전기강판 시장 : 현황 분석과 예측(2024-2032년)

The electrical steel market, also called silicon steel or transformer steel, is growing steadily because energy-efficient material is needed in transformers, motors, and generators. The use of electrical steel, designed for its magnetic behavior, is indispensable to reduce energy loss and improve electrical equipment performance. Market drivers include a global push for energy efficiency, the swift adoption of electric vehicles (EVs), and increased investments in renewable energy infrastructure. With industries and governments placing more and more emphasis on sustainable development, demand for high-performance electrical steel products remains strong.

The Electrical Steel Market is expected to grow at a robust CAGR of 6.4% during the forecast period, owing to the increasing demand for sustainable and energy-efficient building solutions. Mergers and acquisitions in the Electrical Steel market over the past not only indicate a trend towards the consolidation and improved capabilities of the main participants but have also increased the risk of vertical integration among suppliers and the strategic reach of the largest players. For example, on October 18, 2024, JSW Steel's joint venture with JFE Steel Corp. bought out thyssenkrupp Electrical Steel India for $482.1 Mn. JSW's acquisition procures grain oriented electrical steel production capacity to support growing domestic and global demand. Similarly on October 17, 2024, Aperam bought Universal Stainless & Alloy Products, Inc., adding Universal's products to Aperam's portfolio, which provides products for high-growth sectors. These strategic moves by key players show that the electrical steel market is competitive as companies make use of the growing demand for energy-saving solutions.

Looking ahead, markets across Asia including China and India are likely to become key electrical steel growth markets. Demand is also accelerated as China's government policies encourage the development of renewable energy and contribute to the upgrading of the national power grid. China's 'Made in China 2025' initiative and recent five-year plans outline the modernization of infrastructure and increasing domestic manufacturing of high-efficiency products, such as electrical steel for the manufacture of power transformers and EV motors. Similarly, in India, the "National Electric Mobility Mission Plan" and increased spending on infrastructure by way of "Power for All" are also increasing the demand for electrical steel. Additionally, these policies not only help integrate renewable energy but also enhance the efficiency of power distribution networks, thus supporting the buoyant growth rate of the global electrical steel market.

Based on Type, the market is categorized into Non-grain Oriented and Grain Oriented. Among these, Non-grain Oriented is growing with a significant CAGR. The non-grain-oriented (NGO) segment of electrical steel is driven by the increasing demand for energy-efficient electric motors, especially from industries undergoing rapid technological change. The planned global shift to electrification demands high-performance, high-performing motors that effectively use energy, forcing electric vehicles (EVs) to play a significant role. Electrical steel with isotropic magnetic properties, especially suitable for application in rotating machinery, such as motors and generators, is called non-grain-oriented electrical steel and is a crucial part of both EVs and industrial machinery. In addition, the industrial sector's push to automate and become energy efficient with equipment such as HVAC systems and industrial pumps will accelerate demand for NGO electrical steel. A widening of the NGO segment is therefore enabled by improvements in motor technologies and government support of cleaner, more efficient energy solutions.

Based on Application, the Electrical Steel market is divided into Transformer, Motors, Inductors, and Others. The motors segment registered the highest revenue during the year 2023. The largest segment in the electrical steel market is the motors segment, which is driven by the extensive need for electrical motors in the automotive (especially for electric vehicles), industrial machinery, and appliances industries. With the global focus on energy conservation, the demand for energy-efficient motors has soared and so non grain oriented electrical steel (NonGO ESteel) has become the prime material of choice in this segment.

For a better understanding of the market adoption of the Electrical Steel industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S.A., Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. Rapid industrialization, urbanization, and extensive infrastructure development in countries of China, India, Japan, and South Korea as well as countries like Australia and Southeast Asia are driving the Asia Pacific (APAC) region to remain the major consumer of electrical steel. Strong manufacturing base and growth in investments in renewable energy and the production of electric vehicles continue to fuel demand for electrical steel in transformers, motors and other applications. As China is the largest producer and consumer of electrical steel, it is heavily investing in its national grid and renewable energy infrastructure; and India's 'Make in India' and 'National Electric Mobility Mission Plan' initiatives also incline towards using efficient power and transportation solutions. Supportive government policies, lower production costs and high demand for energy-efficient technologies help the APAC market to emerge as a key growth center for the global electrical steel market.

