rises with transmission additions, replacement cycles, and higher reliability targets across several major power systems. India remains undersupplied because government-approved grid investment through 2032 includes large additions in transmission line length and transformer capacity, while domestic CRGO output still trails annual consumption by a wide margin. This gap has led to long-term capacity commitments, including the JSW JFE joint venture formed to address persistent supply tightness in the country. The electrical steel market also benefits from overlapping replacement needs in Europe and North America, where older transformer fleets now operate alongside stricter efficiency expectations and resilience planning. As these regional demand waves occur simultaneously, producers with qualified Grain Oriented Electrical Steel (GOES) output remain well-positioned, even as broader steel cycles soften.

High Energy Consumption in Electrical Steel Manufacturing

The electrical steel market faces a structural cost challenge because electrical steel requires significantly more energy to produce than conventional steel sheet. Non-grain-oriented electrical steel can require around 6,500 kWh per tonne, making power prices a key factor in operating economics across regions. This pressure is particularly evident in Europe, where higher electricity costs have reduced margins and contributed to plant shutdowns already facing import pressure. Producers cannot address this issue quickly because silicon alloying and annealing conditions directly affect magnetic performance. As a result, they cannot easily change energy inputs or process routes without affecting metallurgy. For the electrical steel market, capacity expansion remains more feasible in regions with lower power costs or stronger state support. The market may also continue to record uneven regional economics, even when end-use demand remains strong.

Other drivers and restraints analyzed in the detailed report include:

1. Rising Demand for High-Efficiency Motors Driven by Regulatory Mandates
2. Renewable Power Integration and Distributed Generation Growth
3. Complex Manufacturing Processes and High Capital Intensity

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Non-grain-oriented electrical steel is expected to account for 68.42% of the electrical steel market share in 2025, supported by its use in automotive, industrial, and appliance motors and laminations. This segment benefits from broad volume demand, as it serves multiple motor-driven systems rather than a single end-use chain. Premium product development is shifting toward thinner gauges, especially in EV drive systems, where low iron loss supports heat control and range performance. ArcelorMittal's iCARe 420Save platform, which is expected to extend to a 0.2 mm gauge in 2026, aligns with this trend by targeting tighter lamination requirements in high-speed electrified drivetrains. The Chinese standard YB/T 6421-2025 indicates that higher-performance non-grain-oriented electrical steel (NGOES) for EV drive motors is moving into a more formal product class with defined coating and material expectations.

POSCO's non-grain-oriented export momentum indicates continued offshore demand for premium grades through 2025, as global automakers broaden sourcing requirements for electrified platforms. Grain-oriented electrical steel (GOES), while smaller in revenue terms, is forecast to grow at 6.24% through 2031, making it the fastest-growing product segment. Its expansion is linked to transformer demand, transmission upgrades, and replacement activity, creating a value profile that differs from the higher-volume NGOES segment. This trend indicates a split in the evolution of the electrical steel industry, with NGOES expanding through volume penetration in mobility and industrial applications, while GOES grows through high-specification transformer applications. This structure supports two separate growth paths within the electrical steel market rather than a single broad-based cycle. It also positions producers with both product families to balance volume, pricing, and technical differentiation across changing end-use patterns.

Complete Report Scope:

• By Product Type
  • Grain Oriented Electrical Steel
  • Non-Grain Oriented Electrical Steel
• By Application
  • Transformers
  • Motors
  • Generators
  • Inductors
  • Other Applications
• By Coating Type
  • Inorganic Coatings
  • Organic Coatings
  • Self-Bonding Coatings
  • Other Coatings
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Russia
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

Asia-Pacific is expected to hold 54.82% of the electrical steel market share in 2025 and is forecast to grow at a CAGR of 6.37% through 2031, giving the region significant scale and growth momentum. The electrical steel market in Asia-Pacific benefits from steelmaking capacity, transformer demand, EV manufacturing, appliance output, and industrial motor use. China remains central to this position, as the country supports regional production infrastructure and global export activity across the supply chain. India adds support through large grid investments and transformer additions, which drive demand for Grain-Oriented Electrical Steel (GOES) and highlight domestic capacity gaps. South Korea and Japan remain important in the electrical steel market, as they support technical capabilities in premium grades and high-performance supply chains linked to vehicles, industrial equipment, and transformer users.

