Electrical Steel Market To Rise At Modest Growth With CAGR And Revenue Till 2025|Grand View Research, Inc.


The global electrical steel market size is anticipated to reach USD 40.57 billion by 2025,expanding at a CAGR of 7.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the growing demand for transformers in the energy industry on account of high requirement of electricity in the industrial and commercial sector across the globe. Increasing usage of electrical appliances in the residential and commercial sectors is expected to further propel the demand for transformers, thus, complimenting industry growth.
The demand for transformers is likely to increase owing to the increase in utilization of energy sources due to rising consumption of electricity and other new projects such as electric vehicle charging stations. Electrical steel is used to construct transformer cores owing to its properties such as electrical resistivity, strength, and hardness.
Major market players include ArcelorMittal, AK Steel Corporation, Ansteel Group Corporation Limited, Nippon Steel Corporation, POSCO, TATA Steel, ThyssenKrupp AG, and United States Steel Corporation.
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Favorable regulatory policies play a major role in the market growth. Regulatory bodies across the globe are largely focusing on augmenting energy efficiency and reducing losses in transformers. Increasing focus on energy conservation and reduction in carbon dioxide emission is anticipated to boost the product demand over the coming years.
Further key findings from the report suggest:
  • Grain oriented electrical steel is anticipated to register a CAGR of 7.9% in terms of revenue over the forecast period, owing to growing demand from transformer cores. Increasing implementation of energy infrastructure in emerging economies is expected to propel transformer market demand over the forecast period.
  • Motors segment is expected to witness a CAGR of 6.0% in terms of volume owing to rapid growth in electric vehicles. Increasing awareness regarding benefits of EV’s and HEV’s on a global level coupled with stringent emission standards being adopted by various regulatory bodies is expected to result in high demand for motors.
  • Asia Pacific was the largest segment in 2018 accounting for a volume share of 40.2% in the electrical steel market owing to growing demand from the manufacturing industry. Government initiatives such as “Make in India” are expected to fuel market gowith.
  • In April 2018, ThyssenKrupp announced to manufacture cold rolled grain oriented electrical steel at its plant in Nashik, India. The new addition in the product portfolio rises the production capacity to 35,000 tons annually. This was aimed to meet the growing demand for the product in the Indian market.
Asia Pacific was the largest segment in terms of volume followed by Europe and North America in 2018. According to the International Energy Agency, Asia Pacific is the largest consumer of electricity and is expected to consume 46% of the world’s energy by 2040. This is likely to fuel the demand for transformers, which in turn is expected to augment the market growth in the region over the coming years.
The market players are largely focusing on capacity expansions in order to meet the growing product demand. In February 2017, POSCO expanded its production capacity of electric steel from 80,000 tons to 160,000 tons at its Pohang Steel Works, South Korea. This was aimed to meet the growing demand from electric motors for their use in electric vehicles.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-electrical-steel-market
Grand View Research has segmented the global electrical steel market report on the basis of product, application:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
  • Grain oriented
  • Non-grain oriented
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
  • Transformers
  • Motors
  • Inductors
  • Other applications
The laminated cores of inductors are produced using electrical steel to reduce the eddy current losses. The inductors segment is anticipated to grow significantly at a CAGR of 5.3% in terms of volume over the coming years. The growth is attributable to the growing electronics industry where inductor is a critical component as it is used to store electrical energy in the form of magnetic energy.
The product is also widely used in rotating machines such as welding equipment. In welding equipment, it is used to manufacture electric resistance welded (ERW) pipe. It is produced by cold-forming electrical steel sheet into a cylindrical shape.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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