Some of the major players operating in the market include Tata Steel, JFE Steel Corporation, Benxi Steel Group Co., Ltd., Nucor Corporation, NLMK Group, ArcelorMittal S.A., Shougang Group, thyssenkrupp Steel, China Baowu Steel Group Corp., Ltd., and POSCO.

TABLE OF CONTENTS

1.MARKET INTRODUCTION

• 1.1. Market Definitions
• 1.2. Main Objective
• 1.3. Stakeholders
• 1.4. Limitation

2.RESEARCH METHODOLOGY OR ASSUMPTION

• 2.1. Research Process of the Electrical Steel Market
• 2.2. Research Methodology of the Electrical Steel Market
• 2.3. Respondent Profile

3.EXECUTIVE SUMMARY

• 3.1. Industry Synopsis
• 3.2. Segmental Outlook
  • 3.2.1. Market Growth Intensity
• 3.3. Regional Outlook

4.MARKET DYNAMICS

• 4.1. Drivers
• 4.2. Opportunity
• 4.3. Restraints
• 4.4. Trends
• 4.5. PESTEL Analysis
• 4.6. Demand Side Analysis
• 4.7. Supply Side Analysis
  • 4.7.1. Merger & Acquisition
  • 4.7.2. Investment Scenario
  • 4.7.3. Industry Insights: Leading Startups and Their Unique Strategies

5.Pricing Analysis

• 5.1. Regional Pricing Analysis
• 5.2. Price Influencing Factors

6.GLOBAL ELECTRICAL STEEL MARKET REVENUE (USD BN), 2022-2032F

7.MARKET INSIGHTS BY TYPE

• 7.1. Non-grain Oriented
• 7.2. Grain Oriented

8.MARKET INSIGHTS BY APPLICATION

• 8.1. Transformer
• 8.2. Motors
• 8.3. Inductors
• 8.4. Others

9.MARKET INSIGHTS BY REGION

• 9.1. North America
  • 9.1.1. USA
  • 9.1.2. Canada
  • 9.1.3. Rest of NA
• 9.2. Europe
  • 9.2.1. Germany
  • 9.2.2. United Kingdom
  • 9.2.3. Spain
  • 9.2.4. France
  • 9.2.5. Italy
  • 9.2.6. Rest of Europe
• 9.3. Asia Pacific
  • 9.3.1. China
  • 9.3.2. India
  • 9.3.3. Japan
  • 9.3.4. Australia
  • 9.3.5. Rest of APAC
• 9.4. Rest of World

10.VALUE CHAIN ANALYSIS

• 10.1. Marginal Analysis
• 10.2. List of Market Participants

11.COMPETITIVE LANDSCAPE

• 11.1. Competition Dashboard
• 11.2. Competitor Market Positioning Analysis
• 11.3. Porter Five Forces Analysis

12.COMPANY PROFILED

• 12.1. Tata Steel
  • 12.1.1. Company Overview
  • 12.1.2. Key Financials
  • 12.1.3. SWOT Analysis
  • 12.1.4. Product Portfolio
  • 12.1.5. Recent Developments
• 12.2. JFE Steel Corporation
• 12.3. Benxi Steel Group Co., Ltd
• 12.4. Nucor Corporation
• 12.5. NLMK Group
• 12.6. ArcelorMittal S.A.
• 12.7. Shougang Group
• 12.8. thyssenkrupp Steel
• 12.9. China Baowu Steel Group Corp., Ltd.
• 12.10. POSCO

13.ACRONYMS & ASSUMPTION

14.ANNEXURE