North America and Europe together account for a smaller share than Asia-Pacific, but they remain important to the electrical steel market due to demand in grid equipment and advanced electrified systems. North America benefits from replacement needs and continued investment, which support demand for transformer-grade materials and qualified domestic or near-market supply. Europe faces supply pressure as imports gain share while local producers manage higher energy costs and weaker margin protection. The thyssenkrupp Electrical Steel shutdown at Isbergues through part of 2026 highlights the region's exposure to import pressure and cost inflation. ArcelorMittal's Mardyck startup presents a different signal in the electrical steel market, as it supports European demand for Non-Grain Oriented Electrical Steel (NGOES) tied to automotive and industrial electrification.

South America, the Middle East, and Africa remain smaller in absolute terms, yet each adds strategic demand to the electrical steel market. In South America, transformer procurement is linked to transmission densification and efforts to strengthen power delivery across large geographic areas. In the Middle East, infrastructure expansion and industrial diversification programs support the use of Grain-Oriented Electrical Steel (GOES) in transformers and NGOES in motor-driven systems. South Africa remains relevant in the electrical steel market, as power infrastructure rehabilitation supports transformer demand amid chronic capacity shortfalls. Trade policy could become more influential across these regions as high-growth markets review import patterns, domestic industry exposure, and cost pass-through into downstream equipment manufacturing.

1. Ansteel Group Corporation
2. ArcelorMittal
3. Baosteel Group Corporation
4. China Baowu Steel Group
5. China Steel Corporation
6. Cleveland-Cliffs Inc.
7. JFE Steel Corporation
8. JSW Steel Limited
9. NIPPON STEEL CORPORATION
10. NLMK Group
11. POSCO
12. Shougang Group
13. Taiyuan Iron & Steel (Group) Co. Ltd.,
14. thyssenkrupp AG
15. voestalpine AG

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Rapid Electrification of Vehicle Powertrains
  • 4.2.2 Grid Modernization and Transformer Replacement Cycles
  • 4.2.3 Rising Demand for High Efficiency Motors in Industrial Automation
  • 4.2.4 Renewable Power Integration Requiring Lower Loss Magnetic Cores
  • 4.2.5 Stringent Energy Efficiency Regulations Driving Premium Electrical Steel Adoption
• 4.3 Market Restraints
  • 4.3.1 High Energy Consumption and Rising Decarbonization Costs
  • 4.3.2 Complex Manufacturing Process and High Entry Barriers
  • 4.3.3 Increasing Competition from Amorphous and Nanocrystalline Magnetic Materials
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces Analysis
  • 4.5.1 Threat of New Entrants
  • 4.5.2 Bargaining Power of Suppliers
  • 4.5.3 Bargaining Power of Buyers
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Product Type
  • 5.1.1 Grain Oriented Electrical Steel
  • 5.1.2 Non-Grain Oriented Electrical Steel
• 5.2 By Application
  • 5.2.1 Transformers
  • 5.2.2 Motors
  • 5.2.3 Generators
  • 5.2.4 Inductors
  • 5.2.5 Other Applications
• 5.3 By Coating Type
  • 5.3.1 Inorganic Coatings
  • 5.3.2 Organic Coatings
  • 5.3.3 Self-Bonding Coatings
  • 5.3.4 Other Coatings
• 5.4 By Geography
  • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 India
    • 5.4.1.3 Japan
    • 5.4.1.4 South Korea
    • 5.4.1.5 Rest of Asia-Pacific
  • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
  • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 France
    • 5.4.3.4 Italy
    • 5.4.3.5 Russia
    • 5.4.3.6 Rest of Europe
  • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Rest of South America
  • 5.4.5 Middle-East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 South Africa
    • 5.4.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share (%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials as available, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 Ansteel Group Corporation
  • 6.4.2 ArcelorMittal
  • 6.4.3 Baosteel Group Corporation
  • 6.4.4 China Baowu Steel Group
  • 6.4.5 China Steel Corporation
  • 6.4.6 Cleveland-Cliffs Inc.
  • 6.4.7 JFE Steel Corporation
  • 6.4.8 JSW Steel Limited
  • 6.4.9 NIPPON STEEL CORPORATION
  • 6.4.10 NLMK Group
  • 6.4.11 POSCO
  • 6.4.12 Shougang Group
  • 6.4.13 Taiyuan Iron & Steel (Group) Co. Ltd.,
  • 6.4.14 thyssenkrupp AG
  • 6.4.15 voestalpine AG

7 Market Opportunities and Future Outlook

• 7.1 White-Space and Unmet-Need Assessment